Meredith Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended March 31, 2015; Provides Earnings Guidance for the Fourth Quarter and Full Year 2015; Reports Write-Down of Impaired Assets for the Third Quarter of 2015
Apr 23 15
Meredith Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended March 31, 2015. For the quarter, the company reported total revenues of $398,179,000 compared to $367,414,000 a year ago. Income from operations was $47,106,000 compared to $31,229,000 a year ago. Earnings before income taxes were $41,927,000 compared to $27,821,000 a year ago. Net earnings were $25,256,000 or $0.56 per diluted share compared to $18,486,000 or $0.41 per diluted share a year ago. Total EBITDA was $61,716,000 compared to $54,262,000 a year ago. Adjusted EBITDA was $72,989,000 compared to $64,031,000 a year ago. The primary growth drivers of earnings were newly acquired stations, along with stronger performance from core stations, particularly in Hartford, Atlanta and Kansas City.
For the nine months period, the company reported total revenues of $1,168,268,000 compared to $1,077,914,000 a year ago. Income from operations was $168,820,000 compared to $125,938,000 a year ago. Earnings before income taxes were $154,614,000 compared to $117,262,000 a year ago. Net earnings were $94,212,000 or $2.08 per diluted share compared to $73,096,000 or $1.61 per diluted share a year ago. Total EBITDA was $210,507,000 compared to $172,356,000 a year ago. Net cash provided by operating activities was $123,295,000 compared to $91,357,000 a year ago. Additions to property, plant, and equipment were $19,997,000 compared to $16,483,000 a year ago. Adjusted EBITDA was $229,979,000 compared to $183,690,000 a year ago.
The company provided earnings guidance for the fourth quarter of 2015 and full year 2015. Fiscal 2015 fourth-quarter expected results to the $2.36 per share before special items generated in the first nine months. Total company revenues are expected to be up high-single digits. Fiscal fourth quarter earnings per share to range from $0.90 to $0.95.
The company expects fiscal 2015 full year earnings per share to range from $3.26 to $3.31 before special items, an increase of 16% to 18% over fiscal 2014 results.
The company reported write-down of impaired assets of $1,692,000 for the third quarter of 2015 compared to $10,322,000 a year ago.
Better Homes and Gardens Partners with Lakeside Development Company to Build its Home
Apr 21 15
Meredith Corp. has announced that Better Homes and Gardens, BHG, has partnered with Lakeside Development Company to build its Home. Presenting partners Azek Building Products, Clopay, James Hardie, Pella, and Sleep Number, along with contributors Cambria, GAF, Heat & Glo, Kohler, LG, McElroy Metal, and Plain & Fancy supply both interior and exterior features, with the home's five key areas of innovation including: multi-point monitoring of doors, windows, shades, thermostats, door locks, and lights through sensors and smart home controls; low-maintenance building materials found in siding, roofing, garage doors, and decking that contribute to long-lasting beauty and function; energy and water saving appliances including a clothes dryer that recaptures energy with a heat pump, as well as high-performance fireplaces that reduce gas consumption; kitchen and bath products with clever and convenient features including hands-free faucets and a tub with hidden speakers; and cutting-edge electronics including a web-connected, ultra-thin OLED television and a mattress system that monitors sleep patterns.