The gain was led by $22 million in political ad money in addition to strong performances from nine non-political ad categories including auto, professional services and retail.
QUARTERLY REPORT
Meredith Local Media Revenue Up 30%
Meredith Corp. today reported fiscal 2011 second quarter results that included revenue for its Local Media Group of $97 million, a nearly 30% increase from the year-ago quarter.
The group’s operating profit was $39 million, resulting in a 46% percent EBITDA margin, and more than double the $17 million in operating profit reported in the year-ago quarter.
Net political advertising revenues were $22 million in the quarter, led by strong political spending, particularly at Meredith’s Hartford, Las Vegas, Portland and Kansas City stations. For the season, Meredith increased political advertising revenues nearly 50% from the last election cycle as efforts to increase market share — particularly for its Fox affiliates — yielded results.
Fiscal 2011 second quarter non-political advertising revenues were $69 million, up 3% from the year-ago quarter. Nine of Meredith’s 10 largest advertising categories grew revenues, led by automotive, professional services and retail.
Fiscal 2011 second quarter revenues grew at Meredith Video Studios, due primarily to the Better daily syndicated television show and custom video production for corporate clients. The Better show increased its carriage to more than 80 markets reaching nearly 60% of U.S. television households. During the quarter, Better launched in Los Angeles — the nation’s second-largest television market — and the show now airs in four of the five largest markets in the United States.
For the company as a whole, fiscal 2011 second quarter earnings per share were $0.88, a record high for a second fiscal quarter.
BRAND CONNECTIONS
Read the company’s report here.
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