Consumer magazine behemoth, marketer and TV broadcaster Meredith Corp. (MDP) today said it rang up a fiscal fourth-quarter profit of $33.4 million, vs. a loss of $163.7 million in the year-ago period.
Revenue climbed 6% year over year to $365 million, bolstered by a 7% rise in ad revenue to $202 million.
For the full year, Meredith rang up a profit of $104 million on revenue of $1.39 billion, compared with a loss of $107.1 million on revenue of $1.41 billion in 2009. The company said its share of the magazine advertising market increased to 12% from 9.5% over the past two years, and magazine readership reached 113 million this year.
“Fiscal 2010 marked a return to earnings growth as we strengthened our business across the board,” said CEO Stephen Lacy in a statement. “We increased advertising market share in both magazine and television, grew the size of our consumer audiences, and generated higher sales of our licensed products at retail. Additionally, we made important investments in new media platforms including mobile and eTablets.”