Meredith Reports Fiscal 2019 First Quarter Results

Meredith Corporation (NYSE: MDP;, the leading media and marketing company with national brands serving 175 million unduplicated Americans, including 80 percent of U.S. millennial women and a paid subscription base of more than 40 million — and 17 local television stations in fast-growing markets, today reported fiscal 2019 first quarter results. Compared to the prior year period:
•Total Company revenues from continuing operations grew more than 90 percent to $757 million, and total advertising related revenues more than doubled to $423 million.
•Earnings from continuing operations, including special items in both periods, were $16 million, compared to $33 million. Meredith recorded $14 million of net special items in the first quarter of fiscal 2019, primarily related to restructuring and integration costs.
•Excluding special items, earnings from continuing operations were $30 million, compared to $31 million. (See Tables 1-4 for supplemental disclosures regarding non-GAAP financial measures.)
•Adjusted EBITDA more than doubled to $143 million.

Fiscal 2019 first quarter accomplishments include:
•Delivering a fiscal first quarter record $36 million of political advertising revenues in Meredith’s Local Media Group.
•Generating more than $300 million of consumer related revenue accounting for 40 percent of Meredith’s total revenues.
•Announcing the sale of the TIME media brand for $190 million in cash. The transaction closed on October 31, 2018.
•Repaying $200 million of its 7-year Senior Secured Term Loan B. On October 26, 2018, Meredith successfully completed a repricing of its Term Loan B facility, reducing its annualized interest expense by approximately $4 million. Meredith expects to repay another $300 million of its debt during the second quarter of fiscal 2019.

“We are off to a strong start in fiscal 2019, delivering results that exceeded expectations,” said Meredith Corporation President and Chief Executive Officer Tom Harty. “Performance was driven by record demand for political advertising in our Local Media Group, and improved sequential comparable print advertising performance along with strong expense discipline in our National Media Group. As a result, we delivered significantly improved year-over-year adjusted EBITDA and margins, which we expect will continue through fiscal 2019.

“Looking ahead to the second fiscal quarter, we see continued record political advertising in our Local Media Group and continued improving advertising performance in our National Media Group,” Harty added. “We continue to expect to achieve our goals of reducing debt by $1 billion by the end of fiscal 2019 and generating $1 billion of adjusted EBITDA in fiscal 2020, meaningfully contributing to total shareholder return.”
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