Executives at the Des Moines-based Meredith Corporation report company earnings surged 27 percent in the last quarter, fueled by better-than-expected ad revenue and cost-cutting measures.
“I’m pleased to report that Fiscal 2010 marks a return to earnings growth for the Meredith Corporation,” says Stephen Lacy, chairman and C.E.O. of Meredith.
Meredith’s operating costs were down three percent and ad revenue was up seven percent. For the 17th consecutive year, the company increased its dividend to shareholders. “Given the weak economic climate, I’m both proud and encouraged,” Lacy says.
Meredith publishes 23 magazines available by subscription, like Better Homes and Gardens, with a combined circulation of 30 million. Another 150 publications from Meredith are available on newsstands.
“Over the last two years we’ve increased our share of magazine advertising revenue by nearly three full percentage points, to 12.3 percent. That represents the highest share in our history,” Lacy says. “Our television stations out-performed the industry as well.”
The company owns a dozen televisions stations. The closest is KSMO in Kansas City.