Primedia (NYSE: PRM), adjusting its focus on real estate content these days, saw its Q3 net income fall $381.8 million, which the company said was related to the sale of the Enthusiast Media segment in May 2007. Specifically, the company reported net income of $12 million ($0.27 per share) in Q3 compared to $393.8 million ($8.92 per share) a year ago. Revenue in the quarter was also down, sliding 4.9 percent to $76.4 million from $80.3 million in Q3.
— The home ownership market might be tough, but the weak economy might be turning once prospective buyers into renters, which would be a good thing for Primedia’s business, which has been struggling the past few years. Still, Primedia’s results at this point remain mixed. The company’s Apartments segment — which includes Apartment Guide, ApartmentGuide.com and Rentals.com — was up 2.3 percent to $53.6 million from $52.4 million in Q307. The unit represents approximately 85 percent of Primedia’s total ad revenues. Revenue from Primedia’s online single-unit real estate rental product line, Rentals.com, grew 8.9 percent sequentially from Q2, but it declined by 8.9 percent compared to Q307. Release | Webcast (10:00 AM EDT)
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