Primedia’s Q2 financial statement has few details about status of business information unit

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New York—Primedia issued a press release Thursday discussing its second-quarter financial performance, but the release shed little light on either the performance of the company’s business information unit or the status of the auction for that unit.

Primedia said detailed financial information on its "discontinued operations" will be included in its 10-Q filing with the Securities & Exchange Commission. The filing is expected to take place early next week.

On the status of Primedia’s attempt to sell the business information unit, the release said, "The company is actively pursuing the sale of business information segment with the exception of Ward’s Automotive Group, which has been transferred to the enthusiast media segment.

"The operating results of the business information segment, excluding Ward’s, have been classified as discontinued operations for all periods presented. There can be no assurance that any transaction will occur, or, if undertaken, the terms of timing of such a transaction."

For Primedia’s continuing businesses, which include enthusiast media, consumer guides and education, total net revenue increased 4.6% to $278.6 million in the second quarter compared with $266.4 million in the year-earlier period. EBITDA (earnings before interest, taxes, depreciation and amortization) for the continuing operation segments were flat at $54.5 million.

Primedia’s income applicable to common shareholders was $5 million for the quarter, compared with a loss of $3.6 million in the second quarter of 2004.

—Sean Callahan

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