Magazine publisher Meredith Corp. (NYSE: MDP) said its Q2 profits grew 20 percent to $35 million from $29.1 million a year before. Revenues came in at $406 million, up 5 percent, with ad revenue rising 8 percent. While mostly known for its stable of family and health magazines, including Better Homes and Gardens, Ladies’ Home Journal, Family Circle, Parents and Fitness, it was the company’s 14 TV stations that largely fueled its positive Q2 results. The company also noted:
— Publishing operating profit was $33 million, down 10.7 percent, and revenues were $300 million, a slight drop of .4 percent. The segment’s ad revenues decreased 2.7 percent to $145 million, compared to $149 million a year ago.
— Publishing’s online advertising revenues continued to grow, as the company said that segment increased more than 30 percent.
— Broadcasting operating profit grew 53 percent to $40 million. Earnings release | Webcast (11:00 a.m.)
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