Earnings: Primedia 3Q Profit Plunges; Highlights Plans for Digital Business

Primedia’s third quarter results weren’t great so the company followed the trend and talked up its digital business. Net income plunged 74 percent to $53.8 million, or 20 cents per share, compared with $207.8 million, or 79 cents per share, in the same quarter last year. Excluding a one-time gain, the company lost $3.3 million compared with $16.8 million. Revenue rose 2.9 percent to $254 million. The publisher yesterday filed plans with the SEC to spin off its Consumer Source unit. Some highlights about Primedia’s digital business from the earnings release. The company didn’t provide details.
— Primedia’s Automotive Digital Network, which includes MotorTrend.com, Automotive.com and Intellichoice.com, attracts more than 10 million unique visitors and 55 million page views each month, and is currently the eighth-largest online automotive network, according to Nielsen//NetRatings. During the third quarter, Automotive.com continued to grow advertising revenue and lead generation profitability.
— The Outdoors group’s online revenue grew over 20 percent organically during the quarter; The company’s NewhomesGuide.com group of sites also reported strong growth in unique visitors.
Meanwhile, About.com continues to thrive — under the New York Times corporate umbrella.
Earnings release| Conference Call (Replay)

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