DES MOINES, IOWA: Meredith Corp.’s 12 TV stations recorded operating profit of $27 million compared to $39 million a year ago for the quarter ending Dec. 31, 2011. Total revenues were $84 million compared to $97 million. Results reflect a $21 million decline in political ad revenue.
Non-political ad revenue was up 9 percent to $75 million, the ninth consecutive quarterly rise. Automotive advertising increased 15 percent on top of 17 percent growth the year before. Digital ad revenue increased 50 percent in the quarter. Meredith Chairman and CEO Stephen M. Lacy said 2Q12 was the second best in non-political revenues in the company’s history.
Other revenues grew 31 percent in the second quarter of fiscal 2012, driven primarily by Meredith’s management of WPCH-TV in Atlanta, which began on March 28, 2011. Also, Meredith Video Studios posted solid revenue growth, driven in part by “The Better Show,” which aired its 1,000th episode during the quarter, and the creation of custom video content for corporate marketing clients including Kraft Foods and Kmart.
Looking to F3Q12, Meredith (NYSE: MDP) said non-political ad revenues were pacing up in the mid-single digits.
Meredith reported consolidated fiscal 2012 second quarter earnings per share of 70 cents compared to 88 cents in the year-ago period. Revenues were $329 million, compared to $366 million. Meredith recorded $21 million less on political advertising revenues compared to last year--amounting to 28 cents eps.
Meredith currently expects F3Q12 eps to range from65 to 70 cents. Meredith expects F2012 eps to range from $2.55 to $2.75. Both estimates exclude the anticipated effects of the acquisition of Allrecipes.com.
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