The drop in political advertising held back performance. Taken out of the equation, non-political ad revenues were up 3%.
Meredith Local Media Quarterly Rev. Up 1.2%
Meredith Corp. today reported that revenues at its local media group grew 1.2% in the company’s fiscal fourth quarter, to $78 million from $77 million in the year-ago quarter. And the group’s operating profit was down 9.6% to $19 million from the prior year’s $21 million.
Meredith recorded $3.2 million less in political advertising in the fourth quarter of fiscal 2011 compared to fiscal 2010.
Fiscal 2011 fourth quarter non-political advertising revenues grew 3% to $66 million. Results were affected by the natural disasters in Japan and the related shortage of newly manufactured Japanese automobiles available for sale.
Looking ahead, the company said its local media group is executing a series of strategic growth initiatives, including continued emphasis on its largest markets with the most upside potential such as Atlanta and Phoenix; redesigns of its station websites; creation of a number of new mobile apps; and expansion of Meredith Video Studios and the reach of its syndicated Better show.
“For the second consecutive year, strong advertising revenue performance was broad-based across our largest categories and markets, once again proving local television’s unique power to drive consumers to retail,” said Meredith Chairman-CEO Stephen M. Lacy. “We were able to secure higher ad rates and use our strong news ratings to drive political advertising.”
Read the company’s report here.