Meredith Corporation (

MDP

)

Deutsche Bank’s 2012 Media and Telecommunications Conference Call

February 28, 2012 9:40 am ET

Executives

Stephen M. Lacy – Chairman, President and Chief Executive Officer

Joseph H. Ceryanec – Vice President and Chief Financial Officer

Analysts

Matthew Chesler – Deutsche Bank

Presentation

Matthew Chesler – Deutsche Bank

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Good morning. I’m Matt Chesler, the Advertising Analyst at Deutsche Bank. It’s my pleasure to welcome today Meredith Corporation. With us is Chairman and CEO, Steve Lacy; and CFO, Joe Ceryanec. Thank you both for being here. I could imagine doing this conference without you. We’re going to start out with slides from Steve, and then we’ll go into Q&A.

Stephen M. Lacy

Well, thank you very much Matt and it is a real pleasure to be here today. I’m going to open with a brief Meredith’s overview along with our vision for the future, and then Joe Ceryanec will present our own total shareholder return financial strategy, which has been very well received by the investment community since we announced it in late October.

The next slide is simply to remind all of you that the presentation does include some forward-looking information and this is a reminder of the factors that could impact our results as we go forward.

For any of you who may be not familiar with the company, on the left-hand side of this slide are National Media brands with the addition of Allrecipes.com, an acquisition we expect to close on later this week will reach 100 million unduplicated women each and every month. Clearly, the leading media company serving women in the United States today.

Our Local Media business reaches about 10% of U.S. households and we are leading the broadcast industry in terms of gains in non-political advertising revenue. We’re also a significant business-to-business marketer offering clients such as Kraft, Nestlè, Chrysler, Lowe’s, expertise in digital, social, mobile and database marketing across the United States and now aboard with a recent investment in Iris communication.

Our connection to the end consumer is quite strong and is growing. Our National Media brands attract 150 million readers every month with the leadership position in food, in parenthood and in the home space. Better Homes and Gardens is a very strong multi-platform brand that includes quite a profitable brand licensing business at every Wal-Mart Store across the country.

Online, our brands attract over 40 million unique visitors every month and we’re clearly accelerating our digital presence with the acquisition of Allrecipes.com and expanding into tablets and mobile platforms as well.

We are in a great mix of network-affiliated stations in fast growing market and Meredith Accelerated Marketing is now an award-winning full-service digital agency with global capability. We have successfully extended our brands across many media platforms over time. This gives our consumer the flexibility to access our content when she prefers and also leads to growing consumer engagement. We build significant scale across these platforms offering our advisers and marketers multiple opportunities to reach our broad consumer audiences, which of course leads to revenue and cash flow growth over time.

To illustrate what we’ve accomplished, here is a quick snapshot of our activities over the last decade. Our National Media Group has expanded its content and diversified ad categories we doubled our share of magazine advertising through a series of acquisitions and also expanded in the digital and the high margin brand licensing business.

Our television stations have successfully focused on increasing hours of local news and establishing a much stronger local brand presence. And Meredith Accelerated Marketing has moved from primarily a custom publishing activity to more of a strategic partner with growing digital and CRM services and about half of that revenue in that business now comes from digital sources.

As we look to the future, we positioned ourselves to capitalize on the rapidly evolving marketplace. From a consumer standpoint, the fastest growing demographics of course are of still Baby Boomers and the younger generation wide that is just beginning to come into our wheelhouse in the earlier stages of family formation. We’ll serve both of these groups by emphasizing on content aimed at their particular lifestyle.

(Inaudible) possess is continuing to develop the distribution platforms that we need to reach these consumers including online, tablet, mobile and of course video. From a capability standpoint, we believe it’s very important to continue investing in non-advertising based businesses as well to gain access to new and growing budgets and serve our clients global needs.

As we look ahead to Meredith in 2015, we see continued growth and market leadership. Our National Media group will build on its leadership position in creating and distributing branded content for women across media platform. We’ll be aggressively executing our digital strategy including generating about half of our consumer marketing transactions or circulation transaction digitally or online. We’ll also have further expanded brand-licensing activity.

Our Local Media business will be the number one or number two-rated station in each market and possess robust online and mobile platforms of scale and growing non-traditional revenues such as Meredith Video Studios.

Our Marketing Services business of course will be larger and a recognized leader in providing digital marketing solution and more leverage our new international capabilities through the Iris Global Network.

So far in our fiscal 2012, which we will end this upcoming June 30, we’ve had very strong execution against these growth initiatives. We’ve grown our leadership position in food and in a parenthood spaces and created the Meredith Engagement Dividend, which proves to advertisers that they get a strong return on investment in Meredith magazine.

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