Penton Financials for 2005: Revenue Down, Net Loss and Debt Decrease
Penton CEO David Nussbaum blamed the print performance on publishing declines, as well as reduction in revenues from underperforming products that were discontinued in 2005. Last year, the company debuted 15 Web sites. "We have a high number of initiatives in place to accelerate our e-media growth rates, including the launch of seven vertical search projects and the launch of several new sites," says Nussbaum.
Net loss also improved, down almost $60 million from 2004, to $8.4 million, while total debt was down from last year’s $332.5 million to $323 million. EBITDA increased 22 percent, rounding out at about $42 million. "We were able to diversify our revenues and were able to reduce debt," says Nussbaum. "From an improvement perspective, we would have liked to see revenue growth and understand this is the next step in our resurgence."
For 2006, Penton plans on focusing on building its e-media portfolio and expanding events and custom media business through launches, new acquisitions and partnerships, Nussbaum adds.
Total Revenue and EBITDA 2005 (in millions)
Company Total Revenue Total EBITDA 2005 2004 % Change 2005 2004 % Change Penton Media 192.8 194.8 -1.0 40.9 33.5 22.1 Ziff Davis 187.6 204.5 -8.3 17.3 34.9 -50.4 Advanstar 288.9 270.4 7.0 74.5 70.1 6.2 The McGraw-Hill Companies 931.1 799.7 16.4
Source: Company financial reports