Primedia boosted revenue slightly, from $419.9 million in the second quarter last year to $422.5 million in this yearâs second quarter.
Earnings before income taxes, depreciation and amortization (EBITDA) also rose in the second quarter, to $63.7 million from $44.5 million a year earlier. Some of the rise in EBITDA came from cost-cutting measures, particularly in Primediaâs b-to-b segment, which shaved costs by 13% ($12 million) in the second quarter of 2002 versus the same period a year earlier.
Primedia said more than half of its b-to-b revenues derive from sources other than advertising and acknowledged that the b-to-b ad market continues to be weak, with telecommunications the âweakest.â
Separately, in an effort to pay down debt, Primedia announced Wednesday the sale of Chicago magazine for $35 million in cash to Chicago Tribune Co. With the completion of the sale, Primedia will have sold about $220 million of its targeted $250 million in non-core assets in an effort to reduce its debt.