With the newspaper industry still not able to keep up with its loss of offline income, Meredith Corp., publisher of numerous magazines, including the popular Ladies Home Journal, got great results with profits increasing by 15 percent in the third quarter; the increase being connected to their online business.
The net income for the publisher over the third quarter was $30.5 million, or 62 cents per share. An increase of 10 cents per share over last year. In their earnings release, Meredith said that their Internet business was growing quickly.
Without the Internet surge, the company revenue dropped by 1.5 percent to $313.7 million, with operating profits rising to 1.6 percent, according to paidcontent.
Next year Meredith plans on overhauling their Better Homes and Garden site, which will help to expand the company's ad inventory.
Like most of print media, Meredith had large declines in circulation which unfortunately offset the increase in ad revenue.
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