Pleasantville, NY—Magazine and book publisher Reader’s Digest Association (NYSE: RDA), which also owns The Good Catalog Co., reported that revenues declined 10% for the quarter ended Sept. 30, to $498 million, from $552 million last year. As for net income, the company lost $1.1 million during the quarter compared to $22.3 million last year.
“We estimate that this (Sept. 11) event cost our company in excess of $10 million in revenues and $5 million in profits for the quarter,” said chairman/CEO Thomas Ryder in a statement. New business development had revenues of $11 million, up from $9 million last year. It reported a loss of $2 million, which was better than the $7 million last year. Gifts.com, Inc., which includes the gifts.com online store and Good Catalog, increased catalog and Internet sales while reducing operating expenses.