ZIFF DAVIS SEES STEEP DROP IN QUARTERLY EARNINGS

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(Aug. 10, 2001) -- Troubled tech publisher Ziff Davis Media reported results for its principal division, Ziff Davis Publishing Holdings, for the quarter ended June 30 that, even in today's economy, are almost singular in their ugliness.

Earnings before interest, taxes, depreciation and amortization were $3.5 million, down from $32.4 million the year previous. Revenues dropped to $78.9 million from $125.6 million. Ad pages declined 47.5%.

The company also said it had begun initiatives that would reduce its workforce by 23%. -- Jon Fine

Copyright August 2001, Crain Communications Inc.

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