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Advanstar announces second-quarter results

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New York—Advanstar Communications reported net income of $15.5 million for the second quarter, compared with a net loss of $27.8 million in the second quarter of 2004. Net income in the second quarter of 2005 included results of assets sold to Questex, as well as a $53 million gain on the sale of the assets. Revenue for the second quarter was $56 million, down 0.4% from $56.2 million in the second quarter of 2004. Advanstar said that work force reductions related to the Questex sale resulted in a second-quarter charge of $1.2 million for severance costs. When the deal was completed in May, Advanstar announced that 89 employees would be let go by the end of the year.
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