Primedia announced its earnings today, reporting that revenues were even with Q1/2003 at $328.5 million, but the push over the top from the sale of New York Magazine for $38.1 million helped the publisher reach net income of $5.9 million.
However, while advertising revenues increased just over $2 million for the same time period year-over-year, monies from circulation dropped by the same percentage. The claim here is that online advertising made up the difference - but shows a trend that readers are going online for their Primedia jones. Also notable - the publisher’s claim that their drop in circ is actually only 5.3% in the “enthusiast” category doesn’t sound as bad seems - they report that the industry average for the category is 11.3%, via the International Periodical Distributors Association.
[via BusinessWire]
