The tech sector fallout hit Ziff Davis hard in the first quarter. The publisher of
PC Magazine and other tech-oriented titles announced earnings Tuesday. It reported of $5.1 million in net
revenue for the quarter ended March 31, 2002 a decrease of 53.2% compared to the $10.9 million for the same period last year. However, the Company beat its previously announced business outlook of
$3.0 to $5.0 million for the first quarter of 2002. Total revenue for the quarter ended March 31, 2002 was $48.4 million, down 40.0% compared to $80.6 million in the same prior year period. The
decrease was primarily due to a 37.7% decline in advertising pages, resulting from discontinued publications and the effects of a weak advertising market. Developing business were the lone bright
spot. Revenue in that division hit $5.7 million and compared to $3.6 million for the same prior year period. The increase in revenue relates to advertising revenue from the Company's recently launched
publications (
CIO Insight and
Baseline) and from its Internet properties that were started-up in the latter part of 2001.
