The Reader’s Digest Association Inc. posted revenues of $564 million for the fourth quarter ended June 30, up 3% from the $545 million reported in the last quarter of fiscal 2002.
The Pleasantville, NY-based company reported an operating loss of $6 million, including $26 million in restructuring charges. Reader’s Digest reported an operating profit of $7 million for last year’s quarter, including $26 million in restructuring charges. Operating profits for the quarter were down by $13 million, reflecting significant declines in international businesses.
“The quarter was consistent with the full year, which was characterized by overall flat revenues and operating profits,” said Thomas O. Ryder, chairman and CEO, in a statement.
Fiscal 2003 revenues were up four percent, to $2.5 billion, and operating profits were $139 million, including $40 million in restructuring charges and special items.
Network
