Meredith TV Station Earnings Down
November 24, 2008
The 12 Meredith Corp. (NYSE: MDP) stations generated $70 million in revenue for the company’s first quarter of fiscal 2009, ending Sept. 30, 2008; compared to $75 million a year ago. Operating profit was $11 million, compared to $14 million one year ago, and EBITDA was $17 million, compared to $20 million last year.
Political ad revenue for the quarter totaled $6 million, compared to $1 million a year ago. The Olympics contributed only around $1 million to Meredith’s sole NBC affiliate in Nashville, Tenn.
Des Moines, Iowa-based Meredith said that weakness in the core television ad categories of automotive, services, restaurants, retail and furniture was down nearly 20 percent. Combined ad revenues in off-core categories such as entertainment, electronics, travel and utilities grew 15 percent in the quarter.
Shares of Meredith, which owns more than 400 magazine titles, were trading at $19.70 during mid-day Halloween, up from $18.35 at the opening bell.