Meredith Broadcast Revenue Up 9% in QuarterRecord revenue and operating profit for fiscal 2013, says media giant 7/25/2013 10:33:17 AM Eastern
Meredith Local Media Group announced fiscal fourth-quarter
earnings of $92 million, up 9% from the previous fiscal fourth quarter. Overall
fiscal fourth-quarter company revenues rose 3% to $387 million.
Revenues for the Local Media Group, which holds Meredith's TV stations, for the
fiscal year rose 19% to $376 million. Operating profit grew 41% to $124 million
for fiscal 2013. Both results represent record highs, said Meredith.
"Fiscal 2013 was a year of strong growth in revenues,
profit and cash flow," said Meredith chairman and CEO Stephen M. Lacy.
"Our Local Media Group achieved the highest revenue and profit performance
in its 65-year history. Our National Media Group grew both advertising and circulation
revenues. We strengthened our connection to consumers across media
Local Media Group operating profit grew to $28 million in
the quarter, as higher retransmission-related revenues were partially offset by
increased programming fees paid to the networks, and $3 million less of political
"Our record financial performance speaks to the
fundamental strength of our television broadcasting business," said Paul
Karpowicz, Local Media Group president. "We continue to engage viewers with
compelling content across media platforms to position ourselves for ongoing
Meredith expects fiscal first-quarter Local
Media Group revenues to be up slightly, with non-political advertising revenues
up in the low-single-digit range.