The total of $87 million in the fiscal first quarter is helped by $12 million in political and a 5% increase in non-political money, led by automotive.
QUARTERLY REPORT
Meredith Local Media Revenue Climbs 26%
Meredith Corp.’s fiscal first quarter earnings results released today included a 26% increase in revenue to $87 million for its Local Media Group, which consists of TV stations and a video content creation unit that produces national broadcast and custom programming.
The group’s operating profit more than doubled to $28 million and all of Meredith’s markets recorded growth in revenues and operating profit.
Looking more closely at advertising performance in the first quarter of fiscal 2013:
- Non-political revenues rose 5% to $62 million, the 12th consecutive quarter of year-over-year gains. Performance was particularly strong at Meredith’s stations in Las Vegas, Nashville, Atlanta, Kansas City and Portland, Ore.
- Political advertising revenues were $12 million, led by the Las Vegas and Hartford stations.
- Meredith Local Media Group’s two largest advertising categories — automotive (+12%) and professional services (+6%) again experienced solid growth. Automotive advertising has now increased in 10 of the last 11 quarters, including five in a row.
“We are focused on keeping the momentum going in non-political advertising revenues, along with maximizing our political advertising opportunity this election cycle,” said Local Media Group President Paul Karpowicz. “Our mission is to deliver great content to viewers across broadcast, digital and mobile media platforms. At the same time, we will continue to monetize the strength of our audience thanks to local over-the-air television’s unique ability to deliver unmatched results for our advertising clients.”
For the company as a whole, revenues rose 8% to $354 million.
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