Meredith's broadcast division reported $87.2 million in
fiscal first quarter revenue, up 26% from the same quarter last year. While $12
million of political advertising paced the local media group, broadcast's core
ad revenue grew 5% in the quarter.
Stephen M. Lacy, Meredith chairman and CEO, called it a record
performance for the Local Media Group.
"We delivered a strong start to fiscal 2013 as our
Local Media Group delivered record-setting revenue and profit
performance," he said. "We're also very pleased with the growth of
our digital businesses across the company, as well as the significant progress
made at integrating our recent acquisitions. We expect these and other
strategic initiatives to deliver increased cash flow and returns to our
shareholders over time."
Fiscal first quarter Local Media Group operating profit more
than doubled to $28 million. All of Meredith's TV markets recorded growth in
revenues and operating profit. Political advertising revenues were $12 million,
led by the Las Vegas and Hartford stations.
Automotive advertising at the stations was up 12%.
"We are focused on keeping the momentum going in
non-political advertising revenues, along with maximizing our political
advertising opportunity this election cycle," said Local Media Group president
Paul Karpowicz. "Our mission is to deliver great content to viewers across
broadcast, digital and mobile media platforms. At the same time, we will
continue to monetize the strength of our audience thanks to local over-the-air
television's unique ability to deliver unmatched results for our advertising
Overall Meredith revenues rose 8% to $354 million in the fiscal first quarter.
National Media Group revenues grew 3% to $267 million.
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