Meredith Corp. today reported fiscal 2009 first-quarter earnings of 41 cents per share and $370 million in revenues, compared with 68 cents per share earnings and $404 million in revenues in the year-ago quarter.

“The weak economy continues to significantly impact the demand for advertising. However, other fundamentals of our business remain strong,” said Steve Lacy, Meredith’s president and CEO, in a release.

Advertising revenues in the company’s publishing sector were $148 million in the months ended Sept. 30, versus $181 million in the year-ago quarter, and revenues in the broadcasting division were $70 million, versus $75 million in the year-ago quarter.

The company also experienced decreased circulation revenues due to softer retail sales and its plan to publish fewer newsstand-only special interest titles in the quarter. Yet despite decreased circulation and lower ad revenues, Lacy remained optimistic.

“Our circulation metrics and news ratings are solid,” Lacy said. “Our non-advertising-related businesses, particularly Meredith Integrated Marketing and brand licensing, are posting strong revenue and profit growth. Additionally, political advertising revenues are meeting expectations.”

However, the company expects significant decreases in broadcasting revenues in the second fiscal quarter as political advertisements taper off, but said the broadcasting group is putting considerable emphasis on growing non-core advertising categories such as entertainment, electronics, travel and utilities.

“We are well-positioned to weather the current softness in advertising and the turbulence in the financial markets, as well as make acquisitions and investments when opportunities arise,” Lacy said.