Meredith's Local Media Group reported total revenues of $76
million in the fiscal second quarter, a 10% decrease from the $84 million in
the same quarter a year ago. The TV group's operating profit was $17 million,
compared to $22 million in the prior year. Last year's second quarter featured
around $14 million more in political revenue.
Meredith said the local group outperformed the industry as a
whole by approximately 3% in non-political advertising revenues during the
quarter, according to figures from the Television Bureau of Advertising.
Stations in nine of Meredith's 10 TV markets posted growth in non-political
advertising revenues.
"We're encouraged by the strength of our connection with
viewers, which has helped us grow non-political advertising revenues," said
President/CEO Stephen M. Lacy. "We're working to build upon this foundation and
continuing to develop other sources of revenue, including retransmission fees
and our video production activities."
Lacy said Meredith as a whole is seeing improvement on the
business front. "In the second quarter of fiscal 2010, we delivered higher
operating profit in our National Media business; increased non-political
advertising revenues 4% in our Local Media business; and continued to reduce
total company expenses," he said "These achievements speak to the strength of
our brands on both the national and local levels, as well as our efficiency
initiatives."
