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Penton reports lower revenue, narrower loss

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Cleveland—Penton Media Monday posted third-quarter revenue of $52.8 million, down 2.4% from $54.1 million in the same period last year.

The struggling publisher of IndustryWeek posted a narrower net loss of $44.0 million, compared with a net loss of $54.4 million in the third quarter 2003. These net losses were exacerbated by a goodwill impairment charge--mainly due to decay in Penton’s technology properties--of $37.8 million in the third quarter of this year and $37.6 million in last year's third quarter.

The company’s adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) totaled $12.1 million in the third quarter, compared with $13.8 million in last year's third quarter.

Penton’s cash and equivalents dwindled to $17.3 million on Sept. 30, compared with $29.6 million on Dec. 31, 2003.

A bright spot for the company was the performance of its online products, where revenue jumped to $4.1 million in the third quarter up from $3.3 million in the same quarter last year.

--Sean Callahan

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