PENTON LAUNCHES "DESIGNING"; RELEASES 2001 FORECAST.

Penton Media's (Cleveland, OH) Lodging Hospitality magazine group and Lodging Hospitality magazine have begun the publication of Designing with a November issue that debuted at the "Hotel, Motel & Restaurant Show." It will be published six times in 2001 with a controlled circulation of 36,000.

The new title is targeted to architects and interior designers serving the hospitality industry, including hotels, resorts, casinos, cruise lines, private clubs, spas and timeshare markets. Written to report on all segments of the industry, Penton said it covers the latest industry trends, products, design projects and "both challenges and practical solutions involved in projects." Editorial also includes data on designer's personal workspaces, new approaches to landscape design, and design projects in the developmental stages.

Publisher Gary Dietz said "we saw a need in the industry that we knew we could address. Designing represents almost two years of hard work and careful planning to achieve a quality publication that hospitality architects and designers will really respond to." Editor Grace Wagner said the title "was extremely well-received in New York."

In related news, Penton forecasts strong growth in revenue, EDITDA and after-tax cash flow per share for 2001. The company said it estimates 2001 revenue in the $510-540 million range, a possible 30% increase over 2000 estimated revenues of $397-407 million. It said 2001 EBITDA should range from $110-120 million, up from an estimated $91-94 million in 2000.

Penton said its core business, excluding start-up and Internet investments, is expected to achieve margins in the mid-20% range. An estimated 44% of the company's revenues and 65% of EBITDA are expected to be generated by its trade show and conference business, up from about 41% and 62%, respectively, in 2000. Publishing represents 52% of revenues and 38% of EBITDA, down from 58% and 43%, respectively, in 2000.