This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Meredith Corporation Records Fiscal 2013 Second Quarter Special Charge

Stocks in this article: MDP





DES MOINES, Iowa, Jan. 18, 2013 /PRNewswire/ -- Meredith Corporation (NYSE:MDP); ( www.meredith.com ) said today it recorded a net special charge of $7 million ( $4 million after-tax, or $0.10 per share) in its fiscal 2013 second quarter.  The charge was related to business realignments and selected workforce reductions designed to realize the full value of recent acquisitions, and as part of an ongoing process to optimize performance and achieve further cost efficiencies. 

(Logo:  http://photos.prnewswire.com/prnh/20090810/CG58830LOGO)

Meredith has aggressively scaled its capabilities to deliver content over multiple platforms to meet increased consumer demand and growing client requests for multiplatform advertising and marketing programs in the past year.  As a result, Meredith has added or created approximately 300 jobs to support key strategic growth initiatives including the:

  • Acquisition of Allrecipes.com, doubling Meredith's digital presence. The addition made Meredith the No. 1 digital food media company, and moved it to No. 3 in the digital women's lifestyle category.
  • Addition of the EveryDay with Rachael Ray and FamilyFun brands. These moves increased Meredith's share of the U.S. magazine industry advertising revenues to its current level of nearly 12 percent.
  • Purchase of ShopNation and launch of a growing e-commerce platform.
  • Execution of digital, mobile, video and social expansion strategies, including creating tablet editions; developing new mobile apps; and expanding video content creation capabilities.
  • Expansion and monetization of Local Media Group video content through an increase in local news programming, along with more national video content creation.

"The media and marketing landscape continues to evolve, and we continue to align our businesses – which we've substantially augmented through a series of recent strategic acquisitions and initiatives – to best serve our consumers and customers on whatever platform they choose," said Meredith Chairman and CEO Stephen M. Lacy.  "We've led the way among media companies at creating a true multiplatform business, and we fully intend to realize the maximum financial potential of our expanded portfolio as part of our commitment to Total Shareholder Return."

Meredith reaffirmed today its earnings outlook for the second quarter of fiscal 2013 of $0.85 to $0.90, and for full fiscal 2013 of $2.60 to $2.95, both excluding the special charge.  Meredith will update progress on its strategic growth initiatives, as well as its earnings outlook, when it releases fiscal 2013 second quarter earnings on January 24, 2013. 



1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs