Meredith Reports Increased Circulation Revenue to Start 2016
Overall revenue for the company's National Media Group jumped 2.4 percent in the three months ended March 31.
Meredith Corp., which claims to reach more than 100 million American women across its portfolio of media brands, has kicked off 2016 on a fiscal high note.
The publisher's National Media Group, which includes such titles as Better Homes and Gardens, Shape, and Parents, earned $281.84 million in revenue for the three months ended March 31, a 2.4 percent increase over the same period last year, according to a financial statement released today. Operating profit for the National Media Group was $34.78 million, a year-over-year increase of 48.2 percent.
Of particular note, circulation revenues bucked industry trends by increasing, albeit modestly, to $96.62 million—a slight uptick over the $96.04 million reported last year. It's worth noting that More, which had a rate base of 750,000 when it was shuttered by Meredith earlier this year, still contributed to that figure (the April, 2016 issue was the title's last).
Advertising revenues for the National Media Group jumped to $125.85 million, a 6.7 percent increase over the same period in 2015. The financial statement did not provide a breakdown of print and digital revenues, but the company reports that digital advertising increased 10 percent. Multiple Meredith representatives tell Folio: that digital accounts for about 25 percent of the National Media Group's advertising revenues.
The titles Shape, Allrecipes, and EatingWell were the primary drivers of advertising growth for the National Media Group, according to the company.
Total company revenues increased 6.2 percent to $422.77 million, while net earnings more than tripled thanks to a nearly-$60 million termination fee from Media General after the agreed-upon merger of the two companies fell through in January.