Meredith Local Media posted fiscal fourth quarter revenue of $77.8 million, up slightly from the $77.1 million posted in the same quarter a year ago. Political advertising was way down in the recent quarter, but core advertising showed a small gain to boost Meredith's stations into growth mode.
Fiscal 2011 revenue for the Meredith station group was $322 million, up 14% over the previous fiscal year.
"For the second consecutive year, strong advertising revenue performance was broad-based across our largest categories and markets, once again proving local television's unique power to drive consumers to retail," said Chairman and Chief Executive Officer Stephen M. Lacy. "We were able to secure higher ad rates and use our strong news ratings to drive political advertising."
Meredith forecasts core station revenue to be down in the low single digits for the upcoming fiscal first quarter, when it will be up against major political spending from last year's fiscal first. The group "is executing a series of strategic growth initiatives, including continued emphasis on its largest markets with the most upside potential such as Atlanta and Phoenix; redesigns of its station websites; creation of a number of new mobile apps; and expansion of Meredith Video Studios and the reach of its Better show," said Meredith in its report.