Meredith Corp. reported today that its net earnings for the three months ended March 31 rose 1.7 percent to $46 million, compared with $45 million a year ago. Core earnings per share, which excludes discontinued operations and a one-time tax benefit in 2007, rose 10 percent to 98 cents per share in the company’s fiscal third quarter.

“Our strategy to grow non-advertising sources of revenue, such as Meredith Integrated Marketing – along with disciplined expense management – offset softer advertising demand across our businesses,” Meredith President and CEO Stephen Lacy said in a release.

Publishing operating profits were $65 million and revenues were $323 million in the quarter, both essentially unchanged from the prior-year period. After a strong first half of fiscal 2008, Meredith’s publishing segment faced weakness in the home, pharmaceuticals and direct-response advertising categories, which partially offset a significant growth in food advertising, the company’s largest advertising category. Advertising revenues were $155 million in the quarter, compared with $161 million a year ago. Meanwhile, revenues for Meredith Integrated Marketing rose nearly 50 percent and operating profits rose more than 150 percent, boosted by three acquisitions during the past year and continued growth in that business’s activities.

Broadcasting operating profits were $19 million, compared with $21 million in the prior-year period. Revenues also were down slightly to $78 million. Growth in online, video, retransmission and political revenues offset weakness in spot television advertising, especially in the automotive, retail and telecommunications categories.

As a result of a weaker economy and a drop in advertising demand, the company expects earnings for its full fiscal year ending June 30 to be between $3.15 and $3.20 per share, compared with $3.31 per share reported for fiscal 2007.

To hear a replay of Meredith’s 10 a.m. conference call, go to www.meredith.com.