Meredith Local Media reported revenue of $68.76 million in
its third fiscal quarter, a 20% improvement over the $57.27 million it reported
in the same quarter last year. The Local Media Group's operating profit was $13
million in the third quarter, up significantly from $1 million in the same
quarter a year ago.
Meredith's 12 TV stations comprise the Local Media Group.
"Our Local Media business delivered significantly
improved results across the board, a reflection of improving market conditions
and success at executing our performance improvement initiatives,"
Meredith Chairman/CEO Stephen Lacy. "Additionally, it speaks to broadcast
television's unparalleled ability to deliver advertising messages to mass
audiences in local markets."
Revenues from retransmission fees rose nearly 15% in the
Meredith's National Media Group, which includes its magazine
holdings, reported operating profit up 6% to $51 million. Revenues
increased 2% to $285 million.
Amidst the rebound, Lacy said the marketplace remains hard
to predict. "While our advertising growth was encouraging, we are still
well below historic levels established prior to the recession in both our
national and local businesses," Lacy said. "The marketplace remains
very volatile on both a month-to-month and client-by-client basis. Our
competitive advantage lies in the strength of our brands and the relevance of
Overall advertising revenue is expected to increase 7-8% in
the fiscal fourth quarter, compared to the fourth quarter last year.