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Meredith Posts $19.3M Q2 Profit

January 28, 2003

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DES MOINES, Iowa (AP) _ Meredith Corp. on Tuesday posted second-quarter net earnings of $19.3 million, or 38 cents per share, a 69 percent increase compared with adjusted earnings in the same fiscal quarter of the previous year.

The results met the forecast of Wall Street analysts, according to a consensus survey by Thomson First Call.

Meredith, based in Des Moines, Iowa, reported total revenues of $251.7 million for the period ended Dec. 30, 2002, up 10 percent from $228 million in the same period of fiscal 2002.

The company had growth in broadcast and publishing segments, William T. Kerr, chairman and chief executive officer, said in a release.

``Both of our business segments performed very well as evidenced by operating profit growth of 67 percent in broadcasting and 21 percent in publishing,″ Kerr said.

Broadcasting operating profit was $27.1 million in the second quarter, compared with $16.3 million the same period last year. Publishing profits were reported at $17.4 million, up from $14.3 million in last year’s second quarter.

Meredith said it had a 17 percent increase in advertising revenues for the quarter.

Meredith publishes 16 magazine titles, including Better Homes and Gardens and Ladies’ Home Journal, and about 150 special interest publications. The company also owns 11 television stations, most in the nation’s top 25 markets, and has an extensive Internet presence.

Meredith shares fell 8 cents to close at $41.80 a share Tuesday on the New York Stock Exchange.


On the Net: http://www.meredith.com

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