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Primedia posts stronger financial results

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New York--Primedia reported $351.0 million in revenue for the fourth quarter of 2003, a dip of 3.9% from a year earlier. The company said its net income totaled $4.0 million, compared with a net loss of $87.4 million in the same quarter of 2002.

For the year, Primedia posted revenue of about $1.35 billion, compared with $1.40 billion in 2002, a dip of 3.8%. Its net loss for 2003 was $3.0 million, compared with a net loss of $647.1 million for 2002, which included a large, non-cash impairment charge.

In conjunction with reporting its earnings, Primedia announced it had restructured its business into four units: business information, enthusiast media, consumer guides, and education and training. The business information segment produced revenue of $62.8 million in the fourth quarter, down 7.8% from a year earlier. For the year, the unit's revenue fell 11.7% to $228.8 million.

Business information earnings before interest, taxes, depreciation and amortization (EBITDA) reached $17.6 million for the fourth quarter, a 1.7% increase over the same period in 2002. For the full year, EBITDA in the business information segment declined 10.9% to $34.2 million.

“2004 will be a year of investing in our businesses and rebuilding for growth,” Kelly Conlin, Primedia’s president-CEO, said in a statement.

--Sean Callahan

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