Meredith Corporation to Record Fiscal 2011 Q4 Special Charge of $0.13 per Share; Sees FY 2011 EPS of $2.72 to $2.78

Meredith Corporation MDP said today that it will record a special charge of approximately $10 million (approximately $6 million after-tax or $0.13 per share) in its fiscal 2011 fourth quarter. The charge includes closing the ReadyMade brand due to ongoing weakness in the home category/marketplace, and other selected workforce reductions – for a total of approximately 75 positions companywide. Meredith now expects fiscal 2011 full-year earnings per share to be at the higher end of its previously communicated $2.72 to $2.78 range. The Company will provide its fiscal 2012 earnings outlook when it releases fiscal 2011 earnings on July 28, 2011.