ABM Sees Revenue Fall, But Some Former Members Return
Expenses drop for member services but jump for Washington representation.
American Business Media reported total revenue of $3.2 million for fiscal 2010 (ended June 30), down 41.8 percent from total revenue of $5.5 million in 2009. Membership dues drove much of the decline, falling from $3.4 million last year to just over $2 million this year.
However, the association says several former members returned to the fold over the past year, including Bloomberg, Cygnus, Quadrant HealthCom, DTN/The Progressive Farmer and SourceMedia.
The annual report says that ABM finished "near its breakeven budget for 2010." Operating income was about $90,000 before unbudgeted transition costs related to the departure of former CEO Gordon Hughes, and the search for a new CEO (ABM named Clark Pettit president and CEO in July). ABM says it saw a net gain of $109,000.
Expenses for member services dropped 41 percent from $3.4 million in fiscal 2010 to $2 million this year, while marketing spending dropped from $1.3 million last year to $333,785 in fiscal 2010. Spending on Washington representation grew 5 percent to $376,411, driven in part by the battle over the Postal Service's attempt to raise rates for 2011.
The annual report says ABM events were profitable in fiscal 2010, contributing $160,000 to the bottom line, with ABM's Spring Meeting generating $210,970, up from $195,625 in fiscal 2009.