Reader's Digest Segment Profit Rises for Quarter
Also, the company reported fiscal 2002 fourth-quarter operating profit of $7 million compared with an operating loss of $20 million in the comparable fiscal 2001 quarter.
Full-year fiscal 2002 operating profit was $89 million, a 22 percent drop from $114 million in fiscal 2001. Adjusting for foreign currency translation, operating profit fell 15 percent.
Full-year fiscal 2002 revenue reached $1.07 billion, down 4 percent from fiscal 2001, or down 2 percent adjusting for foreign currency translation.
For the fourth quarter of fiscal 2002, the U.S. Magazines segment posted operating profit of $5 million, an increase of $13 million from fiscal 2001. Revenue totaled $134 million, up 12 percent from $120 million in fiscal 2001. Excluding Reiman Publications, revenue was $103 million in the fiscal 2002 quarter, down as a result of lower advertising and circulation revenue and the absence of Walking and New Choices magazines, which were closed during fiscal 2002. Full-year fiscal 2002 operating profit rose 5 percent to $81 million, primarily due to improved profit at Reader's Digest magazine. Revenue for U.S. Magazines fell 4 percent in fiscal 2002 to $627 million, including $31 million of revenue from Reiman. Excluding Reiman, revenue fell 9 percent.
U.S. Magazines, International Businesses and North America Books and Home Entertainment are the company's three operating segments.