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1ST HALF: MEREDITH'S REVENUES UP 9%, EARNINGS UP 22%
Source: Meredith Corp. news release

To read the entire report click here.

Meredith Corporation (NYSE: MDP; www.meredith.com), the leading media and marketing company serving American women, today reported fiscal 2013 second quarter earnings per share of $0.79, including a previously announced special charge of $0.10 per share.

Total Company revenues rose 10 percent to $361 million, including an 18 percent increase in advertising revenues to $217 million.

Excluding the special charge, earnings per share grew 27 percent from the prior-year period to a record $0.89, and operating profit margin increased more than a full percentage point to 18 percent.

"Our Local Media Group delivered record-setting revenue and operating profit performance for the second quarter and the first half of fiscal 2013," said Meredith Chairman and CEO Stephen M. Lacy.

"Our digital business continued its rapid growth, and our recent acquisitions again delivered strong contributions. We once again delivered higher cash flow and returns to shareholders, and we expect to continue to do so over time."

For the first six months of fiscal 2013, Meredith's earnings per share were $1.34. Total Company revenues increased 9 percent to $715 million, including a 15 percent increase in advertising revenues. Excluding the special charge, earnings per share rose 22 percent from the prior-year period to $1.44.

Lacy noted the following business highlights achieved during the first half of fiscal 2013:

Local Media Group revenues grew nearly 30 percent to $198 million, a record high for a first half. Net political advertising revenues were a record $38 million. Operating profit grew nearly 90 percent to $72 million. Excluding the special charge, operating profit grew more than 90 percent to $74 million, and the Group's EBITDA margin was 43 percent, both record highs for a fiscal first half.

National Media Group revenues grew 3 percent. Advertising revenues increased 9 percent, driven by the acquisitions of the Allrecipes.com, EveryDay with Rachael Ray and FamilyFun brands. Absent these recent acquisitions, advertising revenues were down 9 percent.

Total Company digital advertising revenues nearly doubled, reaching a record high for a fiscal first half. National Media Group digital advertising revenues increased more than 110 percent, while Local Media Group digital advertising revenues rose approximately 15 percent.

Consumer engagement strengthened across all of Meredith's media platforms. Meredith magazine readership is at an all-time high of 116 million, while several of Meredith's local television stations delivered strong performances during the November ratings period. Traffic to Meredith's websites rose approximately 85 percent to 40 million average monthly unique visitors.

Meredith remains strongly committed to a Total Shareholder Return (TSR) financial strategy. Key elements of Meredith's TSR program include: (1) A current annual dividend of $1.53 per share; (2) A $100 million share repurchase program; and (3) Ongoing strategic investments to scale the business and increase shareholder value over time.


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