Taste of Home Entertaining Parent Plans Expansion
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8/4/2006
Reader's Digest misses profit forecasts
The Reader's Digest Association Inc. yesterday reported higher profits for its fourth quarter ending June 30 but larger losses for the fiscal year, with revenues flat overall. It was a familiar story to dissatisfied shareholders, who beat the stock down to a new 52-week low.
Reader's Digest stock closed at $12.96, down 4.8 percent, on heavy volume.
...Schrier said the company has promising new projects in the works. It is integrating Allrecipes.com, a Web site for home cooking that Reader's Digest bought last year, into the rest of the company's food businesses. It also plans to expand its Taste of Home Entertaining party plan business...