Meredith’s Local Media Revenue Up 32%

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 — delivered what the company called “record performance during the second quarter and first half of fiscal 2013.”

Fiscal 2013 second quarter Local Media Group revenues rose 32% to $111 million. Operating profit grew 65% from the prior-year period to $45 million. Both were records for any quarter in the group’s history. 

“We continued to excel at our goal of delivering compelling content to viewers across broadcast, digital and mobile media platforms,” said Local Media Group President Paul Karpowicz. “At the same time, we did a great job monetizing the strength of our audience, as local over-the-air television once again demonstrated its unique ability to build brands and deliver unmatched results for advertising clients.”

The company as a whole reported fiscal 2013 second quarter earnings per share of $0.79, including a previously announced special charge of $0.10 per share.  Total company revenues rose 10% to $361 million, including an 18% increase in advertising revenues to $217 million.

Read the company’s report here.