, Rain Bird Corporation and the
American Association of Botanical Gardens and Arboreta (AABGA) have joined
forces to encourage the practice of water conservation outside the home with
the release of four broadcast television public service announcements (PSA)
featuring Paul James, The Gardener Guy, and host of HGTV's Gardening by the
Yard. "With summer here and the height of
the watering season upon us, now is the time to make sure we are doing our
part to conserve water and at the same time reduce the water bill."
Although most homeowners are familiar with water conserving products for
inside the home, the reality is that up to 70 percent of residential water is
used outdoors to water lawns and landscapes. But conserving water does not
have to mean sacrificing healthy green grass or flourishing plants. The material is of a
non-commercial nature and available on BetaSP , DVCam or DVCPro upon your
request.
Fourth quarter net earnings rose 12 percent to $42. Total revenues increased 8 percent
and total advertising revenues grew 4 percent."

Operating Highlights

Publishing
For fiscal 2005, Publishing operating profit increased 10 percent to
$174.
Meredith continued to invest in its long-term direct-to-publisher circulation
model by increasing its direct mail volume considerably in fiscal 2005.4 million
decrease in net political advertising revenues from the prior year and a
decline in national advertising, offset by strength in local advertising and
revenues from the stations in Chattanooga and Kansas City.
Meredith continued its late news share improvement for certain key markets
in the May ratings book for the important adult 25-54 demographic group. The
Company's stations in its two largest markets-Atlanta and Phoenix-increased
audience share 40 and 29 percent, respectively. In Nashville, Kansas City
and Saginaw, the Company's stations garnered approximately one-fourth of the
viewers. The
Company completed a new $300 million private placement of senior notes and
financed the balance under existing credit facilities.46 in the first quarter of
fiscal 2005. Total Publishing advertising revenues are expected to increase
significantly primarily due to the addition of the new titles. A live web cast will be
accessible to the public on the Company's web site http://www.meredith. The
attached financial statements and reconciliation tables will be made available
on the Company's web site.

ABOUT MEREDITH CORPORATION
Meredith ( http://www.

Meredith Corporation and Subsidiaries
Consolidated Statements of Earnings - Unaudited

Three Months
Ended June 30
Restated* Percent
2005 2004 Change
(In thousands except per share)

Revenues
Advertising $201,448 $193,083 4.3)%
All other 66,320 50,501 31.7 %

Basic average shares outstanding 49,281 50,335 (2.1 %

Basic earnings per share
Before cumulative effect of change
in accounting principle $2.1 %

Basic average shares outstanding 49,777 50,214 (0.430 20.

Twelve Months
Ended June 30
Restated* Percent
2005 2004 Change
(In thousands )

Revenues
Publishing $908,790 $873,052 4.9 %

Income from operations $228,054 $192,091 18.9 %
Unallocated corporate (30,649) (32,285) 5.
Segment EBITDA margin is defined as segment EBITDA divided by segment
revenues.5% 37.

"Our long
growing season makes gardening attractive to individuals from all walks of
life," says Dennis Thomas, General Manager of Bonnie Plant Farm. Maturity is reached in 75 days, and this plant often
produces up to 50 pounds of tomatoes.

top home

com., Rain Bird Corporation is the leading
manufacturer and provider of irrigation products and services. Rain Bird and The Intelligent Use of Water(TM) is about
using water wisely. The acquisition of Parents, Child, Fitness, Family Circle and Ser Padres
magazines broadens our magazine portfolio to reach younger women and furthers
our strategy to serve the Hispanic market. This performance reflects profit growth in magazines, books,
integrated marketing and interactive media.
Meredith Integrated Marketing posted strong results in fiscal 2005,
reflecting growth from new and existing clients.

OTHER FINANCIAL INFORMATION
The Company generated $170.8 million in dividends.5 million in fiscal 2004
to $19 million in fiscal 2005.
For the first quarter of fiscal 2006, the Company expects earnings per
share will approximate $0.

RATIONALE FOR USE AND ACCESS TO NON-GAAP MEASURES
Non-GAAP measures such as EBITDA should be construed not as alternative
measures of, but as supplemental information regarding, the Company's net
earnings and income from operations as defined under GAAP.

SAFE HARBOR
This release contains certain forward-looking statements that are subject
to risks and uncertainties. The Company undertakes no obligation to
update publicly any forward-looking statement, whether as a result of new
information, future events, or otherwise .7 %

* Restated to reflect the expensing of share-based compensation.

Twelve Months
Ended June 30
Restated * Percent
2005 2004 Change
(In thousands except per share)

Revenues
Advertising $737 ,079 $703,969 4.9 %
Political advertising 151 3,596 (95.

Meredith Corporation and Subsidiaries
Condensed Consolidated Balance Sheets - Unaudited
Restated*
June 30 June 30
Assets 2005 2004
(In thousands)
Current assets
Cash and cash equivalents $29,788 $58,723
Accounts receivable, net 176,669 164,876
Other current assets 98,038 90,415
Total current assets 304,495 314,014

Property, plant and equipment, net 192,956 195,799

Other assets 90,407 90,843
Intangibles, net 707,068 673,968
Goodwill 196,382 191,303

Total assets $1,491,308 $1,465,927

Restated*
June 30 June 30
Liabilities and Shareholders' Equity 2005 2004
(In thousands)
Current liabilities
Current portion of long-term debt $125,000 $75,000
Accounts payable and accruals 167,988 143,632
Other current liabilities 146,092 152,118

Total current liabilities 439,080 370,750

Long-term debt 125,000 225,000
Other noncurrent liabilities 275,401 260,206

Total liabilities 839 ,481 855,956

Shareholders' equity
Common stock 39,700 40,802
Class B stock 9,596 9,683
Other shareholders' equity 602,531 559,486

Total shareholders' equity 651,827 609,971

Total liabilities and shareholders '
equity $1,491,308 $1,465,927

* Restated to reflect the expensing of share-based compensation.0%

* Restated to reflect the expensing of share-based compensation.

directories reference

Important AABGA initiatives include the Resource Center, a technical
information service for public gardens and the general public, and the North
American Plant Collections Consortium, a project to conserve plant germplasm
using the collections found in botanical gardens and arboreta.1 percent to 19. Total revenues grew 4 percent and
advertising revenues rose 2 percent .2
percent.
In the fourth quarter, operating profit and EBITDA declined 6 and 4
percent , respectively.5 million of its stock,
reduced debt $50 million, invested $35.8 million in
fiscal 2005.50 it earned in fiscal 2005.m.0 %
Depreciation and amortization 9,297 8,961 3.72 15.9)%

Dividends paid per share $0.7 %
Circulation 243,637 248,579 (2.57 $2.9 %
Unallocated corporate (32,859) (35,309) 6.2 %
Unallocated corporate 2,210 3,024 (26.
Joe Stuart, Bonnie Plant Farm's National Sales Manager, stated that new
products such as biodegradable peat containers are simplifying efforts for
novice gardeners. The Large Red Cherry tomato is juicy
and flavorful, and is ideal for salads, while the Husky Cherry Red only
reaches a height of four feet, making it ideal for small spaces.
Herbs - Bonnie Plant Farm's most popular selling herb, Basil is great for
cooking.

home support

83.
In the fourth quarter, Publishing revenues grew 10 percent. Meredith also made strategic
investments in the quarter in circulation initiatives and the September 2005
launch of Siempre Mujer-its Spanish-language women's lifestyle magazine. Earnings before interest, taxes, depreciation and amortization
(EBITDA) grew 20 percent and EBITDA margin improved from 31. Total revenues were flat, reflecting a $3.4 million to enter a joint sales
agreement with the WB affiliate in Kansas City and to acquire the WB affiliate
in Chattanooga , and paid $25.
Both basic and diluted earnings per share can be found in the attached
statements of earnings.

SUBSEQUENT EVENT
On July 1, 2005, Meredith closed its acquisition of Parents, Child,
Fitness, Family Circle and Ser Padres magazines for $350 million in cash.80, representing 12 percent growth from the $2.

CONFERENCE CALL WEB CAST
Meredith will host a conference call on July 27, 2005 at 9:30 a. Meredith does not use EBITDA as a measure of liquidity, nor is
EBITDA necessarily indicative of funds available for management's
discretionary use.
Factors that could adversely affect future results include, but are not
limited to, downturns in national and/or local economies; a softening of the
domestic advertising market; world, national, or local events that could
disrupt broadcast television; increased consolidation among major advertisers
or other events depressing the level of advertising spending; the unexpected
loss of one or more major clients; changes in consumer reading, purchase,
and/or television viewing patterns; unanticipated increases in paper , postage,
printing or syndicated programming costs; changes in television network
affiliation agreements; technological developments affecting products or
methods of distribution; changes in government regulations affecting the
Company's industries; unexpected changes in interest rates; and any
acquisitions and/or dispositions.com ) is one of the nation's leading media
and marketing companies with businesses centering on magazine and book
publishing, television broadcasting, integrated marketing and interactive
media.0 %
Interest expense (4,369) (5,518) (20.0 %

Income taxes 26,631 23,780 12.0 %

Earnings before cumulative effect of
change in accounting principle 42 ,182 37,678 12.0 %

Basic earnings per share
Before cumulative effect of change
in accounting principle $0.86 $0.86 $0.2 %
Total operating costs and expenses 993,235 969,561 2.7 %

Interest income 803 225 256.02 -- 100.07 25.9)%

Diluted earnings per share
Before cumulative effect of change
in accounting principle $2.00 25.6 %

* Restated to reflect the expensing of share-based compensation .2 %
Political advertising 18,834 6,055 211.1)%
Total broadcasting 312,499 288,600 8.1 %

Operating Profit
Publishing $174,251 $158,028 10.1 %

Total EBITDA $263,359 $227,334 15. UNION SPRINGS, Ala., Take a drive along I-85, I-
20, I -75, or any country road in-between, and chances are you will pass a
Bonnie Plant Farm delivery truck .
Peppers - The Sweet Bell is the most popular, however, Georgia gardeners
love their Habanera , the famous 10-alarm pepper from the Caribbean that has a
delicious, pungent, smoky quality unlike any other pepper; irresistible in
sauces and salsas. For more
information about Bonnie Plant Farm, its products, gardening tips, and plant
care visit http://www.bonnieplants.

support home

"For many, the secret to a green lawn has always been water, water and
more water.com.org

1 million and earnings per share increased 25
percent to $2.02 cumulative benefit of a change in accounting
principle related to option expensing.96 million shares in fiscal 2005 compared with approximately
750,000 shares in the prior-year.50 compared with $0.com .
Management uses and presents GAAP and non-GAAP results to evaluate and
communicate the performance of the Company.
Reconciliations of GAAP to non-GAAP measures are included in Table 1.3 %
Total revenues 332,356 309,050 7.75 14.72 15.120 16.3 %

Earnings before cumulative effect of
change in accounting principle 128,149 103,959 23.3 %

Cumulative effect of change in
accounting principle, net of taxes 893 -- 100.59 $2.02 -- 100.52 $2.0 %

Diluted average shares outstanding 51,220 51,926 (1.3 %

Depreciation + Amortization
Publishing $2,801 $2,499 12.1 %
Broadcasting 6,062 5,652 7.7 %

EBITDA
Publishing $59,416 $54,604 8.6)%
Unallocated corporate (7,106) (9,958) 28.0 %
Other revenues 6,151 6,694 (8., Manning, SC, Lake City, Fla.
Several products are must-haves for Georgia gardens this spring,
including:
Tomatoes - The Bonnie Original, a hybrid tomato, was developed in 1967 to
be disease resistant.

home cooking

Each PSA focuses on different aspects of outdoor water
conservation , including the use of low-volume irrigation, when and how much to
water the lawn and garden, matching sprinkler types with the plants needs,
keeping water off of the streets and sidewalks, and more.

ABOUT RAIN BIRD CORPORATION
Based in Glendora, Calif. Fourth Quarter Earnings Per Share Increase 15 Percent

DES MOINES, Iowa, Meredith Corporation
(NYSE: MDP) today reported record earnings for fiscal 2005.50 before the $0. These actions enhance our ability to sustain strong earnings growth
in fiscal 2006 and beyond. Meredith Books produced
record operating profit , reflecting its expansion into the children's market
and growth in traditional categories such as gardening, cooking,
do-it-yourself and home design.8 million in net political advertising revenues compared with
$6. Meredith also benefited from strength in local
advertising and revenues from its new WB affiliate in Chattanooga and its
joint sales agreement with the WB affiliate in Kansas City. Net interest expense decreased from $22.

OUTLOOK
For fiscal 2006, Meredith expects earnings per share will approximate
$2.meredith.
Statements in this announcement that are forward -looking include, but are not
limited to, the statements regarding: first quarter fiscal 2006 expectations
for Broadcast pacings, Publishing advertising revenues, and earnings per
share, along with fiscal 2006 expectations for Publishing advertising
revenues, circulation contribution, accretion from the new magazines, paper
prices, postage rates; and political, national and local advertising at the
Company's television stations. The Meredith Publishing Group is the leading magazine publisher serving
women, reaching more than 75 million American women. The group features 24
subscription magazines -including Better Homes and Gardens, Ladies' Home
Journal, Parents, Child, Fitness, Family Circle and American Baby - and
approximately 150 special interest publications.3 %
Circulation 64,588 65,466 (1.3 %
Selling, general and
administrative 114,628 108,190 6.7 %
Total operating costs and expenses 259,278 242,175 7.75 14.140 $0.0)%
All other 240,573 209,104 15.3 %
Depreciation and amortization 35,305 35,243 0.7 %
Broadcasting 24,003 25,538 (6.7 %

Depreciation + Amortization
Publishing $9,832 $9 ,904 (0.2%

Twelve months ended June 30
2004 - Restated*
Unallocated
Publishing Broadcasting Corporate Total
(In thousands)
Revenues $873,052 $288,600 $- $1,161,652

Operating profit $158,028 $69,372 $(35,309) $192,091
Depreciation and
amortization 9,904 22,315 3,024 35,243
EBITDA $167,932 $91,687 $(32,285) 227,334
Less:
Depreciation and amortization (35,243)
Net interest expense (22,501)
Income taxes (65,631)
Net earnings $103,959

Segment EBITDA margin 19.

Ready Set Grow - Georgia Ready for Spring Vegetable Herb + Flower Gardening

growing stations traverse the state delivering fresh plants to more than
450 retailers, including The Home Depot, Lowe's, Wal-Mart, and independent
garden centers and hardware stores. With peat containers, the plant and its container can be
planted together , leading to a healthier and more productive garden.

gardening reference

Rain Bird maintains
state-of-the-art manufacturing assembly facilities in the United States,
France, Sweden and Mexico http://www. http://www.3 million and operating profit margin improved from 18.8 percent to 35.9 million in cash flow from operations in
fiscal 2005. During the year, Meredith repurchased $97. The Company repurchased
approximately 1. EDT
(8:30 a.m. CDT) to discuss fiscal 2005 results. EBITDA
is a common alternative measure of performance used by investors and financial
analysts. Interested parties should go to
http: //www.9)%

Earnings before income taxes and
cumulative effect of change in
accounting principle 209,052 169,590 23.00 26.520 $0.

Meredith Corporation and Subsidiaries
Segment Information - Unaudited

Three Months
Ended June 30
Restated* Percent
2005 2004 Change
(In thousands)

Revenues
Publishing $252,819 $229,094 10.5 %

Operating Profit
Publishing $56,615 $52,105 8.0 )%
Unallocated corporate (7,540) (10,768) 30.1 %
Broadcasting:
Non-political advertising 287,514 275,851 4.3 %
Broadcasting 86,662 69,372 24.9)%

Total depreciation + amortization $35,305 $35,243 0.8% 39.2% 31.
Officials from Bonnie Plant Farm, the nation's largest grower of container
vegetable plants, predict a strong growing season within the state.

Bonnie and Livingston Paulk founded Union Springs, Alabama-based Bonnie
Plant Farm in 1918. The company owns 33 growing stations nationwide, including
greenhouse operations in New Summerfield, Beeville, and Midland.com .

reference family

They offer simple and easy to execute tips to help
homeowners and weekend gardeners significantly reduce the amount of water
needed to maintain beautiful, lush lawns and gardens. Not only are we facing drought conditions with water rationing in
many parts of the country this summer, but also the price we pay for that
water is increasing," said Paul James , host of Gardening By The Yard and
narrator of the water conservation PSAs.
The four PSAs feature Paul James and provide information on how homeowners
and weekend gardeners can save water and still have a great lawn and garden to
enjoy all summer long. AABGA publishes a monthly newsletter and the
quarterly journal, The Public Garden, and many other publications, and
sponsors six regional meetings and one national conference each year. Total revenues and total advertising
revenues grew 5 percent.2 million and earnings
per share increased 15 percent to $0.
"Fiscal 2005 was an outstanding year for Meredith," said William T. Additionally, we extended our
marketing services capabilities and increased audience share at our television
stations. Non-political
advertising revenues grew 4 percent. This outlook is consistent with the guidance the Company provided at
the Mid-Year Media Review, as well as its previously stated long-term
financial objective for a non-political year.com/investors/index.5 %

Operating costs and expenses
Production, distribution and
editorial 135,353 125,024 8.3 %

Interest income 104 101 3.0 %

Cumulative effect of change in
accounting principle, net of taxes -- -- --

Net earnings $42,182 $37,678 12.83 $0.2 %
Cumulative effect of change in
accounting principle 0.0 %
Net basic earnings per share $2.9 %

* Restated to reflect the expensing of share-based compensation .6 %

Total EBITDA $82,375 $75,836 8.6 %
Broadcasting 109,925 91,687 19.3% 35.
With approximately 20 routes in Georgia, sales representatives from the
company's Knoxville, Tenn.

directories gardens

rainbird. Publishing expenses increased 3 percent,
including a 5 percent increase in paper costs. Operating
profit rose 9 percent , primarily due to strong profit growth in books,
partially offset by higher paper costs. In Portland and Hartford, Meredith's stations captured
approximately one-third of the television audience. In Broadcasting, the Company
anticipates its results will reflect the absence of political advertising ,
continued weakness in national advertising and strength in local advertising. Broadcast
pacings , which are a snapshot in time and change frequently, are currently up
slightly, reflecting the absence of political advertising and continued
weakness in national advertising, offset by strength in local advertising. Because of EBITDA's focus on
results from operations before depreciation and amortization , management
believes that EBITDA provides an additional analytical tool to clarify the
Company 's results from core operations and delineate underlying trends.html and click on "GAAP-Non-GAAP
Reconciliation " in the navigation bar on the left side of the page.
Meredith has approximately 350 books in print and has established
marketing relationships with some of America's leading companies including The
Home Depot, DIRECTV, DaimlerChrysler, Wal-Mart and Carnival Cruise Lines.
Additionally, Meredith has an extensive Internet presence that includes 32 web
sites and strategic alliances with leading Internet destinations.1 %

Income from operations 73,078 66,875 9.8)%

Earnings before income taxes and
cumulative effect of change
in accounting principle 68,813 61,458 12.4 %
Selling, general and
administrative 433,289 431,824 0.3 %

Income taxes 80,903 65,631 23.50 $2.0 %
Cumulative effect of change in
accounting principle 0.0 %
Net diluted earnings per share $2.4)%

Total depreciation + amortization $9,297 $8,961 3.

Meredith Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
Restated*
Years Ended June 30 2005 2004
(In thousands )

Net cash provided by operating
activities $170 ,904 $163,025

Cash flows from investing activities
Acquisitions of businesses (35,387) -
Additions to property, plant, and
equipment (23,845) (24,535)
Proceeds from dispositions of
property, plant and equipment 2,050 -
Other 3,401 (2,363)
Net cash (used) by investing
activities (53,781) (26,898)

Cash flows from financing activities
Long-term debt incurred 85,000 20,000
Repayment of long-term debt (135,000) (95,000)
Proceeds from common stock issued 23,438 26,315
Purchases of Company stock (97,458) (37,416)
Dividends paid (25,828) (21,608)
Excess tax benefits from share-
based payments 3,288 8,011
Other 502 -
Net cash (used) by financing
activities (146,058) (99,698)

Net (decrease) increase in cash and
cash equivalents (28,935) 36,429
Cash and cash equivalents at beginning
of year 58,723 22,294
Cash and cash equivalents at end of
year $29,788 $58,723

* Restated to reflect the expensing of share-based compensation.8%

Three months ended June 30
2004 - Restated*
Unallocated
Publishing Broadcasting Corporate Total
(In thousands)
Revenues $229,094 $79,956 $- $309,050

Operating profit $52,105 $25,538 $(10,768) $66,875
Depreciation and
amortization 2,499 5,652 810 8,961
EBITDA $54,604 $31,190 $(9,958) 75,836
Less:
Depreciation and amortization (8,961)
Net interest expense (5,417)
Income taxes (23,780)
Net earnings $37,678

Segment EBITDA margin 23. These varieties are great for landscaping touches.

reference collections

The four non-commercial spots are 30 seconds each and available in
multiple formats.
All four 30-second PSAs are not dated, intended to play well anytime over
the spring and summer months and available to those interested in
communicating this important message to their audiences. Rain Bird
has been awarded more than 130 patents, including the first in 1935 for the
impact sprinkler . Its commitment extends beyond products to education,
training and services for the industry and the community.
Its mission is to serve and strengthen public gardens by supporting their
work , value, and achievements in horticultural display, education, research,
and plant conservation.

Meredith Corporation Reports Record Earnings for Fiscal 2005

The Company's
earnings grew 23 percent to $128. Non-political
advertising revenues grew 4 percent.
The Company posted strong audience share for most of its morning newscasts
in the May book.
Actual results may differ materially from those currently anticipated. Meredith owns or operates 14
television stations, including properties in top-25 markets such as Atlanta,
Phoenix and Portland, and an AM radio station.
Meredith's consumer database, which contains approximately 80 million names,
is one of the largest domestic databases among media companies and enables
magazine and television advertisers to target marketing campaigns precisely.3 %
Cumulative effect of change in
accounting principle -- -- --
Net diluted earnings per share $0.83 $0.3 %

Diluted average shares outstanding 50,557 52,062 (2.0 %
Total revenues 1,221,289 1,161,652 5.1 %

Operating costs and expenses
Production, distribution and
editorial 524,641 502 ,494 4.4 %

Income from operations 228,054 192,091 18.4 %
Broadcasting:
Non-political advertising 77,715 74,805 3.5 %
Total broadcasting 79,537 79,956 (0.5)%

Total revenues $332,356 $309,050 7.0 %

Income from operations $73,078 $66,875 9.3 %
Unallocated corporate 434 810 (46.3 %

Total revenues $1,221,289 $1,161,652 5.2 %

EBITDA
Publishing $184,083 $167,932 9.

Meredith Corporation and Subsidiaries
Supplemental Disclosures Regarding Non-GAAP Financial Measures
Table 1

Consolidated EBITDA, which is reconciled to net earnings in the following
tables, is defined as earnings before interest, taxes, depreciation and
amortization.

Three months ended June 30
2005
Unallocated
Publishing Broadcasting Corporate Total
(In thousands)
Revenues $252,819 $79,537 $- $332,356

Operating profit $56,615 $24,003 $(7,540) $73,078
Depreciation and amortization 2,801 6,062 434 9,297
EBITDA $59,416 $30,065 $(7,106) 82,375
Less:
Depreciation and amortization (9,297)
Net interest expense (4,265)
Income taxes (26,631)
Net earnings $42,182

Segment EBITDA margin 23. As the days begin to warm, Georgia
gardeners from across the state are flocking to home improvement retailers,
garden centers, and independent stores to prepare for spring vegetable, herb,
and flower gardening. Used fresh or dry, it gives a pleasant, sweet, mild flavor to
tomatoes, cheese, eggs, seafood, and salads .

recipe resources

The Gardener Guy(TM) Paul James Teams Up With the American Association of Botanical Gardens and Arboreta and Rain Bird Corporation to Release Four Water Conser

To order a free copy of the water conservation PSAs please contact William
Ostedt at 310-556-4443 or via e-mail at wostedt@ppmgcorp. Since its
beginnings in 1933, Rain Bird has offered the industry's broadest range of
irrigation products for farms, golf courses, sports arenas, commercial
developments and homes in more than 130 countries around the world.

About The AABGA
The American Association of Botanical Gardens and Arboreta (AABGA) is the
association for North American public gardens and their professional staff .
Publishing advertising strengthened in the fourth quarter. Advertising
revenues grew 8 percent as most of the Company's magazines and its interactive
media operations posted strong gains. Meredith experienced strength in the
food, cosmetics, travel and automotive categories, partially offset by
declines in the home and household supply categories.

Broadcasting
For fiscal 2005 , Broadcasting operating profit increased 25 percent to
$86.1 million in fiscal 2004. In Kansas City , Meredith grew
audience share 42 percent.
All earnings per share figures in the text of this release are diluted.
The Company believes earnings per share will grow in the 8 to 10 percent range
in the first half of fiscal 2006 and in the mid-teens in the second half of
the year.
For the full year, in Publishing, Meredith expects solid growth in
advertising revenue and circulation contribution, modest accretion from its
newly acquired magazines, and growth from its book and integrated marketing
operations-partially offset by a mid-to-high teen increase in paper prices and
a mid -single digit increase in postage rates. On a comparable basis, excluding the newly acquired magazines ,
Publishing advertising revenues are anticipated to grow in the low-to-mid
single digits.meredith .8)%
Other revenues 1,671 1,555 7.8 %

* Restated to reflect the expensing of share-based compensation.
Pack Flowers - Lantana, Salvia, Marigolds , and Petunias are nearly
trouble-free. Today, the company plants more than 500 million seeds
annually .

top cooking

Master Gardener and Host of HGTV's Gardening by the Yard, Provides Homeowners
and Weekend Gardeners With Helpful Hints and Tips for Maintaining a Lush Lawn
and Garden While Using Less Water

GLENDORA, Calif. In fact,
a well-maintained lawn and landscape offers many benefits not immediately
visible to the eye, such as stabilizing soil, moderating climate conditions ,
lowering energy costs, reducing noise and air pollution, as well as deterring
the spread of wildfires .aabga. Kerr,
Chairman and CEO. "We produced the best earnings in our 103-year history, and
on July 1, 2005 we completed the most significant Publishing transaction as
well.2
percent.
The Company increased its circulation contribution in fiscal 2005.7 million.
Total revenues increased 8 percent to $312.5 million in fiscal 2005,
reflecting $18. Capital expenditures were $23. These statements are based on management's current
knowledge and estimates of factors affecting the Company's operations.7 %
Cumulative effect of change in
accounting principle -- -- --
Net basic earnings per share $0.1 )%

Diluted earnings per share
Before cumulative effect of change
in accounting principle $0.9 %
Interest expense (19,805) (22,726 ) (12.0 %

Net earnings $129,042 $103,959 24.07 24 .4)%

Dividends paid per share $0.8 %
Broadcasting 30,065 31,190 (3.7)%
Broadcasting 23,263 22,315 4.
Segment EBITDA is a measure of segment earnings before depreciation and
amortization.

Meredith Corporation and Subsidiaries Table 1 continued
Supplemental Disclosures Regarding Non-GAAP Financial Measures

Twelve months ended June 30
2005
Unallocated
Publishing Broadcasting Corporate Total
(In thousands)
Revenues $908,790 $312,499 $- $1,221,289

Operating profit $174,251 $86,662 $(32,859) $228,054
Depreciation and
amortization 9,832 23,263 2,210 35,305
EBITDA $184,083 $109,925 $(30,649) 263,359
Less:
Depreciation and amortization (35,305)
Net interest expense (19,002)
Income taxes (80,903)
Earnings before cumulative
effect of change in
accounting principle $128,149

Segment EBITDA margin 20.8%

* Restated to reflect the expensing of share-based compensation., and Union Springs,
Ala. Rosemary and Lavender are
popular for ornamental purposes.