DES MOINES, IOWA: Stephen M. Lacy was elected chairman of the board of Meredith Corp., today, and Dianna Meredith Frazier, vice chairman, effective immediately. Lacy will remain president and CEO. He succeeds William T. Kerr as board chairman. Kerr will remain a member of the board.
Lacy’s been a board member since 2004 and the chief executive since 2006. He joined Meredith as chief financial officer in 1998, because president of publishing in 2000, and president and chief operating officer in 2004. Frazier has beeninvolved in Meredith’s business since 1976, including serving as director of corporate planning through 2003. The joined the board in 2000.
The Meredith board also declared a quarterly dividend of 23 cents per share, payable March 15, 2010, to shareholders of record as of Feb. 26, 2010. The sum is a 2 percent annual increase, marking the 17th consecutive year the company has increased its dividend. Meredith said it’s paid a dividend for 63 consecutive years.
Meredith (NYSE: MDP) reported combined revenues of $337 million for its fiscal second quarter of 2010, down from $361 million a year earlier. Net earnings were $19 million compared to $12 million. The 12 TV stations posted an operating profit of $17 million on $76 million in revenues, down 23 and 10 percent respectively.
More on Meredith:
January 21, 2010: Meredith TV Station Profits Dip
Looking at the third quarter of fiscal 2010,local media non-political advertising is pacing up percentagewise in the mid-teens. Earnings per share are forecast to come in between 55 and 60 cents.
January 14, 2010: “Meredith to Take $5.5 Million Charge”
“The recessionary economy has impacted the consumer's ability to execute these types of projects and led to a decrease in advertising spending.”
October 29, 2009: “Meredith Stations Down on Political and Auto”
Fiscal 2010 first-quarter revenues for Meredith’s 12 TV stations came in at $61 million, down from $70 million last year. Operating profit was $2 million compared to $11 million, attributed to a $5 million dip in political advertising and continued weakness in automotive.
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