Penton Posts Decline in Revenues, Earnings for Third Quarter (11/15)
Penton Media Tuesday posted third quarter declines in both revenues and EBITDA, which the company attributed to the shifting of the dates of three of its events, including its Natural Products Expo East, the date of which was shifted from September to October, as well as the shuttering of two publications and to money spent on the “exploration of strategic alternatives.” Prism Business Media announced on Nov. 2 its intention to purchase Penton in a deal worth $530 million.
Penton posted revenues of $42.2 million in the third quarter, a decrease of $8.8 million or 17.3 percent over the almost $51 million in revenues its posted in the same quarter last year. The decrease includes $8.7 million in revenues related to the shift of three publications and the shift of three events, the company said in a statement. The company also attributed the decline to the canceling of three events and the shuttering of two publications.
The company also posted a net loss of $4.7 million in the third quarter, down from $5 million last year. Third quarter 2006 adjusted EBITDA decreased 43.4 percent to $5.3 million, down from $6.9 million last year. The company said both net loss and EBITDA were impacted by the sale of the company, as well as a shift in mailing dates for certain publications.
Revenues for the first nine months of the year decreased 3 percent to $144.1 million, compared to $148.1 million in the first nine months of 2005. Year-to-date EBITDA for the first nine months was $32.4 million, down 6.3 percent from $34.6 million in the same period a year ago.
By segment the company said online revenues for the first nine months of the year increased 30.4 percent to $17.1 million, up from $13.1 million. Web page traffic was up 22 percent to an average 16.5 million page views per month, while unique Web site visitors increased 7 percent to about 3.9 million page views per month.
Event revenues decreased for the first nine months by $6.9 million to $25.8 million. Publishing revenues also were down $1 million, but were impacted by the closure of several publications, the company said.
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