Meredith's Local Media Group posted fiscal second quarter revenue of $84.4 million, down 13.4% from the same quarter a year ago. Taking political spending out of the equation – it was strong last year, and less substantial in the most recent quarter – Meredith's broadcasting unit reported a 9% gain in revenue.
Stephen M. Lacy, Meredith's chairman and CEO, called it "industry leading."
Meredith's total revenue was $328.7 million, down 10% from the same quarter a year ago.
Fiscal second quarter Local Media Group operating profit was $27 million, compared to $39 million in the year-ago period. Meredith recorded $21 million less in political advertising revenue in the second quarter.
Automotive advertising revenues increased 15%, while professional services grew 19%.
Digital advertising revenues increased more than 50% at the Meredith stations.
"Once again we were able to drive industry-leading performance in non-political advertising revenues through our very strong connection to local viewers," Lacy said. "It was the second-best performance for a non-political second quarter in Meredith's history, and November 2011 was one of our strongest rating books in the last decade. Television continues to be the most powerful medium to deliver customers to local businesses and service providers."
