Women’s magazine publisher Meredith (NYSE: MDP) Corp had a rough quarter as profits tanked 64.5 percent year-over-year to $12.5 million ($0.28 per share), with revenues falling 7.6 percent to $366 million. The Des Moines, Iowa, publisher reiterated that Q4 earnings were impacted by a $16 million charge it took on the 250 job cuts it announced earlier this month. (Note: Meredith operates on a fiscal year that ends June 30 and identifies its Q4 results as FY Q209.)
– Publishing: With advertising in a deep slumber, the segment’s profits were down 66.7 percent to $15 million from $45 million the year before, reflecting the company’s wider quarterly decline. Total publishing revenues were also in line with Meredith’s overall Q4 position as well, falling 8.7 percent $282 million. Ad revs were down 18.6 percent. While Meredith’s release discussed its web traffic (up 25 percent) and how much better video views on its sites are (17 percent gain), digital revenues were not disclosed.
– Outlook: From this vantage point, publishing revenues are already down 15 percent in Q1. Meredith expects EPS this quarter to range from about $0.55 to $0.60.