The rise in earnings was attributed by Meredith President and CEO Stephen M. Lacy to a higher profit in its national magazine publishing business ($32 million, up from $23 million last year) and companywide cost reductions of 8%.

Mirroring the company's overall performance, magazine publishing saw profits increase, despite a 5.8% decrease in revenues from $277 million to $261 million. The company also enjoyed double-digit percentage increases in new revenue areas like brand licensing, retransmission fees and video content creation.

Despite the decrease in revenues, there was some good news in magazine publishing: Total ad revenues at flagship Better Homes and Gardens increased 7% in the quarter, while More and Fitness were also up.

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