Meredith Stations Post Profit

Jul 26, 2006  •  Post A Comment

Strong gains in local advertising spending in a non-political quarter were credited with boosting Meredith Broadcasting’s fortunes in the Meredith Corp.’s fiscal fourth-quarter earnings reported Wednesday.

Meredith said operating profit rose 21 percent to $29 million and EBITDA rose 17 percent to $35 million in the quarter and that total revenues grew 9 percent to $87 million.

For fiscal 2006, the station group’s operating profit and EBITDA increased 2 percent to $88 million and $112 million, respectively. EBITDA margin improved to 35.3 percent from 35.2 percent. Revenues increased 2 percent to $319 million as a result of the stations successfully replacing $19 million in net political advertising revenues.

“Fiscal 2006 results were driven by strong growth in Meredith Broadcasting’s core operations,” Meredith Corp. CEO Steve Lacy said. “Local revenues grew 6 percent, including a 9 percent gain in local non-political advertising, while national non-political revenues increased 2 percent.”

The station group includes 14 TV stations and one radio station.