Skip to main content

Meredith Local Media Posts 32% Revenue Gain in Quarter

Meredith's Local Media Group reported fiscal second-quarter
revenue of $111 million, up 32% from the fiscal second quarter last year. The
group's operating profit grew 65%. Stephen Lacy, Meredith chairman and CEO,
called it a "record-setting revenue and operating performance" for
the quarter and the fiscal first half of the year.

"Our digital business continued its rapid growth, and
our recent acquisitions again delivered strong contributions," he said.
"We once again delivered higher cash flow and returns to shareholders, and
we expect to continue to do so over time."

In the first half of fiscal 2013, Local Media Group revenues
grew nearly 30%. Company management singled out stations in Las Vegas, Hartford
and Phoenix for their performance.

"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."

Fiscal second-quarter National Media Group revenues were
$249 million, up 2% compared to the prior-year period. The national group holds
Meredith's magazines.

Meredith expects Local Media Group revenues to increase in
the high single-digits in the fiscal 2013 third quarter, with core revenue flat
to up slightly.

National Media Group advertising revenues are
expected to be up in the mid-single digits including recent acquisitions, and
down in the low-single digits on a comparable basis.