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After a rough 2001, Penton Media Inc. is warning investors that this year, though better, still will of business magazines and trade shows.
"Last year was kind of a downhill run," said Thomas Kemp, Penton's chairman and CEO. "This year it'll be more like a crosscountry run. There'll be some ups and downs, but it'll even out through the year."
Last year, in an advertising market that Mr. Kemp classified as "the worst since World War II," Penton posted a net loss of $104 million, or $3.26 a share. During the year, Penton cut its work force by nearly 400 employees, or about 21%, closed 22 offices and discontinued 20 conferences and trade shows, 17 online businesses and seven publications, Mr. Kemp said.
"It wasn't brain surgery," he said. "We discontinued the (businesses) that weren't profitable and kept the ones that were profitable."
Penton now has 1,450 employees, about 60 publications and 130 trade shows and conferences. Mr. Kemp indicated last week in an interview that the company doesn't intend to dump more publications...