But factoring out political results in a 9% revenue increase over last year’s quarter. Automotive and professional services categories were up 15% and 19%, respectively, while digital ad revenues rose by more than 50%.
QUARTERLY REPORT
Meredith Local Media Revenue Down 13.5%
Meredith Corp. today reported that fiscal 2012 second quarter Local Media Group operating profit was $27 million, compared to $39 million in the year-ago period. Total revenues were $84 million, compared to $97 million, a 13.5% drop.
Meredith recorded $21 million less of political advertising revenue in the second quarter of fiscal 2012 than in the year-ago period, which it said is expected in an off-election year. Expenses declined 3%, helping drive an EBITDA margin of nearly 40%.
Looking more closely at non-political advertising performance in the second quarter of fiscal 2012, compared to the year-ago period:
- Revenues rose 9% to $75 million, the ninth-consecutive quarter of year-over-year improvement. Performance was strongest at Meredith’s stations in Atlanta, Hartford, Las Vegas and Portland.
- Automotive advertising revenues increased 15%, on top of 17% growth in the year-ago period. Professional services, the second-largest category, grew 19%, also on top of 17% growth in the year-ago period.
- Digital advertising revenues increased more than 50 percent.
“Once again we were able to drive industry-leading performance in non-political advertising revenues through our very strong connection to local viewers,” said Meredith Chairman-CEO Stephen M. Lacy. “It was the second-best performance for a non-political second quarter in Meredith’s history, and November 2011 was one of our strongest rating books in the last decade. Television continues to be the most powerful medium to deliver customers to local businesses and service providers.”
Read the company’s report here.
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