PRIMEDIA Announces New Strategic Operating Structure.Business Editors NEW YORK--(BUSINESS WIRE)--Feb. 5, 2004 PRIMEDIA Primedia Inc., NYSE: PRM, formerly known as K-III Communications, is a New York City-based mass media corporation. It is publicly owned, trading on the New York Stock Exchange, but private equity giant KKR holds a controlling stake in the company. Inc. (NYSE NYSE See: New York Stock Exchange : PRM PRM Partner Relationship Management PRM Parameter PRM Bureau of Population, Refugees and Migration (US State Department) PRM Partidul Romania Mare (Romania Mare Party) PRM Professional Risk Manager ) -- Company Establishes Four Business Segments and Key Growth Platforms -- Provides Greater Clarity on Business Performance to Investor Community PRIMEDIA Inc. (NYSE: PRM) announced today a new strategic operating structure for the company that aligns its businesses into four new segments. The four segments, Enthusiast A person who enjoys using computers and electronic equipment. Enthusiasts like technology and are willing to learn more of the ins and outs of a product than the average consumer, who just wants to use it. An enthusiast is more like a "prosumer." See consumer and prosumer. Media, Consumer Guides, Business Information and Education and Training, align align (  līn),v to move the teeth into their proper positions to conform to the line of occlusion. the company's businesses based on common operating strategies, target markets and investment characteristics, providing both management and the investor community with greater clarity and visibility on the performance of the company's key businesses. "Since joining the company last quarter, I have focused on reviewing our operations and identifying a strategy that will enable us to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the full potential of PRIMEDIA's businesses and maximize our operating performance," said Kelly Kel·ly , Ellsworth Born 1923. American abstract painter and sculptor whose works are characterized by flat color areas with sharply defined edges. Kelly, Emmett 1898-1979. Conlin, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of PRIMEDIA. "As our management team coalesced co·a·lesce intr.v. co·a·lesced, co·a·lesc·ing, co·a·lesc·es 1. To grow together; fuse. 2. To come together so as to form one whole; unite: around key investment and organic growth initiatives, it became apparent we needed a structure that better aligned our businesses and enabled us to provide a clearer sense of our strategic focus and operating performance. We believe the structure we are announcing today does just that. As we execute our strategy and make investments in 2004, our customers, employees and investors will clearly see the results of our efforts." "We intend to grow this company by maximizing and expanding our market leading brands," Conlin continued. "As measured by our revenues, our Enthusiast Media segment makes us by far the largest enthusiast publisher in the country. In our Consumer Guides segment, we not only have the leading publication, but we have the largest national distribution system. In our Business Information segment, we have a number of leading brands that can be expanded into more robust information services See Information Systems. . And our Education and Training segment has some unique products that can be operated more successfully." The company's four segments, along with their operating profile and key priorities, are outlined below: -- PRIMEDIA Enthusiast Media encompasses the company's consumer magazine brands, including their related Web sites and live events, as well as About.com About.com is an online source for original consumer information and advice, a top 10 Web property used by one out of five people on the Internet (Nielsen NetRatings[1]). It is owned by the New York Times. . In 2003, Enthusiast Media generated $725.9 million of revenue, 54% of PRIMEDIA's total revenue(1) from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the , and $146.9 million in Segment EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become (2) for a Segment EBITDA margin of 20%. The Enthusiast Media segment produces over 120 magazine titles, is the third largest overall producer of magazine advertising pages in the U.S and has market leading positions in the Automotive, Outdoor, Action Sports, Crafts, History, Marine, Equine equine Any member of the ungulate family Equidae, which includes the modern horses, zebras, and asses, all in the genus Equus, as well as more than 60 species known only from fossils. Equines descended from the dawn horse (see Eohippus). and Home Technology categories. Brands include Motor Trend, Automobile automobile, self-propelled vehicle used for travel on land. The term is commonly applied to a four-wheeled vehicle designed to carry two to six passengers and a limited amount of cargo, as contrasted with a truck, which is designed primarily for the transportation of , Hot Rod hot rod Automobile rebuilt or modified for high speed, fast acceleration, or sporty appearance. A wide range of automobiles may be called hot rods, including some of those used in drag racing as well as those used in recreational cruising. , Truckin', Super Street, Surfer, In Fisherman, Florida Florida, state, United States Florida (flôr`ĭdə, flŏr`–), state in the extreme SE United States. A long, low peninsula between the Atlantic Ocean (E) and the Gulf of Mexico (W), Florida is bordered by Georgia and Sportsman, Creating Keepsakes Keepsakes - A Collection is an anthology by All About Eve released on 13 March 2006. It is available either as a double CD or as a limited edition double CD and DVD set (the DVD containing the band's videos and television performances). , Snowboarder snow·board n. A board resembling a small surfboard and equipped with bindings, used for descending snow-covered slopes on one's feet but without ski poles. intr.v. , Power & Motoryacht, Stereophile Stereophile (ISSN 0585-2544) is a monthly magazine that focuses on high end audio equipment, such as loudspeakers and amplifiers, and audio-related news, such as online audio streaming. It was founded in 1962 by J. Gordon Holt. and Home Theater An audio/video entertainment center that has a large-screen TV and hi-fi system with three speakers in the front (left, right and center) and left and right speakers in the rear. Starting in the early 1990s, video inputs were added to stereo receivers and preamplifiers. . About.com and the magazine-branded Web sites collectively are the 10th most visited collection of consumer Web sites in the U.S. as ranked by Nielsen/Net Ratings, with an average of 29.6 million unique visitors A count of how many different people access a Web site. For example, if a user leaves and comes back to the site five times during the measurement period, that person is counted as one unique visitor, but would count as five "user sessions. each month in 2003. "We have set a number of key priorities within our Enthusiast Media segment for 2004 including both operational and investment initiatives that will help us achieve organic growth," stated Conlin. "We have streamlined management by creating direct reporting lines from the executives running these business units directly to me. We also brought a new divisional CFO See Chief Financial Officer. on board who will improve our operating focus and reporting metrics metrics Managed care A popular term for standards by which the quality of a product, service, or outcome of a particular form of Pt management is evaluated. See TQM. for these businesses. "Equally important, we are investing in these businesses. We will improve the editorial product by redesigning more than a dozen publications in the largest product upgrade initiative in our company's history. In the first quarter of 2004 alone, our redesign re·de·sign tr.v. re·de·signed, re·de·sign·ing, re·de·signs To make a revision in the appearance or function of. re debuts include Motor Trend and the 30 editions of Game & Fish. We have recently named a new CEO of About.com who has planned a first half release of a complete site redesign and editorial packaging that will increase visit frequency and page views per unique visitor. We will capitalize on our Google (Google, Mountain View, CA, www.google.com) The largest search engine on the Web, founded by Larry Page and Sergey Brin, two Stanford University students. In 1996, they developed their "BackRub" search engine, named after its unique page ranking method (explained below). advertising partnership by extending the program across all company websites to maximize participation in the contextual online advertising market. "Also, in the first quarter, we are consolidating from multiple fulfillment ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. systems to a single fulfillment center for all of our product merchandise. This consolidation will ultimately allow one technology platform and shopping cart across all company Web sites, enabling an enhanced user experience and cross promotion for the company's 2,100 SKUs of branded products--books, videos, DVD's, apparel and calendars. In addition, our licensees sell over 1,500 SKUs of products through our license agreements. Also, we are revitalizing re·vi·tal·ize tr.v. re·vi·tal·ized, re·vi·tal·iz·ing, re·vi·tal·iz·es To impart new life or vigor to: plans to revitalize inner-city neighborhoods; tried to revitalize a flagging economy. our retail initiatives. In the first half of the year, for example, our programs will include new In-Fisherman videos in Wal-Mart  Editing of this page by unregistered or newly registered users is currently disabled due to vandalism. stores; Lowrider low·rid·er or low-rid·er or low rider n. Chiefly Southwestern U.S. 1. A customized car whose springs have been shortened so that the chassis rides close to the ground, often equipped with hydraulic lifts that can be apparel line in Sears; Motor Trend's Mr. Clean Mr. Clean n. Slang A man, especially a public figure, who adheres to the highest standards of personal and professional conduct. [From Mr. Clean, trademark used for a cleaning product.] Autodry from Procter
Adjective controlled by signals sent by radio Adj. 1. radio-controlled - operated and guided by radio; "a radio-controlled airplane" vehicles from RadioShack (RadioShack Corporation, Ft. Worth, TX, www.radioshackcorporation.com) A retailer of consumer electronics parts and products that started in 1919 as Tandy Corporation, a family leather business. In 1963, Tandy acquired nine Radio Shack stores in Boston. ; and Creating Keepsakes Scrapbooking Designer Software and How-To how-to Informal adj. Offering practical advice and detailed instruction in an activity. n. pl. how-tos Something, such as a book or learning situation, that provides practical advice and detailed instruction in an Book on QVC QVC Quality Value Convenience QVC Question Valid Command . Our existing television programming, including Hot Rod TV and In-Fisherman TV, will be joined by new programming in the hunting market for North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Whitetail TV and Guns & Ammo TV. "Finally, we have commissioned research from a leading independent media consultant that will quantify Quantify - A performance analysis tool from Pure Software. PRIMEDIA's reach across key demographic groups, particularly young men, to support advertising programs for consumer goods consumer goods Any tangible commodity purchased by households to satisfy their wants and needs. Consumer goods may be durable or nondurable. Durable goods (e.g., autos, furniture, and appliances) have a significant life span, often defined as three years or more, and companies across our portfolio. This research, which will be introduced to the market in the first half of the year, shows our audience reach is second only to Time Inc. More importantly, among key demographic targets, PRIMEDIA has a superior collective audience that can be reached more cost effectively than through a single, broadly circulated title." -- PRIMEDIA Consumer Guides is the largest publisher and distributor of free publications, including Apartment Guide, New Homes Guide and the recently launched Auto Guide. In 2003, PRIMEDIA Consumer Guides generated $276.6 million in revenue(1), 20% of PRIMEDIA's total revenue for continuing operations, and $83.2 million in Segment EBITDA(2), for a Segment EBITDA margin of 30%. PRIMEDIA Consumer Guides publishes and distributes 81 Apartment Guides in 75 regional markets with a combined monthly circulation of 1.6 million. Through the Guides and the Apartmentguide.com Web site, the company generated 5.8 million leads for apartment property managers in 2003. The company publishes and distributes 17 New Home Guides and plans to launch in additional markets this year. Additionally, Consumer Guides will launch its first Auto Guide in Charlotte, NC in the first half. Consumer Guides' distribution arm, DistribuTech, has exclusive distribution relationships with many of the country's leading supermarkets and chain stores and, last year, distributed more than 2,000 publications to these venues on behalf of other publishing organizations. "Consumer Guides presents a compelling growth opportunity for the company," stated Conlin. "We intend to invest in this business to fulfill ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. its potential in the marketplace by building on our proprietary distribution channel and successful high margin business model to enter the substantial market for pre-owned vehicle advertising and continue expanding our existing brands into additional markets. The new Auto Guide will publish the most current vehicle inventory in the market and also provide customer leads to dealers through its Web site. In addition, we believe that both our Apartment Guide and New Home Guide businesses have the opportunity to enter new markets. In the last quarter, we entered the Portland Portland, town, England Portland, town (1991 pop. 12,945), Dorset, S England. It is on the Isle of Portland, a small rocky peninsula. Portland stone has been used in St. Paul's Cathedral and other important London buildings. Lobsters and crabs are harvested. , Oregon Oregon, city, United States Oregon, city (1990 pop. 18,334), Lucas co., NW Ohio, a suburb adjacent to Toledo, on Lake Erie; inc. 1958. It is a port with railroad-owned and -operated docks. The city has industries producing oil, chemicals, and metal products. market through an acquisition, and there are other opportunities in development." -- PRIMEDIA Business Information consists of business-to-business  This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. targeted publications, Web sites, and special events with a focus on bringing sellers together with qualified buyers in numerous industries. The Business Information segment consists of 78 magazines, 108 Web sites, 23 events and 53 directories and data products, serving professionals in diverse market sectors. In 2003, Business Information generated $228.8 million in revenue(1), 17% of PRIMEDIA's total revenue for continuing operations, and $34.2 million in Segment EBITDA(2), for a Segment EBITDA margin of 15%. "Our Business Information segment has taken many necessary and prudent steps to position itself for the market turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. in business-to-business," said Conlin. "As we look towards 2004, we believe there are many opportunities to enhance marketing programs beyond print advertising by expanding the use of e-mail newsletters, Webcasts, market databases and other tools to provide marketing programs that identify prospects and deliver leads to customer sales organizations. Beyond that, we need to develop 'must have' information businesses by taking our data-oriented products -- Equipment Watch, AC-U-KWIK, Price Digests, Blue Book, Maintenance Guides--and expanding their electronic delivery capabilities. Moreover, there is an opportunity to use this data model in other categories where we have proprietary content and customer databases to build subscription data services." -- PRIMEDIA Education and Training combines the businesses that provide content for schools, universities, government and other public institutions as well as corporate training initiatives. The business includes Channel One, Films for the Humanities and Workplace Learning. In 2003, Education and Training generated $119.8 million in revenue(1), 9% of PRIMEDIA's total revenue for continuing operations, and $5.7 million in Segment EBITDA(2), for a Segment EBITDA margin of 5%. Education and Training has significant reach within several different customer segments. Channel One News is the highest rated teen television program, reaching almost 8 million teens daily in over 350,000 classrooms across America America [for Amerigo Vespucci], the lands of the Western Hemisphere—North America, Central (or Middle) America, and South America. The world map published in 1507 by Martin Waldseemüller is the first known cartographic use of the name. on an average school day. Channel One News is watched by a teen audience that is ten times larger than the nightly night·ly adj. 1. Of or occurring during the night; nocturnal: the cat's nightly prowl. 2. Happening or done every night: the physician's nightly rounds. newscast newscast Radio or television broadcast of news events. News gathering and broadcasting by the radio networks began in the mid-1930s and increased significantly during World War II. The television newscast began in 1948 with 15-minute programs that resembled movie newsreels. of ABC ABC in full American Broadcasting Co. Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. , NBC NBC in full National Broadcasting Co. Major U.S. commercial broadcasting company. It was formed in 1926 by RCA Corp., General Electric Co. (GE), and Westinghouse and was the first U.S. company to operate a broadcast network. , CBS (Cell Broadcast Service) See cell broadcast. and the cable networks combined. Films for the Humanities and Sciences is a leading distributor of videos, DVDs, and CD-ROMs to schools, colleges, and libraries in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , with approximately 2,900 owned and 10,100 licensed educational videos, DVDs, CD-ROMs and related products. Workplace Learning, a leading provider of integrated training, information and communication solutions for improving employee performance, is a leader in such markets as fire and emergency services emergency services Emergency care '…services …necessary to prevent death or serious impairment of health and, because of the danger to life or health, require the use of the most accessible hospital available and equipped to furnish those services' (Fire and Emergency Television Network) where it reached more than 250,000 fire and EMS Ems, town, Germany Ems or Bad Ems (bät ĕms), town (1994 pop. 10,130), Rhineland-Palatinate, W Germany, on the Lahn River. personnel last year, as well as industrial (Industrial Training Systems), healthcare (Health and Sciences Television Network), pharmaceuticals (Interactive Medical Networks), government (Law Enforcement Training Network) and banking (Bankers Training and Consulting Company Noun 1. consulting company - a firm of experts providing professional advice to an organization for a fee consulting firm business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a ). "Each of our education and training businesses presents a compelling business opportunity. In 2004, Channel One is focusing on expanding its number of advertisers that are targeting the hard to reach youth audience. Channel One has also formed a partnership with MTV MTV in full Music Television U.S. cable television network, established in 1980 to present videos of musicians and singers performing new rock music. MTV won a wide following among rock-music fans worldwide and greatly affected the popular-music business. in the first half of the year to produce a primetime series entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: "True Life" and also with ABC News
ABC News is a division of American television and radio network ABC, owned by The Walt Disney Company. Its current president is David Westin. for Channel One reporters to appear on ABC News. Films for the Humanities has recently named a new CEO, who is planning the introduction of new digital platform delivery systems to leverage the market's most extensive backlist back·list n. A publisher's list of older titles kept in print. tr.v. back·list·ed, back·list·ing, back·lists To place (a title) on a backlist. of supplemental educational programming with its owned and licensed educational videos, DVDs, CD-ROMs and related products. Workplace Learning is focused on growing in profitable vertical markets where the company has proprietary content and unique distribution advantages, including banking, healthcare and government." Concluded Conlin, "We are excited about the opportunity we have to organically grow our core businesses. This is a year of investment and focus, and we are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that we will be able to demonstrate tangible positive results as the year progresses." An attachment See attach a file. to this release provides key segment financial, product and market data. In a separate release issued today, PRIMEDIA reported its financial results for the fourth quarter of 2003 including the results of these new segments. The company provided two years of historical quarterly financial results by the new operating segments in an attachment to that release. (1) This presentation eliminates all intrasegment activity (2) Reconciled rec·on·cile v. rec·on·ciled, rec·on·cil·ing, rec·on·ciles v.tr. 1. To reestablish a close relationship between. 2. To settle or resolve. 3. to GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). measure in the attached table About PRIMEDIA PRIMEDIA is the leading targeted media company in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . With 2003 revenues from continuing businesses of $1.3 billion, our properties deliver content via print as well as the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the , live events and video and offer highly effective advertising and marketing solutions in some of the most sought after niche markets A niche market also known as a target market is a focused, targetable portion (subset) of a market sector. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. . PRIMEDIA Enthusiast Media includes more than 120 consumer magazines, their web sites and About.com, and is the #1 special interest magazine publisher in the U.S. with well-known well-known adj. 1. Widely known; familiar or famous: a well-known performer. 2. Fully known: well-known facts. brands such as Motor Trend, Automobile, Creating Keepsakes, In-Fisherman, Power & Motoryacht, Hot Rod, Snowboarder, Stereophile and Surfer. PRIMEDIA Consumer Guides is the #1 publisher and distributor of free consumer guides, with Apartment Guide, Auto Guide and New Homes Guide. PRIMEDIA Business Information has leading positions in 20 market sectors such as agribusiness agribusiness Agriculture operated by business; specifically, that part of a modern national economy devoted to the production, processing, and distribution of food and fibre products and byproducts. , communications, entertainment, marketing and transportation. PRIMEDIA Education and Training includes Channel One and other educational and training products. PRIMEDIA's stock symbol is NYSE: PRM.
PRIMEDIA Inc.
Reconciliation of Segment EBITDA to Loss
Before Provision for Income Taxes
($ in millions)
Full Year
2003
-------------
Revenues, Net:
Enthusiast Media $ 725.9
Consumer Guides 276.6
Business Information 228.8
Education and Training 119.8
Eliminations (5.5)
-------------
Total Revenues, net $ 1,345.6
-------------
Segment EBITDA:
Enthusiast Media $ 146.9
Consumer Guides 83.2
Business Information 34.2
Education and Training 5.7
Corporate Overhead (25.9)
Depreciation of Property and Equipment (55.9)
Amortization of Intangible Assets and Other (76.0)
Severance Related to Separated Senior Executives (9.4)
Non-Cash Compensation and Non-Recurring Charges (11.2)
Provision for Severance, Closures and
Restructuring Related Costs (8.7)
Loss on Sale of Businesses
and Other, Net (0.5)
-------------
Operating Income 82.4
-------------
Other expense:
Provision for the impairment of investments (9.0)
Interest expense (124.5)
Interest on shares subject to mandatory
redemption (21.9)
Amortization of deferred financing costs (3.5)
Other expense, net (3.1)
-------------
Loss Before Provision for Income Taxes $ (79.6)
-------------
(1) For continuing businesses. This presentation eliminates all
intrasegment activity
(2) For continuing businesses. Reconciled to GAAP measure in the
attached table
Key PRIMEDIA Segment Financial, Product and Market Data
ENTHUSIAST MEDIA:
-----------------
(Includes: consumer magazines, events, their related and websites, and
About.com)
Financial Performance
----------------------------------------------------------------------
% of
($ millions) 2003 2003 Consolidated
----------------------------------------------------------------------
Revenue (1) $725.9 54%
----------------------------------------------------------------------
Segment EBITDA (2) $146.9
----------------------------------------------------------------------
Segment EBITDA Margin 20%
----------------------------------------------------------------------
(1) For continuing businesses. This presentation eliminates all
intrasegment activity
(2) For continuing businesses. Reconciled to GAAP measure in the
attached table
Products
----------------------------------------------------------------------
Group Publications Websites Events Representative Brands
----------------------------------------------------------------------
Enthusiast 52 52 31 Hot Rod, Truckin,
Automotive Super Street,
Lowrider,
Motorcyclist, Four
Wheeler, Muscle
Mustangs & Fast Fords
----------------------------------------------------------------------
Consumer 3 4 17 Motor Trend,
Automotive Automobile, Truck
Trend, IntelliChoice
----------------------------------------------------------------------
Outdoor 16 17 17 In-Fisherman, Game &
Fish, Florida
Sportsman
----------------------------------------------------------------------
Action Sports 10 11 25 Surfer, Snowboarder,
Slam
----------------------------------------------------------------------
Home Technology 7 5 3 Stereophile, Home
Theater Shutterbug,
Photographic
----------------------------------------------------------------------
Lifestyles 33 21 14 Creating Keepsakes,
Power & Motoryacht,
Equus, Sail, Soap
Opera Digest,
American History
----------------------------------------------------------------------
Online Guides 450 About.com
----------------------------------------------------------------------
Total 121 560 107
----------------------------------------------------------------------
FY03 Publishers by Ad Pages
Time Inc. ------------------------------------------- 44,906
Advance/Conde Nast ---------------------------------- 26,933
PRIMEDIA ------------------------------- 22,196
Hearst --------------------------- 19,611
Hachette Filipacchi ----------------------- 14,404
CMP Publications ------------- 9,501
American Media ----------- 8,556
Gruner + Jahr --------- 7,527
Source: MIN FY03
Total Gross Audience/Readership by Publishing Company
Time Inc. -------------------------------------- 172
PRIMEDIA ------------------------------------- 128
Hearst --------------------------------- 112
Conde Nast ---------------------------- 95
Meredith ------------------------ 72
Hachette ------------------- 62
(millions)
Source: 2003 Spring MRI; Audience shown is the gross sum of MRI
measured readership for each company's magazines and DJG estimates of
unmeasured magazine readership based on industry norms.
CONSUMER GUIDES
---------------
(Includes: Apartment Guide, New Homes Guide, DistribuTech and their
websites)
Financial Performance
----------------------------------------------------------------------
% of
($ millions) 2003 2003 Consolidated
----------------------------------------------------------------------
Revenue (1) $276.6 20%
----------------------------------------------------------------------
Segment EBITDA (2) $83.2
----------------------------------------------------------------------
Segment EBITDA Margin 30%
----------------------------------------------------------------------
(1) For continuing businesses. This presentation eliminates all
intrasegment activity
(2) For continuing businesses. Reconciled to GAAP measure in the
attached table
Products
----------------------------------------------------------------------
Region Apartment New Home DistribuTech Major Markets
Guides Guides Retail
Locations
----------------------------------------------------------------------
Northeast 25 5 5,121 Washington D.C.,
Philadelphia,
Baltimore, Chicago
----------------------------------------------------------------------
Southeast 23 4 3,006 Atlanta, Tampa,
Orlando, Broward
----------------------------------------------------------------------
Midwest 14 5 2,448 Dallas, Houston,
Austin, Kansas City
----------------------------------------------------------------------
West 19 3 5,452 Phoenix, Las Vegas,
Los Angeles, San
Francisco
----------------------------------------------------------------------
Total 81 17 16,027
----------------------------------------------------------------------
BUSINESS INFORMATION
--------------------
(Includes: trade magazines, events, directories and data products and
their related websites)
Financial Performance
----------------------------------------------------------------------
% of
($ millions) 2003 2003 Consolidated
----------------------------------------------------------------------
Revenue (1) $228.8 17%
----------------------------------------------------------------------
Segment EBITDA (2) $34.2
----------------------------------------------------------------------
Segment EBITDA Margin 15%
----------------------------------------------------------------------
(1) For continuing businesses. This presentation eliminates all
intrasegment activity
(2) For continuing businesses. Reconciled to GAAP measure in the
attached table
Products
----------------------------------------------------------------------
Category Publications Directories Websites Events Representative
and Data Brands
Products
----------------------------------------------------------------------
Transportation 15 13 19 1 Price Digests,
& Public AC-U-KWIK,
Services Clymer
Manuals,
Ward's Auto
World,
American
Trucker, Fire
Chief, Waste
Age, American
School and
University
----------------------------------------------------------------------
Entertainment 13 11 17 4 Broadcast
and Media Engineering,
Electronic
Musician, MIX,
Video Systems,
Millimeter
----------------------------------------------------------------------
Technology 7 7 9 2 Electronics
Source Book,
Telephony,
Paper Film and
Foil Converter
----------------------------------------------------------------------
Energy and 12 9 21 4 Electrical
Construction Construction &
Maintenance,
Transmission
and
Distribution
World,
Concrete
Products,
Equipment
Watch, Access
Control and
Security
Systems
----------------------------------------------------------------------
Marketing and 11 7 15 6 Meetings
Meetings Magazine,
Special
Events,
American
Demographics
----------------------------------------------------------------------
Financial 4 2 5 0 Registered
Services and Rep, Trusts
Real Estate and Estates,
National Real
Estate
Investor
----------------------------------------------------------------------
Agribusiness 14 2 17 0 Beef, Corn and
and Textiles Soybean
Digest,
Stitches,
Modern
Uniforms
----------------------------------------------------------------------
Fitness and 2 2 5 4 Club Industry,
Healthcare Homecare
----------------------------------------------------------------------
Total 78 53 108 23
----------------------------------------------------------------------
EDUCATION AND TRAINING
----------------------
(Includes: Workplace Learning, Channel One and Films for the
Humanities)
Financial Performance
----------------------------------------------------------------------
% of
($ millions) 2003 2003 Consolidated
----------------------------------------------------------------------
Revenue (1) $119.8 9%
----------------------------------------------------------------------
Segment EBITDA (2) $5.7
----------------------------------------------------------------------
Segment EBITDA Margin 5%
----------------------------------------------------------------------
(1) For continuing businesses. This presentation eliminates all
intrasegment activity
(2) For continuing businesses. Reconciled to GAAP measure in the
attached table
Products
----------------------------------------------------------------------
Business Description Key Brands/Markets
----------------------------------------------------------------------
Channel One Broadcast to almost 8 million Channel One News
students, 350,000+ classrooms, and
almost 12,000 schools
----------------------------------------------------------------------
Films for Distributes 2,900 owned products Films for the
the and 10,100 licensed products Humanities,
Humanities Cambridge,
and Meridian, and
Sciences Shopware
----------------------------------------------------------------------
Workplace Creates, produces, and distributes - Banking
Learning proprietary content for employee - Government
training. Platforms include - Healthcare
satellite programming, interactive - Public & Private
multimedia, Internet, books, CDs, Security
and videos - Industrial
----------------------------------------------------------------------
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