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BtoB

Penton loses $6.1 million despite higher revenue

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Cleveland--Despite increasing its revenue 32.7% in the third quarter, Penton Media posted a net loss of $6.1 million, compared with a $2.2 million profit in the same period last year. Revenue for the quarter jumped to $70.1 million, from $52.8 million in 1998's third quarter, thanks largely to Penton's acquisition of the former Mecklermedia properties. Acknowledging "softness" in advertising dollars, Penton CEO Thomas Kemp said in a statement that the company is stepping up its investment in Internet media: "Our Internet media respresent a proven revenue and profit model that we continue to build upon."
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