Meredith Corp. said today that revenues increased 1 percent to $356 million in the first quarter of its 2014 fiscal year, which ended Sept. 30.Earnings per share dropped to 53 cents from 55 cents in the prior-year period.
Revenues were hit by a $12 million drop in political advertising, the company said in a news release.
Local Media Group total revenues grew 3 percent to $90 million, a record high for any fiscal first quarter, Meredith said. Nonpolitical advertising revenues increased 3 percent to $64 million, led by strong performance from Meredith television stations in Phoenix, Kansas City, Mo., and Portland, Ore. National Media Group advertising revenues increased 1 percent to $134 million.
Meredith's brand licensing revenues increased more than 10 percent, due primarily to continued strong sales of Better Homes and Gardens' licensed products at more than 4,000 Wal-Mart stores.
Total digital advertising revenues grew 12 percent and achieved a record high for a fiscal first quarter, Meredith said.
National Media Group digital advertising revenues increased 10 percent, while Local Media Group digital advertising revenues rose 25 percent.