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MEREDITH DOWN: Meredith Corp. on Wednesday reported a 44 percent drop in profits to $18.6 million and the company expects ad revenue in publishing to be down in the high teens next quarter, but a spokesman told WWD the company is “not considering any layoffs at the current time.” For the first quarter of fiscal 2009, operating profits in Meredith’s publishing division were down 40 percent to $33 million and revenue fell 9 percent to $300 million. The company, which publishes More magazine, saw revenues in endemic ad categories including food and beverages, prescription and nonprescription drugs and home drop by more than 25 percent during the first quarter. However, in noncore ad categories such as beauty, travel, entertainment and apparel, ad revenue was up more than 25 percent, compared with the same period the prior year.
— Amy Wicks
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