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Meredith's CEO Discusses F4Q12 Results - Earnings Call Transcript

We’re now the number one digital food media company and in the top three in the important digital women’s lifestyle category. We launched a variety of new digital products including tablet additions of most of our national brands and rapidly expanded our mobile platform in both businesses. We now have 20 brands available in tablet form across all major platforms and approximately 50 mobile apps. We’ve purchased the Every Day with Rachel Ray and FamilyFun brands. These acquisitions help grow our share of U.S. magazine industry advertising revenues to nearly 12%.

We extended our very successful brand licensing arrangement with Wal-Mart for the Better Homes and Gardens line of products through 2016. And finally, we expanded and monetized our local media group video content. We accomplished this through an increased and local news programming hours along with more national video content creation and greater syndication. As I’ve pointed out on earlier calls we’re aggressively executing a strategic plan designed to position Meredith for growth in shareholder value over time. We’re implementing strategies that extend across all of our businesses, posses significant digital components and capitalize on the broad content creation and marketing capabilities that we possess.

I am now pleased to review our progress in more detail starting with our Local Media business. The Local Media group continued it’s very strong performance throughout fiscal 2012. We delivered year-over-year growth in non-political advertising revenue each quarter. That continues a streak that is now lasted three years. For the full year, non-political advertising revenues increased 6%. We grew the other revenue category 25% during the year mostly as a result of our operation of Turner’s Peachtree station in the Atlanta marketplace. Meredith video studios increased revenues nearly 30% and are nationally syndicated the Better Show expanded its reach and was renewed for a sixth season.

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