The total during the company’s fiscal 1Q 2014 of $89.6 million is up from $87.2 million in the same period last year, despite a big drop in political advertising. Retransmission consent revenue helped make up the difference.
QUARTERLY REPORT
Meredith Local Media Revenue Up 3%
Meredith Corp.’s Local Media Group — which consists of television stations and a video content creation unit that produces national broadcast and custom programming — generated fiscal 2014 first quarter revenue of $89,553,000, an increase of 2.7% from the previous year’s $87,187,000.
Other revenues and operating expenses both increased, due primarily to growth in retransmission revenues from cable and satellite television operators, and programming fees paid to affiliated networks.
Fiscal 2014 first quarter Local Media Group operating profit was $26 million, compared to $28 million in the prior-year period. EBITDA margin was 36%. Meredith recorded $12 million less in political advertising revenues in the first quarter of fiscal 2014 than in the prior-year period.
“Our record revenue performance — achieved in a non-political quarter — speaks to the fundamental strength of our television broadcasting business,” said Local Media Group President Paul Karpowicz. “We continue to engage viewers and successfully monetize the strength of our audience.”
The company as a whole reported revenue of $356 million, an increase of 1% from a year ago. Meredith Chairman-CEO Stephen M. Lacy said: “”Our Local Media Group achieved record revenue and profit performance for a non-political first quarter, with solid growth in non-political advertising. The National Media Group delivered growth in advertising, circulation and licensing revenues. Our digital businesses continued their strong growth pattern, posting record revenue performance for a fiscal first quarter.”
Read the company’s report here.
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