The total during the company’s fiscal 3Q rose to $85 million, led by ad gains in the auto, retail and furnishing categories as well as increases in retrans fees.
QUARTERLY REPORT
Meredith Local Media Revenue Up 10%
Meredith Corp.’s Local Media Group — which consists of local television affiliates and a video content creation unit that produces national broadcast and custom programming — generated fiscal 2013 third quarter revenue of $85 million, up 10% from the year-earlier period.
Operating profit was $24 million, compared to $23 million in the prior-year period which included a special item of $1 million.
Non-political advertising revenues were $66 million, slightly lower than the prior-year period. The automotive (+6%), retail (+20%) and furnishings (+9%) categories were stronger.
Political revenues were $1.5 million less, as expected in a non-political period.
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.
Digital traffic rose 8%, driven, Meredith said, by initiatives to improve content and search engine optimization, as well as continued focus on mobile apps aimed at news, sports and weather-related information.
BRAND CONNECTIONS
Meredith Video Studios expanded the reach of its daily syndicated The Better Show through an agreement with Crown Media Family Networks to distribute the program on the Hallmark Channel beginning in September 2013. The agreement gives the program its first national cable distribution platform as the Hallmark Channel is available in nearly 90 million homes. In addition, The Better Show was renewed for a seventh season in syndication.
“We’re pleased to have delivered another quarter of revenue and operating profit growth,” said Local Media Group President Paul Karpowicz. “Additionally, we set the stage for additional growth in revenues from The Better Show by securing national distribution via the Hallmark Channel.”
The company as a whole reported fiscal 2013 third quarter earnings per share of $0.65, compared to $0.47 in the prior-year period. Excluding special items in both periods, fiscal 2013 third quarter earnings per share grew 9% to $0.72, compared to $0.66 in the prior-year period. Total company revenues rose 7% to $370 million.
Read the company’s report here.
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