Securities and Exchange Commission
Washington, D. C. 20549
FORM 11-K
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1993
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE
ACT OF 1934 [NO FEE REQUIRED]
For the transition period from ______________ to ______________
Commission file number 1-5128
A. Full title of the plan and the address of the plan, if different from that
of the issuer named below:
Meredith Savings and Investment Plan
B. Name of issuer of the securities held pursuant to the plan and the address
of its principal executive office:
Meredith Corporation
1716 Locust Street
Des Moines, Iowa 50309-3023
Page 1 of 20
<PAGE>
MEREDITH SAVINGS AND INVESTMENT PLAN
Financial Statements and Schedules
December 31, 1993 and 1992
(With Independent Auditors' Report Thereon)
Page 2 of 20
<PAGE>
MEREDITH SAVINGS AND INVESTMENT PLAN
Index
Independent Auditors' Report
Statements of Net Assets Available for Benefits
Statements of Changes in Net
Assets Available for Benefits
Notes to Financial Statements
Schedule
--------
Assets Held for Investment 1
Assets both Acquired and Disposed
Within the Plan Year 2
Party-in-Interest Transactions 3
Obligations in Default 4
Leases in Default 5
Reportable Transactions 6
Receipts and Disbursements 7
Page 3 of 20
<PAGE>
INDEPENDENT AUDITORS' REPORT
----------------------------
Meredith Savings and Investment Plan Committee
Des Moines, Iowa:
We have audited the accompanying statements of net assets available for
benefits of the Meredith Savings and Investment Plan as of December 31, 1993
and 1992 and the related statements of changes in net assets available for
benefits for the years then ended. These financial statements are the
responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Meredith
Savings and Investment Plan as of December 31, 1993 and 1992 and the changes in
net assets available for benefits for the years then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the financial
statements of the Meredith Savings and Investment Plan taken as a whole. The
supplementary information included in Schedules 1 through 7 is presented for
purposes of additional analysis and is not a required part of the financial
statements. Such information has been subjected to the auditing procedures
applied in the audits of the financial statements and, in our opinion, is
fairly presented in all material respects in relation to the financial
statements taken as a whole.
(KPMG Peat Marwick)
KPMG Peat Marwick
Des Moines, Iowa
March 14, 1994
Page 4 of 20
<PAGE>
<TABLE>
MEREDITH SAVINGS AND INVESTMENT PLAN
Statement of Net Assets Available for Benefits
December 31, 1993
<CAPTION>
Common Fixed S & P Invista Norwest
Stock Income 500 Balanced GIC Equity Equity
Assets Fund Fund Fund Fund Fund Fund Fund Total
- ------------------------ ----------- ---------- --------- --------- --------- --------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Assets:
Investments, at market:
Meredith Corporation
common stock (note 2) $15,716,040 -- -- -- -- -- -- 15,716,040
Fixed income
insurance company
deposit accounts
(note 2) -- 42,568,252 -- -- -- -- -- 42,568,252
Managed variable
return funds -- -- 2,042,136 4,386,267 3,046,741 2,428,847 3,555,847 15,459,838
----------- ---------- --------- --------- --------- --------- --------- ----------
Total investments 15,716,040 42,568,252 2,042,136 4,386,267 3,046,741 2,428,847 3,555,847 73,744,130
Transfers due (to)
from other funds (124,874) -- (13,688) 82,264 (65,180) (53,760) 175,238 --
Contributions
receivable - employer 84,240 (17,422) 37,113 82,629 80,856 40,357 64,158 371,931
----------- ---------- --------- --------- --------- --------- --------- ----------
Total assets 15,675,406 42,550,830 2,065,561 4,551,160 3,062,417 2,415,444 3,795,243 74,116,061
----------- ---------- --------- --------- --------- --------- --------- ----------
Net assets available
for benefits (note 5) $15,675,406 42,550,830 2,065,561 4,551,160 3,062,417 2,415,444 3,795,243 74,116,061
=========== ========== ========= ========= ========= ========= ========= ==========
See accompanying notes to financial statements.
</TABLE>
Page 5 of 20
<PAGE>
<PAGE>
<TABLE>
MEREDITH SAVINGS AND INVESTMENT PLAN
Statement of Net Assets Available for Benefits
December 31, 1992
<CAPTION>
Common Fixed Government Money Aggressive
Stock Income Security Market Equity Equity
Assets Fund Fund Fund Fund Fund Fund Total
- ------------------------ ----------- ---------- --------- --------- --------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Assets:
Investments, at market:
Meredith Corporation
common stock (note 2) $11,388,978 -- -- -- -- -- 11,388,978
Fixed income
insurance company
deposit accounts
(note 2) -- 49,878,531 -- -- -- -- 49,878,531
Money market
insurance company
deposit account -- -- -- 152,762 -- -- 152,762
----------- ---------- --------- --------- --------- --------- ----------
Total investments 11,388,978 49,878,531 -- 152,762 -- -- 61,420,271
----------- ---------- --------- --------- --------- --------- ----------
Cash 1,506 30 20,446 12 110,617 126,547 259,158
Receivables:
Contributions - employer 163,674 (96,708) -- -- -- -- 66,966
Accrued interest -- -- 65 -- 46 207 318
----------- ---------- --------- --------- --------- --------- ----------
Total receivables 163,674 (96,708) 65 -- 46 207 67,284
----------- ---------- --------- --------- --------- --------- ----------
Total assets 11,554,158 49,781,853 20,511 152,774 110,663 126,754 61,746,713
----------- ---------- --------- --------- --------- --------- ----------
Net assets available
for benefits (note 5) $11,554,158 49,781,853 20,511 152,774 110,663 126,754 61,746,713
=========== ========== ========= ========= ========= ========= ==========
See accompanying notes to financial statements.
</TABLE>
Page 6 of 20
<PAGE>
<PAGE>
<TABLE>
MEREDITH SAVINGS AND INVESTMENT PLAN
Statement of Changes In Net Assets Available for Benefits
Year ended December 31, 1993
<CAPTION>
Common Fixed Government Money Aggressive
Stock Income Security Market Equity Equity
Fund Fund Fund Fund Fund Fund
----------- ---------- -------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Income:
Contributions:
Employer $ 327,622 -- -- -- -- --
Employee 622,514 -- -- -- -- --
----------- ---------- ------ ------- ------- -------
950,136 -- -- -- -- --
Investment income: ----------- ---------- ------ ------- ------- -------
Dividends 250,593 -- -- -- -- --
Interest -- 3,539,287 -- -- -- --
----------- ---------- ------ ------- ------- -------
250,593 3,539,287 -- -- -- --
----------- ---------- ------ ------- ------- -------
1,200,729 3,539,287 -- -- -- --
Expenses:
Benefits and withdrawals
paid or payable to employees
(including forfeitures) 458,877 3,483,638 -- -- -- --
----------- ---------- ------ ------- ------- -------
741,852 55,649 -- -- -- --
Unrealized appreciation
during the year 4,556,004 -- -- -- -- --
Interfund transfers, net (1,176,608) (7,286,672) (20,511) (152,774) (110,663) (126,754)
----------- ---------- ------ ------- ------- -------
Increase (decrease)
in net assets available
for benefits 4,121,248 (7,231,023) (20,511) (152,774) (110,663) (126,754)
Net assets available
for benefits:
Beginning of year 11,554,158 49,781,853 20,511 152,774 110,663 126,754
----------- ---------- ------ ------- ------- -------
End of year $15,675,406 42,550,830 -- -- -- --
=========== ========== ====== ======= ======= =======
Statement continued on next page
See accompanying notes to financial statements.
</TABLE>
Page 7 of 20
<PAGE>
<TABLE>
MEREDITH SAVINGS AND INVESTMENT PLAN
Statement of Changes In Net Assets Available for Benefits, continued
Year ended December 31, 1993
<CAPTION>
S & P Invista Norwest
Continued from 500 Balanced GIC Equity Equity
previous page Fund Fund Fund Fund Fund Total
--------- --------- --------- --------- --------- ----------
(S) <C> <C> <C> <C> <C> <C>
Income:
Contributions:
Employer 263,442 560,670 666,505 305,278 446,501 2,570,018
Employee 639,318 1,157,511 1,251,617 708,103 993,761 5,372,824
--------- --------- --------- --------- --------- ----------
902,760 1,718,181 1,918,122 1,013,381 1,440,262 7,942,842
--------- --------- --------- --------- --------- ----------
Investment income:
Dividends -- -- -- -- -- 250,593
Interest 11,186 6,703 3,600 173,916 10,282 3,744,974
--------- --------- --------- --------- --------- ----------
11,186 6,703 3,600 173,916 10,282 3,995,567
--------- --------- --------- --------- --------- ----------
913,946 1,724,884 1,921,772 1,187,297 1,450,544 11,938,409
Expenses:
Benefits and withdrawals
paid or payable to employees
(including forfeitures) 242,163 317,155 226,304 154,432 214,776 5,097,345
--------- --------- --------- --------- --------- ----------
671,783 1,407,729 1,695,418 1,032,865 1,235,768 6,841,064
Unrealized appreciation
during the year 141,220 325,570 142,941 -- 362,549 5,528,284
Interfund transfers, net 1,252,558 2,817,861 1,224,058 1,382,579 2,196,926 --
--------- --------- --------- --------- --------- ----------
Increase (decrease)
in net assets available
for benefits 2,065,561 4,551,160 3,062,417 2,415,444 3,795,243 12,369,348
Net assets available
for benefits:
Beginning of year -- -- -- -- -- 61,746,713
--------- --------- --------- --------- --------- ----------
End of year 2,065,561 4,551,160 3,062,417 2,415,444 3,795,243 74,116,061
========= ========= ========= ========= ========= ==========
See accompanying notes to financial statements.
</TABLE>
Page 8 of 20
<PAGE>
<PAGE>
<TABLE>
MEREDITH SAVINGS AND INVESTMENT PLAN
Statement of Changes In Net Assets Available for Benefits
Year ended December 31, 1992
<CAPTION>
Common Fixed Government Money Aggressive
Stock Income Security Market Equity Equity
Fund Fund Fund Fund Fund Fund Total
----------- ---------- -------- ------- ------- ------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Income:
Contributions:
Employer $ 1,054,218 1,507,300 -- -- -- -- 2,561,518
Employee 532,472 4,189,526 -- -- -- -- 4,721,998
----------- ---------- ------ ------- ------- ------- ----------
1,586,690 5,696,826 -- -- -- -- 7,283,516
----------- ---------- ------ ------- ------- ------- ----------
Investment income:
Dividends 284,048 -- -- -- 13,577 449 298,074
Interest -- 4,089,878 2,008 2,110 46 207 4,094,249
----------- ---------- ------ ------- ------- ------- ----------
284,048 4,089,878 2,008 2,110 13,623 656 4,392,323
----------- ---------- ------ ------- ------- ------- ----------
1,870,738 9,786,704 2,008 2,110 13,623 656 11,675,839
Expenses:
Benefits and withdrawals
paid or payable to employees
(including forfeitures) 1,438,372 7,647,126 49,069 21,974 18,953 55,953 9,231,447
----------- ---------- ------ ------- ------- ------- ----------
432,366 2,139,578 (47,061) (19,864) (5,330) (55,297) 2,444,392
Unrealized depreciation
during the year (837,553) -- -- -- -- -- (837,553)
Interfund transfers, net (439,745) 315,316 -- 130,027 -- (5,598) --
----------- ---------- ------ ------- ------- ------- ----------
(Decrease) increase
in net assets available
for benefits (844,932) 2,454,894 (47,061) 110,163 (5,330) (60,895) 1,606,839
Net assets available
for benefits:
Beginning of year 12,399,090 47,326,959 67,572 42,611 115,993 187,649 60,139,874
----------- ---------- ------ ------- ------- ------- ----------
End of year $11,554,158 49,781,853 20,511 152,774 110,663 126,754 61,746,713
=========== ========== ====== ======= ======= ======= ==========
See accompanying notes to financial statements.
</TABLE>
Page 9 of 20
<PAGE>
MEREDITH SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements
December 31, 1993 and 1992
(1) Summary of Significant Accounting Policies
Basis of Presentation:
The accompanying financial statements of the Meredith Savings and Investment
Plan (the Plan) have been prepared on an accrual basis and are subject to the
provisions of the Employee Retirement Income Security Act of 1974.
Description of Plan and Plan Changes:
The following brief description of the Plan provides general information only.
Participants should refer to the Plan document for more complete information.
The Plan, sponsored by Meredith Corporation (the Company), is a defined
contribution plan which offers the following investment options, as revised on
January 1, 1993:
(1) A managed fund that features investments which seek to provide long-term
capital appreciation and dividend income.
(2) A managed fund that seeks to provide long-term capital appreciation and
dividend income with a widely diversified portfolio period.
(3) A fund that is designed to duplicate the return of the Standard and Poor's
500 Index.
(4) A guaranteed insurance contract (GIC) or a fund comprised of GICs or
similar investments that offer variable interest income and protection of
principal.
(5) A moderate risk-balanced fund that provides a blend of funds including the
Managed GIC, the Norwest managed Equity fund, and a fund including bonds and
other fixed income securities.
(6) The Company's common stock with a dividend reinvestment feature.
As part of the Plan amendments effective January 1, 1993, a one-time transfer
of funds, subject to certain restrictions, was permitted to the new investment
options, including transfers from the nonmatured fixed income fund.
Contributions are no longer permitted to the Government Security Fund, Money
Market Fund, Equity Fund, or Aggressive Equity Funds, as these funds have been
discontinued. All balances in these funds were transferred out by participant
elections.
Page 10 of 20
<PAGE>
MEREDITH SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements, Continued
(1) Summary of Significant Accounting Policies, Continued
Description of Plan and Plan Changes, Continued
On a pre-tax basis, employees may contribute a maximum of 10 percent of their
compensation to the Plan, subject to certain limitations. The Company will
match 75 percent of employee eligible contributions, subject to certain
limitations. Company matching contributions are invested in the same manner as
the employee contributions. Prior to January 1, 1993, Company matching
contributions could either be invested in the Common Stock Fund, which consists
of the Company's common stock, or the Fixed Income Fund. Employee
contributions in excess of 5 percent of compensation are not subject to Company
matching contributions.
Effective January 1, 1993, employees are immediately vested in all employee and
employer contributions. Prior to this amendment, employees followed a seven
year vesting schedule.
Plan Administration and Management:
The Plan is administered by the Meredith Savings and Investment Plan Committee,
whose members are appointed by the Company's board of directors. Under terms
of a trust agreement, the Trustee, Norwest Bank Iowa, N.A., Des Moines, Iowa,
receives contributions, invests and safe keeps such contributions and
investment income thereon, and makes distributions, all in accordance with the
terms of the Plan.
Administrative costs, such as trustee fees and audit fees, are paid by the
Company.
Investment Valuation:
Investments in the Company's common stock, government securities, money market
insurance company deposit account, managed variable return funds, or equity
investments through registered investment companies are stated at market or
market plus accrued interest. Investments in fixed income insurance company
deposit accounts are stated at contract value.
Reclassifications:
Certain reclassifications of 1992 amounts have been made to conform to the 1993
presentation.
Page 11 of 20
<PAGE>
MEREDITH SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements, Continued
(2) Investments
Investments in common stock of the Company are purchased directly from the
Company at a price per share equal to the lower of the month-end closing price
or the average daily closing price for the calendar month of the Company's
shares as reported in the New York Stock Exchange composite transactions.
The Plan held shares of the Company's common stock at December 31, 1993 and
1992 as follows:
1993 1992
------- -------
Investments:
Common stock shares 312,201 331,050
Class B shares 80,700 90,764
======= =======
The market value of the Company's common stock as reported in the New York
Stock Exchange composite transactions was $40 and $27 per share at December 31,
1993 and 1992, respectively. This represents the market value for both common
stock and Class B stock. Included in the carrying value of common stock is
cost of $8,475,947 and $8,704,889 at December 31, 1993 and 1992, respectively,
and unrealized appreciation of $8,212,373 and $2,684,089 at December 31, 1993
and 1992, respectively.
The Plan has entered into fixed income insurance company deposit accounts which
consist of the following at December 31, 1993 and 1992:
Interest Maturity
rate* date* 1993 1992
------------ ------------- ----------- ----------
Principal Mutual Life
Insurance Company 7.05 - 9.30% Jan 15 1994 -
Jan 15 1997 $34,426,566 41,267,223
New York Life
Insurance Company 9.30 Jan 7 1994 8,141,686 8,611,308
----------- ----------
$42,568,252 49,878,531
=========== ==========
*Interest rate ranged between 7.05 percent and 9.30 percent and maturity date
ranged between January 15, 1993 and January 15, 1997 for plan year 1992.
Page 12 of 20
<PAGE>
MEREDITH SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements, Continued
(3) Plan Benefits and Termination
Participants are fully vested in all employer contributions made on or after
January 1, 1989. Participants' vested interest in employer contributions made
prior to January 1, 1989 will be determined in accordance with provisions set
forth in the Plan and previous plans. Although the Company has not expressed
any intent to terminate the Plan, it may do so at any time.
Current distributions payable, which are included in net assets available for
benefits, amounted to $896,761 and $161,224 in 1993 and 1992, respectively.
(4) Income Taxes
A tax determination letter from the Internal Revenue Service has been received
by the Company, stating that the Plan qualifies under the provisions of
Sections 401(a) and 501(a) of the Internal Revenue Code and is exempt from
federal income taxes. Future qualifications of the Plan will depend on
continuing operation in compliance with Internal Revenue Service regulations.
Participating employees will not be obligated for income taxes until
distributions are made to them and then only to the extent that such
distributions, including the effect, if any, of "net unrealized appreciation,"
exceed their after tax contributions, if applicable.
(5) Reconciliation to Form 5500, Annual Report/Return of Employee Benefit Plan
Following is a reconciliation of net assets available for benefits between the
audited financial statements and Form 5500 for the year ended December 31,
1993:
Net assets available for benefits per
audited financial statements $74,116,061
Less current distributions payable 896,761
-----------
Net assets available for benefits per Form 5500 $73,219,300
===========
Page 13 of 20
<PAGE>
Schedule 1
MEREDITH SAVINGS AND INVESTMENT PLAN
Assets Held for Investment
December 31, 1993
Description
----------------- Market/ Cost/
Interest Maturity contract contract
Identity rate date Shares value* value*
- ------------------------ -------- -------- ------- ----------- ----------
Meredith Corporation:
Common stock shares -- -- 312,201 $15,716,040 8,475,947
Class B shares -- -- 80,700 ----------- ----------
=======
Fixed income insurance
company deposit accounts
(by year of investment):
Principal Mutual Life
Insurance Company - 1987 8.85% Jan 15 1994 5,896,170 5,896,170
New York Life
Insurance Company - 1988 9.30 Jan 7 1994 8,141,686 8,141,686
Principal Mutual Life
Insurance Company - 1988 9.30 Jan 31 1995 888,082 888,082
Principal Mutual Life
Insurance Company - 1988 9.00 Jan 31 1995 1,112,761 1,112,761
Principal Mutual Life
Insurance Company - 1989 8.85 Jan 15 1995 5,093,939 5,093,939
Principal Mutual Life
Insurance Company - 1990 8.55 Jan 15 1996 6,367,675 6,367,675
Principal Mutual Life
Insurance Company - 1991 8.90 Jan 15 1997 7,428,069 7,428,069
Principal Mutual Life
Insurance Company - 1992 7.05 Jan 8 1997 7,639,870 7,639,870
----------- ----------
42,568,252 42,568,252
----------- ----------
S & P 500 Fund -- -- 2,042,136 1,900,916
Balanced Fund -- -- 4,386,267 4,060,697
GIC Fund -- -- 3,046,741 2,903,800
Invista Equity Fund -- -- 2,428,847 2,428,847
Norwest Equity Fund -- -- 3,555,847 3,193,298
----------- ----------
$73,744,130 65,531,757
=========== ==========
*The carrying amount on the statement of net assets available for benefits for
the fixed income insurance company deposit account is the contract value. Cost
for the fixed income insurance company deposit account is also presented at
contract value.
See accompanying independent auditors' report.
Page 14 of 20
<PAGE>
Schedule 1, Cont'd
MEREDITH SAVINGS AND INVESTMENT PLAN
Assets Held for Investment
December 31, 1992
Description
----------------- Market/ Cost/
Interest Maturity contract contract
Identity rate date Shares value* value*
- ------------------------ -------- -------- ------- ----------- ----------
Meredith Corporation:
Common stock shares -- -- 331,050 $11,388,978 8,704,889
Class B shares -- -- 90,764 ----------- ----------
=======
Fixed income insurance
company deposit accounts
(by year of investment):
Principal Mutual Life
Insurance Company - 1987 8.55% Jan 15 1993 2,010,064 2,010,064
Principal Mutual Life
Insurance Company - 1987 8.85% Jan 15 1994 6,354,981 6,354,981
New York Life
Insurance Company - 1988 9.30 Jan 7 1994 8,611,308 8,611,308
Principal Mutual Life
Insurance Company - 1988 9.30 Jan 31 1995 1,007,292 1,007,292
Principal Mutual Life
Insurance Company - 1988 9.00 Jan 31 1995 1,154,408 1,154,408
Principal Mutual Life
Insurance Company - 1989 8.85 Jan 15 1995 5,728,202 5,728,202
Principal Mutual Life
Insurance Company - 1990 8.55 Jan 15 1996 7,165,247 7,165,247
Principal Mutual Life
Insurance Company - 1991 8.90 Jan 15 1997 8,601,956 8,601,956
Principal Mutual Life
Insurance Company - 1992 7.05 Jan 8 1997 9,245,073 9,245,073
----------- ----------
49,878,531 49,878,531
----------- ----------
Money market insurance
company deposit account Various Daily 152,762 152,762
----------- ----------
$61,420,271 58,736,182
=========== ==========
*The carrying amount on the statement of net assets available for benefits for
the fixed income insurance company deposit account is the contract value. Cost
for the fixed income insurance company deposit account is also presented at
contract value.
See accompanying independent auditors' report.
Page 15 of 20
<PAGE>
MEREDITH SAVINGS AND INVESTMENT PLAN
December 31, 1993 and 1992
Schedule 2
Assets Both Acquired and Disposed Within the Plan Year
------------------------------------------------------
1993 - NONE
1992 - NONE
Schedule 3
Party-in-Interest Transactions
------------------------------
See schedule 6.
Schedule 4
Obligations in Default
----------------------
1993 - NONE
1992 - NONE
Schedule 5
Leases in Default
-----------------
1993 - NONE
1992 - NONE
See accompanying independent auditors' report.
Page 16 of 20
<PAGE>
<TABLE>
Schedule 6
MEREDITH SAVINGS AND INVESTMENT PLAN
Reportable Transactions
Year ended December 31, 1993
----------------------------
<CAPTION>
Purchase Proceeds Gain Number Number
price of from on of of
Identity of party involved Description of asset addition disposition disposition purchases sales
- --------------------------------------- ------------------------- ---------- ----------- ----------- --------- ------
<S> <C> <C> <C> <C> <C> <C>
Meredith Corporation (Party-in-Interest) Common stock $1,253,868 1,906,327 381,915 18 42
Principal Mutual Life Insurance Company Fixed income insurance
company deposit account 2,877,047 9,679,701 -- 15 16
Norwest Bank GIC Fund 3,145,153 241,211 -- 38 15
S & P 500 Fund 2,134,605 233,591 -- 42 15
Balanced Fund 4,361,766 300,866 -- 38 16
Norwest Equity Fund 3,408,761 215,303 -- 38 17
</TABLE>
<TABLE>
Year ended December 31, 1992
----------------------------
<CAPTION>
Purchase Proceeds Gain Number Number
price of from on of of
Identity of party involved Description of asset addition disposition disposition purchases sales
- --------------------------------------- ------------------------- ---------- ----------- ----------- --------- ------
<S> <C> <C> <C> <C> <C> <C>
Meredith Corporation (Party-in-Interest) Common stock $1,590,099 1,709,067 399,596 12 48
Principal Mutual Life Insurance Company Fixed income insurance
company deposit account 9,413,637 6,094,857 -- 43 15
See accompanying independent auditors' report.
</TABLE>
Page 17 of 20
<PAGE>
Schedule 7
MEREDITH SAVINGS AND INVESTMENT PLAN
Receipts and Disbursements
Years ended December 31, 1993 and 1992
1993 1992
----------- ----------
Receipts:
Employer $ 2,570,018 2,561,518
Employee 5,372,823 4,721,998
----------- ----------
7,942,841 7,283,516
----------- ----------
Investment income:
Dividends 250,593 298,074
Interest 4,717,254 4,094,249
----------- ----------
4,967,847 4,392,323
----------- ----------
Total receipts 12,910,688 11,675,839
----------- ----------
Disbursements:
Benefits and withdrawals paid to
employees (including forfeitures) 5,726,380 7,991,079
Purchase of investments, net 7,443,466 3,426,817
----------- ----------
Total disbursements 13,169,846 11,417,896
----------- ----------
(259,158) 257,943
Cash at beginning of year 259,158 1,215
----------- ----------
Cash at end of year $ -- 259,158
=========== ==========
See accompanying independent auditors' report.
Page 18 of 20
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the employee benefit plan) have duly
caused this annual report to be signed by the undersigned thereunto duly
authorized.
MEREDITH SAVINGS AND INVESTMENT PLAN
(Name of Plan)
Date March 30, 1994 By (Larry D. Hartsook)
Larry D. Hartsook
Committee Member
Date March 30, 1994 By (Leo R. Armatis)
Leo R. Armatis
Committee Member
Date March 30, 1994 By (Michael M. Monson)
Michael M. Monson
Committee Member
Date March 30, 1994 By (Michael A. Sell)
Michael A. Sell
Committee Member
Date March 30, 1994 By (Kathleen J. Zehr)
Kathleen J. Zehr
Committee Member
Page 19 of 20
<PAGE>
INDEPENDENT AUDITORS' CONSENT
-----------------------------
We consent to incorporation by reference in the Registration Statement No. 33-
2094 on Form S-8 of Meredith Corporation of our report dated March 14, 1994
relating to the statements of net assets available for benefits of the Meredith
Savings and Investment Plan as of December 31, 1993 and 1992, the related
statements of changes in net assets available for benefits for the years then
ended, and the related supplementary supporting schedules which appear in the
December 31, 1993 Annual Report on Form 11-K of Meredith Savings and Investment
Plan.
(KPMG Peat Marwick)
KPMG Peat Marwick
Des Moines, Iowa
March 14, 1994
Page 20 of 20
