Meredith Corp. today announced lower quarterly profits which sent shares down 7 percent, Reuters reported. Meredith said its decrease in profits is due to lower advertising revenues at its magazines and costs associated with job cuts in its book group.

The total advertising pages in the food, prescription and non-prescription drugs, and home categories declined by more than 20 percent, accounting for about 75 percent of the company’s overall fourth-quarter advertising page decline.

“We believe current economic trends are cyclical in nature and not structural as they pertain to our industry or Meredith in particular,” said President and CEO Steve Lacy in a release.

Revenues fell 10 percent to $385 million in the fourth fiscal quarter, which ended June 30, compared to $428 million in the year-ago quarter, and fell short of analysts’ expectations of $404 million.

The publisher said net income fell to $19.2 million, or 41 cents per share, from $51.5 million, or $1.05 per share, a year earlier. Excluding a special charge related to restructuring its book publishing business, earnings per share were 76 cents.

So far in the first quarter of fiscal 2009, Meredith has experienced a percentage decrease in publishing ad revenues in the high teens compared to the first quarter of fiscal 2008, when it posted 11 percent growth in publishing ad revenues. Broadcasting ads are currently down in the mid-teens as well.

Meredith expects full-year fiscal 2009 earnings per share to be in the $2.50 to $3 range, and first-quarter earnings per share to be in the 40 to 45 cent range. However, the company cautions that these numbers are preliminary and can fluctuate.