Primedia Reports First Quarter 2008 Results
Business Wire
Posted: 2008-05-08 07:00:00
PRIMEDIA Inc. (NYSE: PRM), the #1 print and online publisher and
distributor of advertising-supported consumer guides in the U.S. through
its Consumer Source operation, today reported results for the first
quarter ended March 31, 2008.
“In the first quarter, we were pleased to see
our largest business, Apartment Guide and ApartmentGuide.com, deliver
its third consecutive quarter of year-over-year revenue growth,”
said Dean Nelson, Chairman and interim CEO of PRIMEDIA. “However,
as we expected, the challenging environment in the residential housing
sector impacted New Homes and some of our DistribuTech customers, a
situation we anticipate will continue for the remainder of the year. As
we previously announced, we are quite enthusiastic that Charles Stubbs
will be joining PRIMEDIA as its new CEO later this month. Charles has a
strong track record in generating value through the combination of
businesses that integrate traditional and online media, like Consumer
Source. We are confident that Charles will be able to strengthen our
position as the premier print and online resource to advertise apartment
and other rentals, as well as new homes, in key markets across the
country.”
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($ millions, except per share amounts)
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First Quarter
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Percent Change
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(Unaudited)
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2008
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2007
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Advertising Revenue
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$
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63
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.6
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$
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63
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.1
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0
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.7%
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Distribution Revenue
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13
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.9
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13
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.8
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1
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.1%
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Total Net Revenue
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$
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77
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.5
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$
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76
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.9
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0
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.8%
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Adjusted EBITDA (a)
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$
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12
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.9
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$
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14
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.2
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-9
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.4%
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Operating Income
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$
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8
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.3
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$
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8
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.7
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-5
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.3%
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Income (Loss) from Continuing Operations
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$
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2
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.2
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($13
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.1)
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Discontinued Operations
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$
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11
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.4
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(b)(c)
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$
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117
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.8
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(b)(d)
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Net Income (Loss)
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$
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13
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.6
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$
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104
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.7
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Free Cash Flow (e)
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($19
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.6)
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