Meredith magazines in U.S. increase advertising market share and are back in the black

Meredith Corp. is hoovering up a larger share of magazine industry advertising in the U.S., according to a company release which reports that the company's fiscal 2010 puts it back in the black after coming through a dismal recession.  The story says that Meredith's magazine advertising market share increased to 12.3%; it was about 9.5% two years ago. Readership of measured Meredith magazines grew to 113 milliion.

The company, which publishes many of the best known women's interest magazines (including Better Homes & Gardens, MORE, Family Circle, Country Home, Traditional Home, Parents, Baby and so on) had net earnings of $103.96 million (compared with last year's loss of $107 million) on revenue of $1.38 billion. Since revenue last year was $1.4 billion, it seems most of the profitability came from last year's staff layoffs. The company said its operating costs declined by 3% last year.