Meredith Revenue Down 22%
Broadcasting ad revenue down 17% but retrans, Meredith Video Solutions revenues were up
By Michael Malone -- Broadcasting & Cable, 7/29/2009 10:20:56 AM
Meredith reported fiscal fourth-quarter revenue of $62 million, a 22% decline from the $79 million posted in the previous fiscal fourth quarter. Operating loss for the fiscal year was $258 million, compared to an operating profit of $78 million in the prior year.Meredith reported a 17% drop in broadcasting advertising revenues in fiscal 2009.
Meredith President/CEO Stephen M. Lacy chose to focus on the positive. "Despite a challenging advertising climate, we made significant progress on the performance improvement plan put in place at this time last year," he said. "We gained market share, grew new revenue sources, prudently managed our costs and cut debt by more than 20%."
Among other positive developments, revenues at Meredith Video Solutions rose more than 50% in fiscal 2009, and 20% in the most recent quarter. Retransmission consent revenue doubled for the year and rose nearly 75% in the fiscal fourth quarter, compared to the previous year's fourth quarter.
Meredith owns 12 TV stations, including WGCL Atlanta, along with a large number of magazines such as Family Circle.
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