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1ST HALF: MEREDITH'S REVENUES EVEN, NET EARNINGS DECLINE 9%
Source: Meredith news release

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Meredith Corporation (NYSE:MDP; www.meredith.com) today reported fiscal 2014 second quarter earnings per share of $0.67, which includes $1.6 million, or $0.02 per share, of transaction expenses related to previously announced agreements to purchase broadcast assets. Prior-year second quarter earnings per share were $0.79, or $0.89 excluding special items.

Meredith recorded $25 million, or $0.34 per share, less of political advertising revenues in the second quarter of fiscal 2014 than in the prior-year period, as expected in an off-election year. Total revenues were $354 million, compared to $361 million.

"We continued our strong performance into the second quarter of fiscal 2014," said Meredith Chairman and Chief Executive Officer Stephen M. Lacy. "Our National Media Group delivered revenue and profit growth in the quarter, while our Local Media Group achieved record revenue and profit performance for a non-political fiscal second quarter and first half.

"Importantly, we continue to execute strategic initiatives to deliver increased cash flow and returns to our shareholders over time, most recently through the announced acquisition of great television assets in attractive markets," Lacy continued.


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