BtoB

Shrinking profitability

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% CAGR 1999 2003 chg. '99-'03

Advertising revenue $3,426 $2,797 -18.4% -4.9%

Circulation revenue 298 245 -17.8 -4.7

Ancillary 881 599 -32.0 -9.2

Total magazine revenue 4,605 3,641 -20.9 -5.7

Publisher's profit* 1,361 978 -28.1 -7.9

*Publisher's profit = total magazine revenue - total magazine expenses (before G&A and indirect overhead) Source: "The ABM Publishing Profitability Report, Five Year Trend Analysis, 1999-2003," Jordan, Edmiston Group, 2004< /EM >

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