PRIMEDIA Inc. ( NYSE: PRM), a leading provider of online, print and mobile platforms that provide renters and new home buyers with the information and tools they need to find the ideal place to live, today reported results for the fourth quarter and full year ended December 31, 2010.
Fourth Quarter Highlights
- Total revenue of $55.8 million, a $5.4 million decrease compared to fourth quarter 2009.
- Apartments revenue of $46.7 million, a $3.8 million decrease compared to fourth quarter 2009.
- Adjusted EBITDA of $19.3 million, a $2.0 million increase compared to fourth quarter 2009.
- Adjusted EBITDA margin increased to 34.5% from 28.2% for fourth quarter 2009.
- Income from continuing operations decreased $1.4 million to $6.0 million, or $0.13 per common share.
- Net income of $6.3 million, or $0.14 per common share.
Full Year Highlights
- Total revenue of $232.2 million, a $25.7 million decrease compared to 2009.
- Apartments revenue of $193.5 million, a $12.6 million decrease compared to 2009.
- Adjusted EBITDA of $68.8 million, a $9.4 million increase compared to 2009.
- Adjusted EBITDA margin increased to 29.6% from 23.0% for 2009.
- Income from continuing operations increased $15.1 million to $19.6 million, or $0.44 per common share.
- Net income of $18.3 million, or $0.41 per common share.
- Repurchased $14.4 million in long-term debt, resulting in a net gain of $1.4 million.
Adjusted EBITDA is a non-GAAP financial measure that is described and reconciled to the corresponding GAAP measure in the accompanying Financial Tables.“During the fourth quarter of 2010, we continued to focus on growing our consumer audience by strengthening our online and mobile offerings, maximizing the leads we provide to our advertiser clients, growing our client count and streamlining our cost structure,” said Charles Stubbs, president and CEO of PRIMEDIA.