Penton posts higher revenue, lower earnings

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Cleveland--Penton Media announced Monday that its revenue increased but its bottom line suffered in the second quarter and first half of 1999. Thanks to Penton's $274 million acquisition of Mecklermedia Corp. last November--which added revenue from the Spring Internet World and ISPCON Spring trade shows--the company's revenue grew 42.7% to $84.5 million in the second quarter compared with $59.2 million in the same period last year. Second-quarter net income was $1 million, compared with $3.7 million a year earlier. A one-time extraordinary charge of $2.2 million related to the Mecklermedia acquisition reduced Penton's profit. For the first half of 1999, Penton's revenue increased 27.8% to $142.8 million, compared with $111.7 million for the same period last year. The company reported a net loss of $1.8 million in the first half compared with net income of $6 million in the same period of 1998. Penton blamed the loss on increased interest expenses and other factors related to its acquisitions.
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