Primedia's net loss grew to $139 million in the first quarter, from $5 million in the same period in 2001. Revenues rose 2.1% to $401.1 million, thanks to a boost from the acquisition of publisher Emap USA last August. Management, however, would not break Emap's revenue from the totals.
Consumer magazine revenue rose 18.2% to $345.4 million, thanks to Emap's contribution, while business-to-business magazine revenue dropped 22.2% to $89.9 million.
Rogers: No revenue growth
While Primedia Chairman-CEO
Meanwhile, the company is focused on holding down costs and reducing its debt load, he said.
Primedia has completed $160 million worth of a targeted $250 million in asset sales to raise cash for debt payoffs. Properties that have been sold include the Modern Bride Group, to Conde Nast Publications, and Bacon's Information, to Sweden's Observer AB.
He did not identify other titles on the block, but said the company is in discussions with several buyers, and further asset divestitures are expected to be completed mid-year.