Trade publisher Penton Media, Cleveland, reported record revenue for the fourth quarter and full year, though profits fell from a year ago. Net income for the quarter fell 36.6% to $2.6 million, but revenue climbed 33.3% to $68.6 million. Penton said the increase came primarily from its Media Services segment, which publishes specialized business titles and produces trade shows and conferences. For the full year, net income was down 26.8% to $10.9 million, attributed in part to costs associated with the spinoff of Pittway Corp. Revenue hit $233.1 million, up 13.8%. Penton acquired Mecklermedia last November.
Copyright February 1999, Crain Communications Inc.