AMI Reports 4 Percent Revenue Bump
Publisher attributes growth to ad revenues at Shape, Star and Menâ€™s Fitness.
American Media Inc., a company which until recently had difficulty filing its financials on time, today announced its fiscal 2008 revenues were $491 million, up about 4 percent over 2007. Operating income was $67 million, as compared to a $254 million loss over 2007.
The celebrity magazine publisher attributes its year-end revenue increase to ad revenue gains at Shape, Star and Menâ€™s Fitness magazines. According to the publisher, Starâ€™s ad pages spiked by 21.5 percent in fiscal 2008, Menâ€™s Fitness increased by 13.2 percent and Shapeâ€™s was up 10.5 percent.
The results come about a month-and-a-half after executive vice president and chief editorial director Bonnie Fuller resigned. According to a WWD report, AMI paid Fuller $2.4 million in 2008, more than chairman and CEO David Pecker, whose total compensation for the year is $1.6 million.
AMI's fourth quarter 2008 revenues (period ended March 31) slipped 1 percent to $123 million from $124 million during the same period last year. The company reported an operating loss for the quarter of $8 million compared to $22 million in operating income for the same period last year.
â€śWe expect that these leading titles in two of the strongest publishing categoriesâ€”health and fitness, and celebrityâ€”will continue to generate solid performance for the company in fiscal 2009,â€ť chairman and CEO David Pecker said in a statement.
According to Publishers Information Bureau figures, Menâ€™s Fitness ad dollars were down 4 percent to $13.3 million in the first quarter, Shapeâ€™s spiked 16.4 percent to $51.1 million and Starâ€™s were up 1.5 percent to $45.5 million. Ad revenues at AMIâ€™s Natural Health dropped 10.7 percent to $4.1 and National Enquirerâ€™s fell 9.5 percent to $13.6 million.