Penton reports loss of almost $283 million

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Cleveland--Penton Media Inc. announced Friday a third-quarter net loss of $282.9 million, compared with a net loss of $29.5 million in the same period last year.

The net loss for the most recent quarter included a restructuring charge of $3.4 million, primarily for staff reductions, and non-cash charges of about $263 million for impairment of goodwill and other intangible assets.

Revenue for the third quarter declined to $48.6 million from $61.5 million a year earlier.

Penton reported an adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) loss of $1.5 million, compared with an adjusted EBITDA loss of $7.8 million for the third quarter of 2001. Penton said it will not reach its adjusted EBITDA guidance of $25 million to $35 million for 2002, and ad revenues will be near the low end of earlier guidance of $245 million to $270 million.

In early trading Friday, Penton’s share price was 48 cents, down from 50 cents at Thursday's close.

Penton is facing delisting from the New York Stock Exchange because its share price is below $1 and its market capitalization has dipped below $15 million.

--Sean Callahan

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