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Meredith Reports Q2 Profit Surge

Jan 25, 2005  •  Post A Comment

Meredith Corp., the publishing company that also owns or operates 14 television stations, said its broadcasting unit posted a 22 percent surge in fiscal second-quarter revenue, driven largely by robust political advertising spending in the quarter and a rise in nonpolitical local advertising.

The broadcasting unit’s revenue for the three-month period ended Dec. 31 was $89.9 million, a 22 percent increase over the year-earlier period. Segment profit surged 64 percent to $32.2 million. The company attributed the growth to the $12.2 million in political advertising booked in the quarter as well as a 6 percent increase in nonpolitical advertising revenue.

The results helped the Des Moines, Iowa-based company report a 53 percent increase in fiscal second-quarter profit to $26.8 million, or 52 cents a share, compared with a year-earlier figure of $17.6 million, or 34 cents a share. Revenue climbed 5 percent to $294.6 million.