Meredith Posts Q2 Gains

  • January 28, 2003
Meredith reported results for the second fiscal quarter ended December 31, 2002. with total company revenues up to $251.7 million for the second quarter of fiscal 2003, up 10% from $228.0 million in the same period of fiscal 2002. For the first six months of fiscal 2003, total Company net earnings grew 49%, driven by 12% growth in advertising revenue and excellent execution by both of the Company's business segments. Broadcasting operating profit grew 67% to $27.1 million in the second quarter of fiscal 2003 from $16.3 million in the second quarter of fiscal 2002. Broadcasting revenues increased 17% to $80.8 million and same- station revenues rose 25% during the second quarter of fiscal 2003. Net political advertising was $14.1 million in the second quarter of fiscal 2003. Excluding political advertising, sme-station broadcasting revenues increased $2.2 million, or 3% in the second quarter. Publishing operating profit increased 21% to $17.4 million in the second quarter of fiscal 2003 from $14.3 million in the second quarter of fiscal 2002. Publishing revenues were $170.9 million in the second quarter of fiscal 2003, up 8% from $159.0 million in the comparable period.

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