Meredith Corp. reported record earnings from political advertising today in a year-end financial report that boasted growth in revenues, profits and cash flow.
The media company said earnings per share for the year ended June 30 increased 19 percent to $2.74 a share, with total revenues rising 7 percent to $1.5 billion. Advertising added $824 million to that figure, an increase of 7 percent.
"Our Local Media Group achieved the highest revenue and profit performance in its 65-year history," Meredith Chairman and CEO Steve Lacy said in a news release. "Our National Media Group grew both advertising and circulation revenues."
Here are some highlights:
Revenues in Meredith's Local Media Group, comprised of local television stations, grew nearly 20 percent to $376 million, a record high. Net political advertising revenues were $39 million, and operating profits grew more than 40 percent to $124 million. All are record highs.
Revenues in its National Media Group, magazines and digital media, grew 3 percent. Advertising revenues increased 5 percent, boosted by the acquisitions of the Allrecipes, EveryDay with Rachael Ray and FamilyFun brands. Circulation revenues also increased.
Total company digital advertising revenues grew more than 50 percent, reaching a record high. National Media Group digital advertising revenues increased 62 percent, while Local Media Group digital advertising revenues rose 8 percent. Advertising revenues generated from digital sources continued to grow, reaching an all-time high of 11 percent of Meredith's total advertising revenues in fiscal 2013.
- Cash flow from operations grew to nearly $190 million. Meredith returned $125 million to shareholders through increased dividends and share repurchases, a nearly 40 percent increase.