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Advanstar reports higher revenue, narrower loss

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New York--Advanstar Communications reported Tuesday that its revenue increased 5.4% to $323.7 million last year, from $307.2 million in 2002.

The gain was attributable in part to the $20.7 million in publishing revenue added by the company’s Oct. 1 acquisition of Medical Economics and related properties. Advanstar narrowed its net loss from $57.5 million in 2002 to $49.4 million in 2003.

The company reported adjusted earnings before interest, taxes, depreciation and amortization (EDITDA) of $82.7 million for 2003, a 1.8% increase over adjusted EBITDA of $81.3 million in 2002.

The Medical Economics acquisition added $5.4 million to Advanstar’s adjusted EBITDA. The company’s adjusted EBITDA in 2002 was boosted by a $2.8 million insurance payment, while its adjusted EBITDA in 2003 was negatively affected by $2.7 million in restructuring charges as well as $1.8 million in charges related to venue space arrangements for trade shows.

--Sean Callahan

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