Meredith fiscal Q4 2010 revenue gain, full-year decrease
Media and marketing company Meredith Corp. reported $365 million in fiscal fourth-quarter revenues, a 5.6% year-over-year increase. Total FY 2010 revenue decreased 1.5% to $1.39 billion, year over year.
Meredith reported $33.4 million in earnings for Q4 2010, an improvement over last year's net loss of $163.7 million loss. For FY 2010, the company saw net earnings of nearly $104 million. A year earlier, it reported a loss of $107.1 million.
Total advertising revenue decreased $6 million to $781 million for FY 2010, though $14 million of 2009 ad revenue came from political advertising, the company said. Non-political advertising revenue grew 16% in the second half of 2010.
Meredith acquired mobile marketing company The Hyperfactory in July after purchasing a minority stake in the company a year ago. The company named Martin Reidy president of its integrated marketing division last fall.
A Meredith spokesperson could not be reached by press time. However, Stephen Lacy, chairman and CEO of Meredith, said in a statement that the company “increased advertising market share in both magazine and television, grew the size of our consumer audiences and generated higher sales of our licensed products at retail. Additionally, we made important investments in new media platforms including mobile and eTablets.”