Meredith Corporation (NYSE:MDP)

"Despite a challenging advertising climate, we made significant progress on the performance improvement plan put in place at this time last year," said Meredith President and Chief Executive Officer Stephen M. Lacy. "We gained market share, grew new revenue sources, prudently managed our costs and cut debt by more than 20 percent." Looking at fiscal 2010, Meredith expects that advertising will continue to be impacted by the recession.

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^a The above forecasts reflect the Company's current and preliminary views and are therefore subject to change. Please refer to the Company's Safe Harbor Statement (usually in press releases) for the factors that could cause actual results to differ materially from those contained in any forward-looking statement.

^b Non-GAAP EPS figures generally exclude certain non-operating gains and losses as well as certain non-cash items. Non-GAAP information should not be viewed in isolation or as a substitute for reported, or GAAP information . For a more complete explanation of the company's definition of non-GAAP please refer to its financial press releases. The GeoTeam® non-GAAP figures may, from time to time, differ from company supplied figures.

 Guidance Report:

Most of Meredith's advertising clients continue to experience a difficult economic environment. The resulting weakness will impact Meredith's revenues for the remainder of fiscal 2009.

Currently, Meredith expects third quarter earnings per share to range from approximately $0.55 to $0.60. Full year earnings per share are expected to range from $2.00 to $2.25, excluding the special charge taken in the fiscal second quarter.

 Source: PR Newswire (January 22, 2009)