Revenue, Profit Slip at Reader's Digest
The quarter, which closed Dec. 31, included a $9 million charge for restructuring. Operating profit was $114 million, down from $147 million in the 2003 Q3.
"This quarter, we improved our free cash flow despite generally lower operating performance," Reader's Digest chairman/CEO Thomas O. Ryder said in a statement. "Results for Consumer Business Services were disappointing, International Businesses came in about where we expected and RD North America surpassed our expectations, with especially strong results at Reader's Digest magazine."
Revenue at Consumer Business Services, its children's products division in the United States and Canada, fell $18 million to $299 million. The International Businesses division was down $16 million to $275 million, and the Reader's Digest North America division was up $1 million to $235 million.