Primedia reports third-quarter loss

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New York--Due in part to continued weakness in its B2B Segment, which includes Primedia Business Magazines & Media, Primedia reported Thursday that its consolidated sales totaled $323.7 million in the third quarter, down 3.2% from the same period in 2002. The company posted a loss of $43.7 million in the quarter compared with a $2.8 million loss in the same period last year. The widening of the loss was due mainly to an asset sale and a tax benefit in the third quarter of 2002. Primedia’s EBITDA (earnings before interest, taxes, depreciation and amortization) totaled $51.4 million for the third quarter, which fell within the range of expectations taking into account discontinued operations. However, the company reduced its EBITDA projections for the fourth quarter to $83 million to $86 million, from $92 million to $95 million.
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