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Meredith Corporation (MDP - Analyst Report), which is scheduled to report its second-quarter 2013 earnings on Jan 24, reaffirmed its earlier adjusted earnings projection of $2.60 to $2.95 per share for fiscal 2013. Moreover, for the second quarter, earnings are forecasted in the range of 85 cents to 90 cents.

The current Zacks Consensus Estimate for the second-quarter of fiscal 2013 stands at 88 cents a share, indicating an estimated year-over-year increase of about 25%.  Moreover, the Zacks Consensus Estimate for fiscal 2013 stands at $2.80, reflecting an estimated year-over-year increase of 11.8%

The company also stated that due to the business realignments and workforce reductions related to its recent acquisitions, it will record $7 million ($4 million after-tax, or 10 cents per share) in charge during the upcoming quarter. 

Meredith has been constantly endeavoring to explore and add alternative revenue generating channels through acquisitions or strategic alliances. Thereby, the company attempted to reduce its dependence on conventional advertising.

The company is aggressively expanding its brands through online platforms, televisions, videos, mobile applications, and expanding its reach of food and lifestyle content across tablet products, such as the Apple Inc.’s (AAPL - Analyst Report) iPad, Barnes & Noble, Inc.’s (BKS - Snapshot Report) NOOK Color, Inc.’s (AMZN - Analyst Report) Kindle Fire, and Samsung Galaxy.

Meredith acquired “Every Day with Rachael Ray” the award-winning magazine of Reader's Digest Association, and assets of “FamilyFun”: magazine from Disney Publishing Worldwide.

Meredith, the media and publishing company, also acquired the world's No. 1 digital food site, “” for about $175 million, to expand its digital platform. The transaction will be modestly incremental to its earnings per share and free cash flow in fiscal 2013.

Going forward, management’s strategy will be focused upon bolstering advertising revenue, primarily in the digital space and enhancing online consumer transactions, especially magazine subscription orders. Moreover, the company will be focusing on brand licensing, marketing services and e-Commerce.

Currently, shares of Meredith hold a Zacks Rank #2 (Buy).

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