Meredith Local Media Revenue Up 10% in Q1

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By Merrill Knox Comment

Revenues for Meredith’s Local Media Group rose 10 percent to $85 million in the first quarter of 2013. Operating profit was $24 million compared to $23 million during the year-ago quarter.

“We’re pleased to have delivered another quarter of revenue and operating profit growth,” said Local Media Group president Paul Karpowicz said in a statement.

Non-political advertising revenues were $66 million, a slight decrease on the prior-year period. Political revenues were also down, as is expected in a non-election year. Growth was strong in the automotive, retail and furnishings categories. The company also reported an increase in other revenues and operating expenses due to growth in retransmission revenues.