• by Wayne Friedman , April 29, 2009

Meredith Corp.'s broadcasting operations profitability slowed down considerably in its fiscal third quarter. 

Operating profit was $1.3 million, with revenues at $57 million. This compares to operating profit of $19 million and revenues of $78 million in the prior year period.

The big reason for the drop: lower advertising sales. Broadcasting ad revenues were down 31% in the third quarter, due to major declines in the automotive business, along with weakness in the Phoenix and Las Vegas markets. But the company said ad revenues are showing improvement as of late January.

The company's publishing business operating profit also sank to $48 million, and $280 million in revenues. A year ago, operating profit was at $64 million and revenues of $315 million in the prior year. Advertising revenues were the main reason -- down $132 million, versus $150 million in the prior year.

Still, the company notes that Meredith is outperforming the industry as a whole. Moreover, seven of the company's top 10 ad categories improved in the third quarter over the first half of fiscal 2009, including food and beverage, prescription and non-prescription drugs, and household supplies.

Meredith still showed lower net earnings -- almost half of its previous period. It was at $25.5 million against $46.0 million the year before. Overall, revenues sank to $184.1 million from $225.4 million.

The day before, Fisher Communications also reported lower broadcasting results. Television revenue was $20.3 million, 27% down against the same period last year. TV broadcast cash flow lost almost all its steam versus a year ago, dropping to $252,000, compared with $6.7 million -- a 96% decrease.