Women’s magazine publisher Meredith Corp. (NYSE: MDP) saw Q1 net income sink 45 percent to $25.4 million ($0.56 per share) as revenues fell 14 percent to $338 million. The publisher of Ladies Home Journal and Better Homes & Gardens said ad revenues continued to be hit hard by the recession. Publishing ad revs declined 12 percent, while broadcast ad dollars tumbled 31 percent, due to lower automotive spending along with weakness in the Phoenix and Las Vegas markets.

—Meredith Interactive Media ad revenues were up 7 percent, which gave the company a reason to claim early success with its Meredith Women’s Network. Monthly unique visitors increased to approximately 15 million, and page views per month averaged nearly 170 million, an increase of 25 percent.

— Outlook remains as uncertain as ever, though Meredith expects Q2 earnings per share to range from $0.52 to $0.57, compared to last year’s EPS of $0.97.

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