The second-quarter net loss applicable to common stockholders is even more dismal, reaching $56.6 million, because it includes a $44.5 million non-cash charge from a deal that restructured Pentonâs long-term debt.
Quarterly results for 2002 include a $7.8 million pre-tax restructuring charge for staff reductions and facility closings.
Thomas L. Kemp, Pentonâs chairman-CEO, blamed the poor performance on declines in the companyâs trade shows serving the Internet/broadband markets.
Quarterly results were also impacted by a change in the timing of Pentonâs Internet World Spring and CRM trade shows, which were held in the second quarter of 2002 rather than the first quarter, as they were in 2001.
âWe are working aggressively to lower operating costs in this environment while maintaining the high quality of Pentonâs products and services and our strong market share positions across all our sectors,â Kemp said.
Penton said it expects the current challenging business climate to continue through the remainder of the year due to the lack of recovery in the general economy and continued uncertainty in global markets.