Meredith Corporation Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2012; Provides Earnings Guidance for the Third Quarter of Fiscal 2013; Reaffirms Earnings Guidance for Fiscal 2013
For the six months, the company reported income from operations of $102,758,000, earnings before income taxes of $95,756,000 and net earnings of $60,426,000 or $1.34 per diluted share on total revenue of $714,752,000 compared to income from operations of $93,081,000, earnings before income taxes of $87,465,000 and net earnings of $53,221,000 or $1.18 per diluted share on total revenue of $656,626,000 a year ago period. Total EBITDA was $125,652,000 compared to $113,418,000 a year ago period. Net cash provided by operating activities was $80,383,000 against $68,747,000 a year ago period. Additions to property, plant, and equipment were $13,659,000 against $26,621,000 a year ago period. Excluding special items income from operations was $109,801,000 and total EBITDA was $132,695,000. Excluding the special charge, earnings per share rose 22% from the prior-year period to $1.44.
The company expects fiscal 2013 third quarter earnings per share to range from $0.65 to $0.70. Looking more closely at the third quarter of fiscal 2013 compared to the year-ago period: Total Local Media Group revenues are expected to increase in the high-single digits. Non-political advertising revenues are expected to be flat to up slightly. National Media Group advertising revenues are expected to be up in the mid-single digits including recent acquisitions, and down in the low-single digits on a comparable basis.
The company also reconfirms its original full fiscal year 2013 earnings per share expectation of $2.60 to $2.95, excluding the special charge.