Meredith recorded Local Media Group revenue of $89.5 million in the
fiscal first quarter, up 3% from the same quarter in the previous year.
The Local Media Group is comprised of Meredith's TV stations; operating
profit was $26 million, compared to $28 million in the prior-year
period.
Meredith recorded $12 million less of political advertising
revenues in the first quarter of fiscal 2014 than in the prior-year
period. Non-political advertising revenues grew 3% to $64 million, with
the automotive, telecommunications and food categories stronger.
"Our
record revenue performance-achieved in a non-political quarter-speaks
to the fundamental strength of our television broadcasting business,"
said Local Media Group President Paul Karpowicz. "We continue to engage
viewers and successfully monetize the strength of our audience."
National Media Group advertising revenues increased 1% to $134 million.
Meredith's total revenues were $356 million, up from $354 million in the previous year's fiscal first quarter.
"We're
off to a strong start in fiscal 2014," said Meredith Chairman and Chief
Executive Officer Stephen M. Lacy. "Our Local Media Group achieved
record revenue and profit performance for a non-political first quarter,
with solid growth in non-political advertising. The National Media
Group delivered growth in advertising, circulation and licensing
revenues. Our digital businesses continued their strong growth pattern,
posting record revenue performance for a fiscal first quarter."
Local
Media Group non-political advertising revenues, cycling against $26
million in net political advertising revenues, are expected to be up
mid- to high-single digits in the fiscal second quarter.
