Meredith Corp.'s book business will "deliver strong year-over-year revenue and profit growth" for the fiscal year ending June 30, 2005, Meredith president Steve Lacy said in a conference call with analysts discussing first-quarter results. The bullish forecast came despite a decline in sales and earnings in the first period, which Lacy attributed to a stronger publishing schedule in last year's first quarter, compared to the first period of fiscal 2005.
Lacy said Meredith expects a strong second quarter for the book group, led by the 75th edition of the Better Homes and Gardens New Cook Book, American Chopper at Full Throttle and its children's line of licensed books. Full-year results will benefit from a number of licensing agreements, Lacy said, pointing to an expanded deal with Marvel as well as Meredith's strategic alliance with Discovery Communications to develop books based on programs from the Discovery Channel, TLC and Discovery Home Channel. Due out over the next few months are books based on TLC's Clean Sweep and While You Were Out programs.
Meredith book group's newest agreement is with Big Tent Entertainment. Under the multiyear deal, Meredith will publish a series of children's sound storybooks based on the Koala Brothers television series. The first book in the new line, Ned's Noisy Night, will be released next spring.
