The loss occurred as the companyâs second-quarter revenue declined 19.8% to $50.5 million, from $62.9 million a year earlier.
The company posted an operating loss of $8.9 million for the second quarter, compared with an operating loss of $9.4 million a year earlier. The operating loss for this year's second quarter included a $7.6 million non-cash charge relating to a provision for loan impairment and $1.9 million in restructuring and other chargers.
Penton said its adjusted EBITDA (in this case, operating income before depreciation, amortization, non-cash compensation, impairment of assets, provision for loan impairment and restructuring costs) was $4.8 million, compared with $5.1 million in the second quarter of last year.
Penton said it will no longer issue specific financial guidance. The company, however, did issue general guidance, saying it expected adjusted EBITDA and adjusted EBITDA margins to improve as the year progresses due to cost reductions.