Penton revenue/net drops; Electronics Group enters into alliances.Revenue for Penton Media Penton Media, Inc. (OTC: PTON.OB), founded in 1892, is a diversified business-to-business media company. Penton Media is a mass media corporation that publishes and produces over 40 magazines, 80 trade shows, and 47 web sites. (Cleveland, OH) fell 8.2%, going from $404.6 million in 2000 to $371.6 million in 2001, while fourth quarter revenue fell 36.7%, going from $143 million to $90.6 million last year. Fenton reported a loss of $104.1 million last year compared to net income of $79.6 million for 2000. For the fourth quarter of 2001, Fenton showed a loss of $67.9 million compared to net income of $5.8 million in 2000. Publishing revenues for the year declined 8.7% to $210.2 million and adjusted 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 declined 48.7% to $26.3 million. Publishing revenues and adjusted EBITDA for the fourth quarter were $43 million and $17.3 million, respectively, compared with $66.7 million and $14 million for the same period in 2000. Trade show and conference revenue for the full year declined 11.4% to $149.2 million, with adjusted EBITDA declining 33.4% to $52.5 million. Also, Penton has entered into an agreement with ABRY Partners ABRY Partners is a private equity firm headquartered in Boston, Massachusetts that focuses on investments in media. Since 1989, the firm has completed over $18.0 billion of leveraged transactions and other private equity and mezzanine investments, representing investments in more (Boston, MA) for the private placement of $40 million of convertible preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. paying dividends of 5% per year and covertible into Penton common stock at $7.61. At the end of 2001, Penton bad $20.2 in cash and $364.8 million of debt. Penton expects to collect $5.8 million from the sale of its interest in INT Media and a $12 million tax refund Tax refund Money back from the government when too much tax has been paid or withheld from a salary. by the end of February, enough to "fulfill its liquidity requirments until a private placement is completed." In related news, Penton's Electronics Group (Harbrouck Heights, NJ) has entered into separate agreements with Merrill Research & Associates (San Mateo San Mateo (săn mətā`ō), city (1990 pop. 85,486), San Mateo co., W Calif., on San Francisco Bay; inc. 1894. It is a commercial and retail center with some high-technology manufacturing. San Mateo, Spanish for St. , CA) and TechOnLine, Inc. (Bedford, MA). Penton has agreed to supply Merrill Research with research services, including two projects in 2002, for technology marketers in the electronics OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and . Penton and TechOnLine have agreed to produce webcasts and related promotion and advertising for product marketers targeting engineers and engineering managers in the electronics OEM. |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion