PRIMEDIA Inc. ( NYSE: PRM), a leading provider of Internet, mobile and print 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 first quarter ended March 31, 2011.
First Quarter Highlights
- Total revenue of $54.0 million, a $5.3 million decrease compared to first quarter 2010.
- Apartments revenue of $45.4 million, a $3.8 million decrease compared to first quarter 2010.
- Adjusted EBITDA of $17.4 million, a $1.7 million increase compared to first quarter 2010.
- Adjusted EBITDA margin increased to 32.3% from 26.6% for first quarter 2010.
- Income from continuing operations increased $3.3 million to $5.8 million, or $0.13 per common share.
- Net income of $4.7 million, or $0.11 per common share.
- Free Cash Flow improved $12.8 million to $5.3 million.
Adjusted EBITDA and Free Cash Flow are non-GAAP financial measures that are described and reconciled to the corresponding GAAP measures in the accompanying Financial Tables.
“During the first quarter of 2011, we continued to execute on our strategic plan by growing our consumer audience, maximizing the leads we provide to our advertiser clients, expanding our client count and streamlining our cost structure,” said Charles Stubbs, president and Chief Executive Officer of PRIMEDIA.“As a result, our Apartments/Rentals Network of sites continues to be ranked ‘#1 in renter traffic’ among its competitors, averaging over 5 million monthly unique visitors and over 10 million monthly visits during the quarter.* Apartments, our primary business, increased the number of apartment communities served by 2.7%, compared to first quarter 2010, and we increased the average monthly digital leads per community by over 20% compared to first quarter 2010. Consistent with our digital strategy, more than 85% of the leads we deliver to our advertiser clients are now derived from our websites and mobile applications.