Cleveland--Penton Media Inc., publisher of Machine Design and producer of the Internet World trade shows, posted a first-quarter net loss of $5.1 million, compared with a net loss of $43.9 million a year earlier, which included a non-cash asset impairment charge of $39.7 million.
Revenue fell to $54.4 million in this year's first quarter, a decline of 11% from a year earlier.
However, EBITDA (earnings before interest, taxes, depreciation and amortization) climbed to $9.3 million, compared with $5.2 million in the first quarter of 2002.
âOur operating results demonstrate the benefits of the cost reduction initiatives we implemented in response to challenging market conditions, particularly in the technology and manufacturing markets we serve,â said Penton Chairman-CEO Thomas L. Kemp, in a statement.
Penton expects the difficult market conditions to continue and revenues to decline by 15% in the second quarter, compared with last year's second quarter.
--Sean Callahan
