Question-and-Answer Session
Operator
(Operator Instructions) Our first question will come from the line of Michael Meltz with J.P. Morgan.
Michael Meltz - J.P. Morgan
Thanks. I think I have three questions for you. Thanks for the color there, Kelli, on fourth quarter expectations. On publishing print ad revenues flat, it’s definitely a nice improvement from where you have been trending but if you had pages down 4% to 5% in October, you are saying up low double-digits in November --
Kelli Turner
That was December where we said up.
Michael Meltz - J.P. Morgan
Well, December -- the issue but for the month, so -- it’s for the January issue, is that looking down or why wouldn’t you be better than flat in the fourth quarter? Are you just trying to be conservative?
Kelli Turner
The January issue is not down. However, we do have more than one magazine and so Weddings continues to be down. I mean, that’s just been a very tough space in this environment. We are doing better than we thought we would be doing but it’s still impacting the overall results, so I think it’s the mix that is leading to flat and you are right -- I mean, at MSL alone, we would be up.
Michael Meltz - J.P. Morgan
Okay, and just remind us, Weddings on an annualized basis, what’s the revenue contribution there?
Kelli Turner
The revenue contribution from Weddings on an annualized basis -- I’m not sure if we’ve broken that out in the past but it’s not all that large but it is still impacting the results.
Michael Meltz - J.P. Morgan
Okay. On merchandising, just with all the moving pieces in the fourth quarter, in terms of your earned royalty and your true-up and the recoupment, what is a rough target for merchandising revenues in the fourth quarter, please?
Kelli Turner
Rough target for merchandising revenues in the fourth quarter -- you know, I think it’s fair to say I think pretty much everybody has most of the numbers but I think it is fair to say that the overall revenue is going to be significantly up in the fourth quarter with all of that, so assume that it’s up a lot. I don’t know if I want to give the exact number but assume it’s in the 20s, probably the low to mid 20s.
Michael Meltz - J.P. Morgan
Okay, that’s helpful. And then last question for me, on the bonus, just explain to me on the third quarter, it was 8, 9 of corporate costs, $4 million of non cash comp, what -- how much of that was kind of reload of bonuses and then for the fourth quarter, what should we be expecting out of corporate and non-cash, please?
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