Earnings: Primedia Profit Nosedives 87 Percent, As Ad Revenue Remains Flat
This story was written by David Kaplan.
Consumer guide publisher Primedia (NYSE: PRM) profits plummeted 87 percent to $13.6 million in Q1 from $104.7 million the year before. The $91.1 loss was attributed to residual affects, such as taxes, and from the discontinued operations all associated with last August's $1.2 billion sale of Primedia Enthusiast Media. Revenue was essentially flat with an increase of 0.8 percent year-over-year. Looking at the individual segments that made up the revenue picture, Primedia saw a modest gain of 2.5 percent for Apartments division, which includes Apartments.com. But the mixed revenue results were rounded out by the 1.1 increase in DistribuTech revenue, which was offset by a 6.6 percent decline in New Homes guide revenue.
By David Kaplan