Q4 Earnings: Meredith Revenue Drops 6%

By Merrill Knox Comment

meredith_1Meredith Corp.’s Local Media Group reported $104 million in revenue during the fourth quarter of 2013, a 6.4% drop from the year-ago quarter.

Operating profit for the quarter was $35 million, compared to $45 million in the year-ago quarter. Meredith had $25 million less of political advertising revenues than last year, which is expected in a non-election year.

“We were pleased to generate record non-political performance in the first half of fiscal 2014,” Local Media Group president Paul Karpowicz said in a statement. “We continue to consistently deliver great programming for our viewers and outstanding results at retail for our advertising clients.”