Good news; mag publishing giant Meredith losing (less) money in first quarter

Meredith Corporation, one of the most diverse and powerful magazine publishers in the U.S.  had a loss of 2% in earnings and 9% in revenue in the first fiscal quarter. That a loss is presented as good news is explained because it is much better than the performance of the industry as a whole and may be presaging recovery from the throes of the recession.

According to a story in Folio:, Meredith's national media group (magazines)  saw revenues decline from $294 million in Q1 last year to $272 million this year and operating expenses dropping 10% to $233 million (largely driven by a 9% drop in paper prices). In particular, according to a company release, Better Homes and Gardens and Family Circle grew advertising revenues 3% and 13% respectively in the quarter.

According to Meredith president and CEO Stephen M. Lacy, national media advertising revenues are “trending in the right direction, and we continue to outperform our major peers and gain share.” Meredith said its share of overall magazine industry ad revenues increased to 12.2 percent during the fiscal first quarter, compared to 8.7 percent this time last year.

Eleven of Meredith's 14 PIB-tracked titles increased share of advertising revenues during the third quarter, the company said.

Meredith's magazine portfolio includes Better Homes & Gardens, More (it partners with Transcontinental Inc. in the Canadian edition), Ladies Home Journal, Family Circle, Fitness, Parents, Ready Made, Traditional Home, Baby, and a whole range of special interest publications such as Heart-healthy Living, Beautiful Kitchens, Kitchen and Bath Ideas and Country Gardens.