P.M. BRIEFING : Reader’s Digest Profits Down
<i> From Times wire services</i>
NEW YORK —
Reader’s Digest Assn. Inc. today reported a 7% profit decline in the third fiscal quarter despite a 9.5% jump in revenue.
The publishing and direct-mail concern, based in Pleasantville, N.Y., said net income in the quarter ended March 31 totaled $59.3 million, or 50 cents a share, down from $64.1 million, or 54 cents a share, in the year-ago period.
The company attributed the decline to a higher effective tax rate and a non-recurring $13.1-million expense associated with the appreciation of stock incentives offered to senior managers and editors.
Excluding the charge, net income would have totaled about $67 million.
