Penton to restate results for 2002-’04

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Cleveland—Penton Media this week filed documents with the Securities and Exchange Commission indicating it will restate its results for the years 2002-2004. As a result, the company has filed for a 15-day extension of the March 31 filing deadline for its 10-K form.

Penton said in an SEC filing that the net effect of the restatement is an "increase in stockholders’ deficit at Dec. 31, 2003, and Sept. 30, 2004, of approximately $16.0 million to $18.0 million and $18.0 million to $20.0 million, respectively."

On March 24, Penton’s management concluded that the company’s previously issued consolidated financial statements should be restated "to increase income tax expense for the years 2004, 2003 and 2002 to correct the computation of our valuation allowance for deferred tax assets over those periods."

—Sean Callahan

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