Meredith Local Media reported fiscal second quarter revenue of $97 million, close to a 30% jump over the same quarter a year ago. Operating profit in the station group was $39 million.
Net political advertising revenues were $22 million in the quarter, led by strong spending at Meredith's Hartford, Las Vegas, Portland and Kansas City stations. Non-political advertising revenues were $69 million, up 3% from the year-ago quarter.
The National Media Group's operating profit in the quarter was $41 million, up 30% from $32 million in the year-ago quarter. Revenues were $269 million, up 3%. Total advertising revenues were $123 million, up 5% from the year-ago period.
"We are extremely pleased to deliver record earnings per share performance for both the second quarter and the first half of fiscal 2011," said Meredith Chairman and CEO Stephen M. Lacy. "Our success was due to growth in our national and local businesses; continued expansion of newer revenue streams including Integrated Marketing and Brand Licensing; and careful control of our expenses. This diversified business strategy positions Meredith for continued long-term growth and to deliver increased shareholder value over time."
Last week, Meredith announced it has entered into a Joint Services Agreement with Turner Broadcasting System, with WGCL Atlanta managing the day-to-day operations of Turner's Peachtree TV (WPCH-TV). The JSA will take effect late in Meredith's fiscal third quarter.
"This strategic partnership provides us access to a larger share of the growing Atlanta advertising marketplace because of Peachtree's younger viewership; strong lineup of sports programming; and increased inventory in both access and prime-time dayparts," Lacy said. "Additionally, it raises our overall profile in Atlanta, the No. 8 television market in the country."
