Ziff-Davis loses $14.9 million in third quarter

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New York--Ziff-Davis posted a net loss for the third quarter of $14.9 million, compared with a net loss of $4.5 million in the year-earlier period. The company attributed the size of the loss to its increased tax rate. Ziff-Davis' revenue grew to $232 million for the quarter, compared with $211.5 million in the year-earlier period, a gain of 10%. Ziff-Davis attributed the gain to events held in the third quarter that last year had been held in the fourth quarter. ZD Publishing saw its revenue decline 9%, falling to $165.3 million in the third quarter, compared with $181.7 million in the year-earlier period. Ziff-Davis continues to search for a buyer. "We are pleased with how the exploration process is proceeding, and believe that the balance of the process will be concluded by year-end," Chairman-CEO Eric Hippeau said in a statement. Ziff-Davis also reported that it has reduced its outstanding debt from $1.55 billion at the end of last year to $1.17 billion.
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