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Ziff Davis reports higher revenue, wider loss

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New York--Ziff Davis Holdings, the parent of Ziff Davis Media, reported second-quarter revenue of $51.3 million, up 9% from $47.1 million for the second quarter of 2003.

“The company’s quarterly sales growth is largely the result of several of its new-product and service initiatives,” said Robert Callahan, Ziff Davis Media chairman-CEO, in a statement. Ziff Davis reported a net loss for the second quarter of $20.4 million, compared with a net loss of $2.3 million in the same quarter of 2003. The wider loss was attributed to larger interest obligations and a principal payment in the second quarter of this year.

The company also reported that its earnings before interest, taxes, depreciation and amortization totaled $9.5 million for the second quarter, up from $9.0 million a year earlier. The EBITDA figure excluded a noncash expense of $1.3 million for stock options issued in the second quarter of this year.

Ziff Davis said its cash position remains strong at $35.7 million as of June 30, but it acknowledged an $11.6 million net use of cash in the first six months of this year. --Sean Callahan

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