Just in time for American Magazine Conference, some good news: U.S. magazine employment has risen for seven consecutive months starting in February, and employment in August-144,600-was highest since Dec.'03. Employment still is down 28,500-16.5%-from its July '00 peak.
Focus on: Meredith Corp. (MDP)
Meredith Corp. gets 80% of revenue from its publishing group. A tough spot in a world going digital? Not so far. In the year ended June 30, it had record revenue, income, earnings per share--and stock price. It expects 12%-15% EPS growth in fiscal ’07, with magazine ad revenue up by low-single digits and broadcast--13 local TV stations kicking in 20% of revenue--up low double digits. MDP has a growing digital play: Revenue for its 31 magazine and TV web sites jumped 53% in fiscal ’06.
Last week's score
AdMarket hit its highest point since May '02. Google neared its all-time high ($475 in Jan.) on robust results; ailing Yahoo tumbled to a two-year low.