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Primedia posts flat revenue, higher operating income

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New York--Primedia Thursday reported first-quarter revenue of $328.5 million, essentially unchanged from a year earlier.

The company’s operating income grew 6.9% to $18.6 million, compared with $17.4 million in the first quarter of 2003. Thanks to the $37.2 million gain on the sale of New York Magazine, Primedia posted income of $5.9 million for the quarter compared with a $36.7 million loss in the first quarter of 2003.

Primedia’s loss from continuing operations was $26.1 million, compared with a loss of $21.1 million in the first quarter of 2003.

The company’s business information segment generated $56.0 million in revenue in the first quarter, down 2.6% from $57.5 million a year earlier. Earnings before interest, taxes, depreciation and amortization totaled $4.5 million for the segment, up 18.4% from $3.8 million in the first quarter of 2003. Trade publication ad revenues slipped 6.6% to $39.6 million in the first quarter. Online revenue increased 93%.

--Sean Callahan

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