The notional amount varies over the terms of the contracts. The impairment losses relate to certain television Federal Communication Commission (FCC) licenses/network affiliation agreements ($33.7 million) and goodwill at certain television stations ($106.2 million). 142 were effective July 1, 2001. Actual results may differ materially from those currently anticipated. DES MOINES, Iowa, Aug. 13, 2020 /PRNewswire/ -- Meredith Corporation (NYSE: MDP; Meredith.com) today reported fiscal 2020 fourth quarter and full year results. Meredith also has interest rate swap contracts outstanding that, as a result of the debt refinancing completed in April 2002, were dedesignated as hedges against variable-rate debt obligations. Management's rationale for presenting non-GAAP measures is included in the text of this earnings release. Excluding these nonoperating items, net earnings before the cumulative effect of a change in accounting principle increased 69 percent in the second quarter and 49 percent in the six-month period compared to the adjusted earnings of the comparable prior-year period. Meredith also features robust brand licensing activities including more than 3,000 SKUs of branded products at 4,000 Walmart stores across the U.S. and at walmart.com. The impairment losses reflect the write-down of Federal Communication Commission (FCC) television licenses/network affiliation agreements ($33.7 million) and goodwill at certain television stations ($106.2 million). As a result of debt refinancing in April 2002 and a reduction in the amount of variable-rate debt outstanding, Meredith has interest rate swap contracts that no longer hedge variable-rate obligations. 1 magazine operator in the U.S., and owner of the largest premium content digital network for American consumers. The calculation of EBITDA and similarly titled measures may vary among companies. For financial reporting purposes, Meredith recorded the exchange as two simultaneous but separate events: the sale of the two Florida stations, for which a nonoperating gain was recognized, and the acquisition of the Portland station, which was treated as an asset purchase. For the first half of the fiscal year, revenues increased 8 percent to $501.8 million from $464.5 million. Fiscal 2020 fourth quarter earnings from continuing operations was $6 million, compared to a loss of $4 million in the prior year period. Local Media Group revenues to range from $205 million to $215 million. Net earnings before the cumulative effect of a change in accounting principle were $35.8 million, or 70 cents per share, in the six months ended December 31, 2002 compared to adjusted net earnings of $25.3 million, or 50 cents per share in the prior-year period. Adjusted EBITDA to range from $640 million to $675 million and adjusted earnings per share to range from $5.75 to $6.20, unchanged from original guidance communicated on September 5, 2019. Adjusted earnings is defined as earnings from continuing operations before special items, depreciation, and amortization. Washington, D.C. 20549, QUARTERLY REPORT UNDER SECTION 13 OR 15(d) The fair market value adjustment on those contracts therefore is recorded in interest expense. The Company's use of special-purpose entities is limited to Meredith Funding Corporation, whose activities are fully consolidated in Meredith's Condensed Consolidated Financial Statements. Today, Meredith uses multiple distribution platforms-including broadcast television, print, digital, mobile and video-to provide consumers with content they desire and to deliver the messages of its advertising and marketing partners. These contracts have been dedesignated as hedge contracts. 1  Adjusted EBITDA is earnings (loss) from continuing operations before interest expense, income taxes, depreciation, amortization, and special items. Meredith has the ability and the intent to renew the facility each year and, therefore, the principal is reflected as due on April 9, 2007, the facility termination date. Special Items The decline reflected lower average debt outstanding and a favorable fair market value adjustment on interest rate swap contracts. Book revenues increased in the high twenty percent range in the quarter largely due to the release of the 12th edition of the Better Homes and Gardens New Cook Book. Management's rationale for presenting non-GAAP measures is included in the text of this earnings release. There have been no significant changes in the Company's internal controls or in other factors that could significantly affect these controls subsequent to the date of the previously mentioned evaluation. Advertising sales in the second quarter of the prior year reflected a nationwide slowdown in the demand for advertising following the terrorist attacks of September 11. Meredith adopted Statement of Financial Accounting Standards (SFAS) No. In addition, advertising revenues in the prior-year were negatively affected by the events of September 11. "We took important steps in fiscal 2020 to strengthen Meredith's competitive position over the long-term, including accelerating our digital businesses and capabilities; strengthening our market-leading portfolio of brands; and growing our connection to more than 190 million consumers who interact with our brands," said Meredith President and Chief Executive Officer Tom Harty.

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