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 Nov. 8, 2019 Source: Meredith Corporation news release To read the entire report click here. Highlights *Total Company revenues from continuing operations were $725 million, compared to the prior year of $774 million. The prior year included $33 million more of cyclical high-margin political spot advertising in Meredith's Local Media Group. *Earnings from continuing operations, which included special items in both periods, were $12 million, compared to $16 million. Meredith recorded $9 million of net after-tax special items in the first quarter of fiscal 2020, primarily related to restructuring and integration costs. *The loss per share from continuing operations was $0.17 compared to a loss per share of $0.07. *Excluding special items, earnings from continuing operations were $21 million, compared to $30 million. Earnings per share from continuing operations were $0.03 compared to $0.22. (See Tables 1-2 for supplemental disclosures regarding non-GAAP financial measures.) Adjusted EBITDA was $122 million, compared to $143 million in the prior year. The prior year included $33 million more of adjusted EBITDA contribution related to cyclical political advertising. Adjusted earnings per share were $0.99. "Our Local Media Group delivered record revenue for a first quarter in a non-political year, driven by growth in non-political related advertising and consumer revenues," said Meredith Corporation President and Chief Executive Officer Tom Harty. "Our National Media Group results reflect advertising performance which met our long-term expectations on a comparable basis, including high-single digit growth in digital advertising revenues. We also continued our track record of strong expense control. These factors helped drive a 55 percent increase in National Media Group operating profit in the quarter." Tweet |
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