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Meredith Corp MEREDITH CORP FORM 8-K (Unscheduled Material Events) Filed 5/10/2002 For Period Ending 5/10/2002 Address 1716 LOCUST ST DES MOINES, Iowa 50309 Telephone 515-284-3000 CIK 0000065011 Industry Printing & Publishing Sector Services Fiscal Year 06/30 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported) May 10, 2002 Commission file number 1-5128 Meredith Corporation (Exact name of registrant as specified in its charter) Iowa 42-0410230 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 1716 Locust Street, Des Moines, Iowa 50309-3023 (Address of principal executive offices) (ZIP Code) 515 - 284-3000 (Registrant's telephone number, including area code) - 1 - Item 5. Other Events Meredith Corporation presented at the Bear Stearns Research Intensity Program on May 10, 2002. At the program, Chairman and Chief Executive Officer William T. Kerr, Publishing Group President Stephen M. Lacy and Chief Financial Officer Suku V. Radia discussed company developments and responded to questions. The text of the presentation is attached as an exhibit. Item 7. Financial Statements and Exhibits (c) Exhibits 99.1 Text of presentation at Bear Stearns Research Intensity Program on May 10, 2002. - 2 - SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. MEREDITH CORPORATION Registrant (Suku V. Radia) Suku V. Radia Vice President - Chief Financial Officer (Principal Financial and Accounting Officer) Date: May 10, 2002 - 3 - Index to Exhibits Exhibit Number Item ------------------------------------------------------------------- 99.1 Text of presentation at Bear Stearns Research Intensity Program on May 10, 2002. E-1 Exhibit 99.1 TEXT OF PRESENTATION AT BEAR STEARNS RESEARCH INTENSITY PROGRAM ON MAY 10, 2002 {graphic omitted} Bill Kerr Good morning. We thank Kevin Gruneich for inviting us to present today. With me are Steve Lacy, our Publishing Group president, Suku Radia, our chief financial officer, and Dirck Steimel, who does Investor Relations for us. {graphic omitted} Before beginning, let me remind you to read the safe harbor information on your copy of the slides. {graphic omitted} Last week we announced our earnings for the third quarter of fiscal 2002. Here are some highlights: -- We reported earnings per share of 35 cents, exceeding the First Call consensus estimate. The results were encouraging and show our efforts to build share in publishing and broadcasting are paying off. -- Company-wide, our total fiscal third quarter advertising revenues, when adjusted for discontinued titles, were down 3.6 percent from a year earlier. In contrast, our second quarter advertising revenues declined nearly 13 percent. -- We saw share gains in our big books, Better Homes and Gardens and Ladies' Home Journal, along with our mid-sized shelter titles, Country Home and Traditional Home. -- In broadcasting, 10 of our 12 stations gained share in the fourth quarter of calendar 2001, the last full quarter for which we have industry data. - 1 - {graphic omitted} Now, I'll take a look at the overall advertising environment, and how we have performed in it. Turning first to magazines, the current advertising recession has been the deepest in recent history. {graphic omitted} This illustrates how we've managed our way through this difficult period. According to PIB figures, our ad pages declined 2.8 percent in the first three quarters of our fiscal 2002, compared to an decline of nearly 20 percent for the PIB average. {graphic omitted} On the broadcasting side, once again the advertising recession has been very deep. Industry-wide, television advertising rebounded in the first calendar quarter largely because of the Olympics. {graphic omitted} However, as you can see, we moved from significantly trailing our peers to slightly outperforming them in our second fiscal quarter. Also, keep in mind that we have only one NBC station. That meant we competed against the Olympics in 11 of 12 of our markets. - 2 - {graphic omitted} With that look at the overall advertising climate, I'll quickly outline our corporate growth strategies. Following that, Steve will discuss our Publishing Group growth initiatives, Suku will cover broadcasting and our financial position. Then we'll take your questions. As I mentioned, we are starting to see signs of recovery in advertising demand. At Meredith, we are in an excellent position to take advantage of that improvement. We have strong assets, led by our flagship Better Homes and Gardens brand. Even in a difficult economy, we have made targeted investments in our businesses to strengthen our market position. We have also conducted a disciplined cost-reduction program that has resulted in a leaner, more efficient organization. Finally, we will discuss our financial position. Maintaining a strong balance sheet has always been a priority for us. {graphic omitted} In addition, I want to highlight the opportunities that today's marketplace presents for Meredith. Home ownership in the United States is at an all-time high and Americans are showing an increased focus on their homes. They are interested in remodeling, decorating, gardening and cooking as they seek to enrich their home environments. As the country's leading home and family media and marketing company, we are well positioned to take advantage of this trend. We have earned a reputation as a source of trusted information because of our century-long commitment to service journalism. Now, I'll turn it over to Steve, who will discuss our leadership role in the home and family publishing market and our strategies for growth in publishing. - 3 - {graphic omitted} STEVE Thanks Bill. In publishing, we have two strong revenue streams: advertising and non-advertising. I'll begin with our initiatives to grow advertising revenues, focusing on our individual magazines and Meredith Corporate Solutions. Then I'll take a look at our initiatives to grow non-advertising revenues through circulation, Special Interest Publications, books, integrated marketing and brand licensing. For the first three quarters of fiscal 2002, nearly 57 percent of our publishing revenues came from non- advertising sources. {graphic omitted} But first, I'll set the stage for our advertising discussion with a look at some share data for Better Homes and Gardens and Ladies' Home Journal in the women's service field. For the 12-month period ending with the April 2002 issues, they delivered a combined share of 40 percent, up two points over the same period a year ago. In this field, a point translates into a meaningful amount of revenue. And there are signs they are building momentum as we move into spring. For example, Better Homes and Gardens just achieved its largest April issue ever, with more than 200 ad pages. And the April issue of Ladies' Home Journal was its largest issue since November 1999, with 131 ad pages. - 4 - {graphic omitted} Country Home and Traditional Home are very powerful properties as well. You can see their indexed advertising revenues here versus their key competitors. Country Home's March/April issue was up in the mid-teens in advertising pages compared to a year ago. We will publish Traditional Home eight times in calendar 2002, versus six times in calendar 2001. We plan to raise its rate base to 850,000. That means Traditional Home's rate base will be tied for first place in the upscale home furnishing category with HOUSE BEAUTIFUL. In addition, we are seeing strong performance by Midwest Living. Ad revenues from its March/April issue were the highest in the title's 15- year history. {graphic omitted} MORE, a lifestyle magazine focused on affluent women who are over 40, is our newest launch. It continues to perform well, even in the more difficult advertising climate. For the first three-quarters of the fiscal year advertising revenues were up in the low-teens. This chart shows the aggressive approach we have used to build the rate base for MORE. This effort has been aided by our industry-leading database, which has enabled us to successfully target potential readers. This September we'll move the rate base up to 750,000. This is a meaningful level in terms of gaining audience and attracting attention from non-endemic advertisers. - 5 - {graphic omitted} Meredith Corporate Solutions is the organization we created to sell advertising across our magazines. However, it often sells other services throughout the company. For example, Meredith Corporate Solutions recently was selected to implement a comprehensive multi-media marketing campaign for Clarinex, which is pictured in this slide. The program features branded inserts that will run in Meredith magazines, a 1.5 million-piece direct mail campaign, a major interactive component, and advertising on Meredith television stations. {graphic omitted} We are also establishing retail partnerships to connect our magazine advertisers with leading retailers. This helps our advertisers build brand awareness and boost sales. We recently launched a partnership that links Wegmans, a leading northeast food retailer, with Better Homes and Gardens. Through this program, we are offering advertisers the opportunity to sponsor seminars about entertaining and food sampling events at Wegmans. These will take place in June and are being promoted in a regional BH&G advertising section and in Wegmans materials. {graphic omitted} With that look at our advertising growth strategies, let me describe our initiatives to grow non-advertising revenues through circulation, Special Interest Publications, books, integrated marketing and brand licensing. - 6 - {graphic omitted} Our strong magazine brands are supported by our dedication to building circulation. Our circulation mailings generate strong response rates for two primary reasons.
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