The Reader’s Digest Association Inc. reported a net loss of $5.2 million for its first quarter, compared to $1.1 million last year.
The direct marketer and publisher reported revenue of $517.1 million for the quarter ended Sept. 30, up from $498 million last year.
The Pleasantville, NY company attributed its losses to debt incurred with its acquisition of Reiman Publications and other accounting matters.
“First quarter operating results were consistent with our overall expectations,” said chairman/CEO Thomas O. Ryder in a statement. “The performance of our domestic business exceeded our expectations, led by significantly reduced losses and improved performance at U.S. books and home entertainment. These improvements were offset by reduced activity and a weaker-than-expected performance in our international operations.”
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