Reed Elsevier warns of lower profits

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Amsterdam, Netherlands--Reed Elsevier, the Anglo-Dutch parent of New York-based Cahners Business Information, issued an annual update Thursday, which included a warning of lower pretax profits in the second half of 1999 compared with the year-earlier period, which were about $670 million. The company also said it planned to take as much as a $400 million restructuring charge spread across 1999 and 2000. Reed Elsevier also reported that Cahners' revenue was flat for the year, excluding minor divestments. The company said it expected Cahners to see benefits next year from its August job cuts. Reed Elsevier also said it planned companywide investments of as much as $325 million in product development and marketing, especially in the Internet arena.
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