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BtoB

Penton stockholders authorize reverse stock split

Published on .

Cleveland--Penton Media Inc. announced late Thursday that its stockholders approved a reverse stock split at the company's annual meeting.

Penton Chairman-CEO Thomas L. Kemp said at the meeting that the board does not expect to implement the reverse split in the near term.

Penton announced Wednesday that its stock was being delisted later this month from the New York Stock Exchange, and the reverse split had been one of the means designed to keep the company in line withthe NYSE's requirements for continued listing.

Also at the meeting, Penton reaffirmed its second-quarter guidance that revenues are expected to decline about 15% but that second-quarter adjusted earnings before interest, taxes, depreciation and amortization will be about even with the same period last year.

--Sean Callahan

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