Ziff Davis earnings down significantly in fourth quarter

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New York-- Ziff Davis Media Inc. posted sharply lower earnings and revenue for the fourth quarter. The technology publishing company, facing a heavy debt load and the continuing ad slump, reported earnings before interest, taxes, depreciation and amortization of $8.9 million for the quarter, down from $32.4 million for the same period in 2001. Revenue for the quarter fell to $66.8 million, from $122 million a year earlier. The decrease was primarily due to a nearly 50% drop in total ad pages. Ziff has tried to stop the bleeding with the shuttering of Smart Partner and the merging of Interactive Week into eWeek. In January Ziff met with its bond holders, banks and main financial backers, Willis Stein & Partners III L.P., to renegotiate its debt, which stood at more than $430 million as of September 30.
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