Meredith earnings, revenues rise in its fiscal second quarter
Meredith Corp. said today that revenues in its fiscal second quarter, which ended Dec. 31, rose 13 percent to $399 million, including a 25 percent increase in advertising revenues. Second-quarter earnings increased 30 percent to 87 cents per share, according to a release. Second-quarter results included special charges of $6 million after taxes, or 13 cents per share, primarily due to expenses related to recent acquisitions. Minus special charges, earnings would have reached a second-quarter record of $1 per share, Meredith said. Meanwhile, the company announced today that it has reached an agreement to acquire Shape magazine and the digital assets of the Shape, Natural Health and Fit Pregnancy brands from American Media Inc. Meredith will merge its Fitness magazine into Shape with the May issue. Shape will have a rate base of 2.5 million, an increase of 60 percent from its current level of 1.6 million. Shape and Fitness will have separate websites.