Meredith Corporation Reports Fiscal 2012 Second Quarter Results
Meredith's brands continued their strong engagement with American consumers in the second quarter of fiscal 2012 compared to the prior-year period, as demonstrated by:
- An increase in readership of Meredith's magazines, which stood at a record 113 million according to Fall 2011 data from Mediamark Research and Intelligence.
- Strong traffic growth for Meredith's branded websites, as monthly unique visitors and page views rose more than 50 percent each to 20 million, and 450 million, respectively. The multi-channel brand Recipe.com has grown to approximately 2 million monthly unique visitors in its first six months of operation. The acquisition of Allrecipes.com will double the Meredith Women's Network's monthly unique visitors to 40 million.
- Expansion of Meredith's electronic tablet issues and capabilities, including a strong presence on the newly launched Amazon Kindle Fire and Barnes & Noble NOOK Tablet, as well as product availability on the Apple iPad and NOOK Color devices.
- More /magazine's second annual television special was aired in 145 markets reaching 85 percent of U.S. television households.
Fiscal 2012 second quarter other revenues were $73 million, compared to $82 million in the year-ago period. Results were primarily due to select clients within Meredith Xcelerated Marketing that scaled back programs for the same commodity-related reasons that impacted advertising results earlier in calendar 2011. Meredith Xcelerated Marketing's programs are typically long-term in nature, and its results typically lag shorter-term changes in economic conditions.
For the first six months of fiscal 2012, National Media Group operating profit was $72 million, compared to $82 million in the year-ago period. Revenues were $503 million, compared to $535 million. Expenses decreased 5 percent.
Read entire press release, inclusing financial and safe harbor statements, here.