PENTON TO LAUNCH INTERNET WIRELESS TRADE SHOW; REPORTS FULL-YEAR RESULTS.
Penton said the new event will focus on the latest technologies and applications of the wireless Internet and will provide "analysis of the opportunities wireless has created" in the fields of infrastructure, m-commerce, enterprise applications, platforms, content outsourcing, m-advertising, multimedia, Web development and investment. The new event is being targeted to "Internet professionals charged with the development of wireless strategies for the enterprise," Penton said.
In related news, operating revenue for Penton Media increased 34.5% in 2000, going from $300.8 million in 1999 to $404.6 million last year. Annual net income went from $8.2 million in 1999 ($10.9 million in 1998) to $79.6 million last year, an increase of 870.7%.
Penton said that revenue from trade shows and conferences accounted for 41.6% of total company revenue, up from the 32.4% reported in 1999. Overall, revenue for events grew 72.9% to $168.4 million, up from $97.4 million in 1999. 2000 publishing revenue totaled $230.1 million, a 13.6% increase over 1999. Penton's still unprofitable Internet operations generated revenue of $6 million in 2000, up from the $0.9 million recorded in 1999.
The company warned that, because of a slowing economy and changing market conditions, a slowdown will be reflected in first quarter results. To deal with that slowdown, Penton said it has cut 50 positions, adjusted its portfolio of Internet media products and has eliminated its centralized corporate Web development operations.
Penton noted that 2000 developments include the acquisition of 55 trade shows, Duke Communications and a controlling interest in ComMunich GmbH, as well as the launch of 4 magazines (ISP World, Streaming Media, Medical Design News and Designing), 18 events, a variety of portal Web sites, and a network of online trade shows.
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|Title Annotation:||Penton Media|
|Comment:||PENTON TO LAUNCH INTERNET WIRELESS TRADE SHOW; REPORTS FULL-YEAR RESULTS.(Penton Media)|
|Article Type:||Brief Article|
|Date:||Feb 15, 2001|
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