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BtoB

Penton posts $104 million loss for 2001

Published on .

Cleveland, Ohio--Acknowledging that its results were “severely impacted” by the recession and Sept. 11, Penton Media Inc. reported Wednesday that it lost $104.1 million in 2001, including restructuring charges.

Revenue totaled $371.6 million and adjusted earnings before income tax, depreciation and amortization were $40.3 million.

Penton also announced that ABRY Partners L.L.C. had signed a commitment letter with Penton enabling ABRY to purchase up to $40 million of convertible preferred stock in a private placement. The deal is intended to relieve Penton of some of its current long-term debt. The agreement is expected to be finalized in March.

Penton’s technology and manufacturing media divisions, particularly trade shows and magazines serving the Internet and broadband sector, were hit hardest by the recession.

--Sean Callahan

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