Earnings: Primedia Posts 1Q Revenue Declines

As Primedia (NYSE: PRM) continues to search for a buyer for its Enthusiast publishing unit, the company said 1Q ad revenue declined 1.2 percent to $66.3 million from 1Q06’s $67.1 million. Net revenues for the quarter overall fell, dropping 1.7 percent, coming in at $80 million from $81.4 million in the prior year’s quarter. Since the sale of Enthusiast was announced during 1Q07, the company has identified it as part of discontinued operations. Primedia cut its pre-tax losses to $20.7 million in 1Q, compared with $26.5 million a year earlier. Separately from its earnings results, Primedia also announced two new hires for the west coast digital sales manager and east coast digital sales director positions for its Automotive Digital unit, the company’s portfolio of car-related websites. Earnings release (PDF) | Webcast | Transcript (SeekingAlpha.com)