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Exhibit 99.1
FOR IMMEDIATE RELEASE
PRIMEDIA ANNOUNCES NEW STRATEGIC OPERATING STRUCTURE
- COMPANY ESTABLISHES FOUR BUSINESS SEGMENTS AND KEY GROWTH PLATFORMS
- PROVIDES GREATER CLARITY ON BUSINESS PERFORMANCE TO INVESTOR COMMUNITY
NEW YORK, FEBRUARY 5, 2004 - PRIMEDIA Inc. (NYSE: PRM) announced today a new
strategic operating structure for the company that aligns its businesses into
four new segments. The four segments, Enthusiast Media, Consumer Guides,
Business Information and Education and Training, align the company's businesses
based on common operating strategies, target markets and investment
characteristics, providing both management and the investor community with
greater clarity and visibility on the performance of the company's key
businesses.
"Since joining the company last quarter, I have focused on reviewing our
operations and identifying a strategy that will enable us to capitalize on the
full potential of PRIMEDIA's businesses and maximize our operating performance,"
said Kelly Conlin, President and CEO of PRIMEDIA. "As our management team
coalesced around key investment and organic growth initiatives, it became
apparent we needed a structure that better aligned our businesses and enabled us
to provide a clearer sense of our strategic focus and operating performance. We
believe the structure we are announcing today does just that. As we execute our
strategy and make investments in 2004, our customers, employees and investors
will clearly see the results of our efforts."
"We intend to grow this company by maximizing and expanding our market leading
brands," Conlin continued. "As measured by our revenues, our Enthusiast Media
segment makes us by far the largest enthusiast publisher in the country. In our
Consumer Guides segment, we not only have the leading publication, but we have
the largest national distribution system. In our Business Information segment,
we have a number of leading brands that can be expanded into more robust
information services. And our Education and Training segment has some unique
products that can be operated more successfully."
The company's four segments, along with their operating profile and key
priorities, are outlined below:
- - PRIMEDIA ENTHUSIAST MEDIA encompasses the company's consumer magazine brands,
including their related Web sites and live events, as well as About.com. In
2003, Enthusiast Media generated $725.9 million of revenue, 54% of PRIMEDIA's
total revenue(1) from continuing operations, and $146.9 million in Segment
EBITDA(2) for a Segment EBITDA margin of 20%.
The Enthusiast Media segment produces over 120 magazine titles, is the third
largest overall producer of magazine advertising pages in the U.S and has
market leading
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positions in the Automotive, Outdoor, Action Sports, Crafts, History, Marine,
Equine and Home Technology categories. Brands include MOTOR TREND,
AUTOMOBILE, HOT ROD, TRUCKIN', SUPER STREET, SURFER, IN FISHERMAN, FLORIDA
SPORTSMAN, CREATING KEEPSAKES, SNOWBOARDER, POWER & MOTORYACHT, STEREOPHILE
and HOME THEATER. About.com and the magazine-branded Web sites collectively
are the 10th most visited collection of consumer Web sites in the U.S. as
ranked by Nielsen/Net Ratings, with an average of 29.6 million unique
visitors each month in 2003.
"We have set a number of key priorities within our Enthusiast Media segment
for 2004 including both operational and investment initiatives that will help
us achieve organic growth," stated Conlin. "We have streamlined management by
creating direct reporting lines from the executives running these business
units directly to me. We also brought a new divisional CFO on board who will
improve our operating focus and reporting metrics for these businesses.
"Equally important, we are investing in these businesses. We will improve the
editorial product by redesigning more than a dozen publications in the
largest product upgrade initiative in our company's history. In the first
quarter of 2004 alone, our redesign debuts include MOTOR TREND and the 30
editions of GAME & FISH. We have recently named a new CEO of About.com who
has planned a first half release of a complete site redesign and editorial
packaging that will increase visit frequency and page views per unique
visitor. We will capitalize on our Google advertising partnership by
extending the program across all company websites to maximize participation
in the contextual online advertising market.
"Also, in the first quarter, we are consolidating from multiple fulfillment
systems to a single fulfillment center for all of our product merchandise.
This consolidation will ultimately allow one technology platform and shopping
cart across all company Web sites, enabling an enhanced user experience and
cross promotion for the company's 2,100 SKUs of branded products--books,
videos, DVD's, apparel and calendars. In addition, our licensees sell over
1,500 SKUs of products through our license agreements. Also, we are
revitalizing our retail initiatives. In the first half of the year, for
example, our programs will include new IN-FISHERMAN videos in Wal-Mart
stores; LOWRIDER apparel line in Sears; MOTOR TREND'S Mr. Clean Autodry from
Procter & Gamble; HOT ROD and SUPER STREET radio-controlled vehicles from
RadioShack; and CREATING KEEPSAKES Scrapbooking Designer Software and How-To
Book on QVC. Our existing television programming, including HOT ROD TV and
IN-FISHERMAN TV, will be joined by new programming in the hunting market for
North American WHITETAIL TV and GUNS & AMMO TV.
"Finally, we have commissioned research from a leading independent media
consultant that will quantify PRIMEDIA's reach across key demographic groups,
particularly young men, to support advertising programs for consumer goods
companies across our portfolio. This research, which will be introduced to
the market in the first half of the year, shows our audience reach is second
only to Time Inc. More importantly, among key demographic targets, PRIMEDIA
has a superior collective audience that can be reached more cost effectively
than through a single, broadly circulated title."
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- - PRIMEDIA CONSUMER GUIDES is the largest publisher and distributor of free
publications, including APARTMENT GUIDE, NEW HOMES GUIDE and the recently
launched AUTO GUIDE. In 2003, PRIMEDIA Consumer Guides generated $276.6
million in revenue(1), 20% of PRIMEDIA's total revenue for continuing
operations, and $83.2 million in Segment EBITDA(2), for a Segment EBITDA
margin of 30%.
PRIMEDIA Consumer Guides publishes and distributes 81 APARTMENT GUIDES in 75
regional markets with a combined monthly circulation of 1.6 million. Through
the Guides and the Apartmentguide.com Web site, the company generated 5.8
million leads for apartment property managers in 2003. The company publishes
and distributes 17 NEW HOME GUIDES and plans to launch in additional markets
this year. Additionally, Consumer Guides will launch its first AUTO GUIDE in
Charlotte, NC in the first half. Consumer Guides' distribution arm,
DistribuTech, has exclusive distribution relationships with many of the
country's leading supermarkets and chain stores and, last year, distributed
more than 2,000 publications to these venues on behalf of other publishing
organizations.
"Consumer Guides presents a compelling growth opportunity for the company,"
stated Conlin. "We intend to invest in this business to fulfill its potential
in the marketplace by building on our proprietary distribution channel and
successful high margin business model to enter the substantial market for
pre-owned vehicle advertising and continue expanding our existing brands into
additional markets. The new AUTO GUIDE will publish the most current vehicle
inventory in the market and also provide customer leads to dealers through
its Web site. In addition, we believe that both our APARTMENT GUIDE and NEW
HOME GUIDE businesses have the opportunity to enter new markets. In the last
quarter, we entered the Portland, Oregon market through an acquisition, and
there are other opportunities in development."
- - PRIMEDIA BUSINESS INFORMATION consists of business-to-business targeted
publications, Web sites, and special events with a focus on bringing sellers
together with qualified buyers in numerous industries. The Business
Information segment consists of 78 magazines, 108 Web sites, 23 events and 53
directories and data products, serving professionals in diverse market
sectors. In 2003, Business Information generated $228.8 million in
revenue(1), 17% of PRIMEDIA's total revenue for continuing operations, and
$34.2 million in Segment EBITDA(2), for a Segment EBITDA margin of 15%.
"Our Business Information segment has taken many necessary and prudent steps
to position itself for the market turnaround in business-to-business," said
Conlin. "As we look towards 2004, we believe there are many opportunities to
enhance marketing programs beyond print advertising by expanding the use of
e-mail newsletters, Webcasts, market databases and other tools to provide
marketing programs that identify prospects and deliver leads to customer
sales organizations. Beyond that, we need to develop 'must have' information
businesses by taking our data-oriented products -- EQUIPMENT WATCH,
AC-U-KWIK, PRICE DIGESTS, BLUE BOOK, MAINTENANCE GUIDES--and expanding their
electronic delivery capabilities. Moreover, there is an opportunity to use
this data model in other categories where we have proprietary content and
customer databases to build subscription data services."
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- - PRIMEDIA EDUCATION AND TRAINING combines the businesses that provide content
for schools, universities, government and other public institutions as well
as corporate training initiatives. The business includes Channel One, Films
for the Humanities and Workplace Learning. In 2003, Education and Training
generated $119.8 million in revenue(1), 9% of PRIMEDIA's total revenue for
continuing operations, and $5.7 million in Segment EBITDA(2), for a Segment
EBITDA margin of 5%.
Education and Training has significant reach within several different
customer segments. CHANNEL ONE NEWS is the highest rated teen television
program, reaching almost 8 million teens daily in over 350,000 classrooms
across America on an average school day. CHANNEL ONE NEWS is watched by a
teen audience that is ten times larger than the nightly newscast of ABC, NBC,
CBS and the cable networks combined. Films for the Humanities and Sciences is
a leading distributor of videos, DVDs, and CD-ROMs to schools, colleges, and
libraries in North America, with approximately 2,900 owned and 10,100
licensed educational videos, DVDs, CD-ROMs and related products. Workplace
Learning, a leading provider of integrated training, information and
communication solutions for improving employee performance, is a leader in
such markets as fire and emergency services (Fire and Emergency Television
Network) where it reached more than 250,000 fire and EMS personnel last year,
as well as industrial (Industrial Training Systems), healthcare (Health and
Sciences Television Network), pharmaceuticals (Interactive Medical Networks),
government (Law Enforcement Training Network) and banking (Bankers Training
and Consulting Company).
"Each of our education and training businesses presents a compelling business
opportunity. In 2004, Channel One is focusing on expanding its number of
advertisers that are targeting the hard to reach youth audience. Channel One
has also formed a partnership with MTV in the first half of the year to
produce a primetime series entitled "True Life" and also with ABC News for
Channel One reporters to appear on ABC News. Films for the Humanities has
recently named a new CEO, who is planning the introduction of new digital
platform delivery systems to leverage the market's most extensive backlist of
supplemental educational programming with its owned and licensed educational
videos, DVDs, CD-ROMs and related products. Workplace Learning is focused on
growing in profitable vertical markets where the company has proprietary
content and unique distribution advantages, including banking, healthcare and
government."
Concluded Conlin, "We are excited about the opportunity we have to organically
grow our core businesses. This is a year of investment and focus, and we are
optimistic that we will be able to demonstrate tangible positive results as the
year progresses."
An attachment to this release provides key segment financial, product and market
data.
In a separate release issued today, PRIMEDIA reported its financial results for
the fourth quarter of 2003 including the results of these new segments. The
company provided two years of historical quarterly financial results by the new
operating segments in an attachment to that release.
- ----------
(1) This presentation eliminates all intrasegment activity.
(2) Reconciled to GAAP measure in the attached table.
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ABOUT PRIMEDIA
PRIMEDIA is the leading targeted media company in the United States. With 2003
revenues from continuing businesses of $1.3 billion, our properties deliver
content via print as well as the Internet, live events and video and offer
highly effective advertising and marketing solutions in some of the most sought
after niche markets. PRIMEDIA Enthusiast Media includes more than 120 consumer
magazines, their web sites and About.com, and is the #1 special interest
magazine publisher in the U.S. with well-known brands such as MOTOR TREND,
AUTOMOBILE, CREATING KEEPSAKES, IN-FISHERMAN, POWER & MOTORYACHT, HOT ROD,
SNOWBOARDER, STEREOPHILE and SURFER. PRIMEDIA Consumer Guides is the #1
publisher and distributor of free consumer guides, with APARTMENT GUIDE, AUTO
GUIDE and NEW HOMES GUIDE. PRIMEDIA Business Information has leading positions
in 20 market sectors such as agribusiness, communications, entertainment,
marketing and transportation. PRIMEDIA Education and Training includes Channel
One and other educational and training products. PRIMEDIA's stock symbol is
NYSE: PRM.
###
Contact:
Elliot Sloane 212-446-1860 esloane@sloanepr.com (media)
Jim Magrone 212-745-0634 jmagrone@primedia.com (investors)
Table Follows
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PRIMEDIA INC.
RECONCILIATION OF SEGMENT EBITDA TO LOSS BEFORE PROVISION FOR INCOME TAXES
($ IN MILLIONS)
<Table>
<Caption>
Full Year
2003
---------
REVENUES, NET:
Enthusiast Media $ 725.9
Consumer Guides 276.6
Business Information 228.8
Education and Training 119.8
Eliminations (5.5)
---------
Total Revenues, net $ 1,345.6
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SEGMENT EBITDA:
Enthusiast Media $ 146.9
Consumer Guides 83.2
Business Information 34.2
Education and Training 5.7
Corporate Overhead (25.9)
Depreciation of Property and Equipment (55.9)
Amortization of Intangible Assets and Other (76.0)
Severance Related to Separated Senior Executives (9.4)
Non-Cash Compensation and Non-Recurring Charges (11.2)
Provision for Severance, Closures and Restructuring Related Costs (8.7)
Loss on Sale of Businesses and Other, Net (0.5)
---------
Operating Income 82.4
---------
OTHER EXPENSE:
Provision for the impairment of investments (9.0)
Interest expense (124.5)
Interest on shares subject to mandatory redemption (21.9)
Amortization of deferred financing costs (3.5)
Other expense, net (3.1)
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LOSS BEFORE PROVISION FOR INCOME TAXES $ (79.6)
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</Table>
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KEY PRIMEDIA SEGMENT FINANCIAL, PRODUCT AND MARKET DATA
ENTHUSIAST MEDIA:
(Includes: consumer magazines, their related Web sites, events, and About.com)
FINANCIAL PERFORMANCE
<Table>
<Caption>
% OF
($ millions) 2003 2003 CONSOLIDATED
--------------------------------------------------------------------------------
Revenue (1) $ 725.9 54%
Segment EBITDA (2) $ 146.9
Segment EBITDA Margin 20%
</Table>
(1) For continuing businesses. This presentation eliminates all
intrasegment activity.
(2) For continuing businesses. Reconciled to GAAP measure in the
attached table.
PRODUCTS
<Table>
<Caption>
GROUP PUBLICATIONS WEB SITES EVENTS REPRESENTATIVE BRANDS
- ---------------------------------------------------------------------------------------------------
Enthusiast 52 52 31 HOT ROD, TRUCKIN, SUPER STREET,
Automotive LOWRIDER, MOTORCYCLIST, FOUR WHEELER,
MUSCLE MUSTANGS & FAST FORDS
Consumer 3 4 17 MOTOR TREND, AUTOMOBILE, TRUCK TREND,
Automotive INTELLICHOICE
Outdoor 16 17 17 IN-FISHERMAN, GAME & FISH, FLORIDA
SPORTSMAN
Action Sports 10 11 25 SURFER, SNOWBOARDER, SLAM
Home Technology 7 5 3 STEREOPHILE, HOME THEATER, SHUTTERBUG,
PHOTOGRAPHIC
Lifestyles 33 21 14 CREATING KEEPSAKES, POWER &
MOTORYACHT, EQUUS, SAIL, SOAP OPERA
DIGEST, AMERICAN HISTORY
Online Guides 450 About.com
TOTAL 121 560 107
</Table>
COMPETITIVE POSITION
[CHART]
2003 PUBLISHERS BY AD PAGES
<Table>
<Caption>
RANK PUBLISHER AD PAGES
1 Gruner & Jahr 7,527
2 American Media 8,556
3 CMP Publications 9,501
4 Hachette Filipacchi 14,404
5 Hearst 19,611
6 PRIMEDIA 22,196
7 Advance/Conde Nast 26,933
8 Time, Inc. 44,906
</Table>
Source: 2003 MIN
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[CHART]
TOTAL GROSS AUDIENCE BY PUBLISHING COMPANY
<Table>
Hachette 62
Meredith 72
Conde Nast 95
Hearst 112
PRIMEDIA 128
Time Inc. 172
</Table>
Source: 2003 Spring MRI; PRIMEDIA audience shown is the gross sum of MRI
measured readership and DJG Marketing estimates of unmeasured magazine
readership based on industry norms.
CONSUMER GUIDES
(Includes: APARTMENT GUIDE, NEW HOMES GUIDE, their related Web sites and
DistribuTech)
FINANCIAL PERFORMANCE
<Table>
<Caption>
% OF
($ millions) 2003 2003 CONSOLIDATED
--------------------------------------------------------------------------------
Revenue (1) $ 276.6 20%
Segment EBITDA (2) $ 83.2
Segment EBITDA Margin 30%
</Table>
(1) For continuing businesses. This presentation eliminates all
intrasegment activity.
(2) For continuing businesses. Reconciled to GAAP measure in attached
table.
PRODUCTS
<Table>
<Caption>
NEW DISTRIBUTECH
APARTMENT HOMES RETAIL
REGION GUIDES GUIDES LOCATIONS MAJOR MARKETS
- ------------------------------------------------------------------------------------------
Northeast 25 5 5,121 Washington D.C.,
Philadelphia, Baltimore,
Chicago
Southeast 23 4 3,006 Atlanta, Tampa, Orlando,
Broward
Midwest 14 5 2,448 Dallas, Houston, Austin,
Kansas City
West 19 3 5,452 Phoenix, Las Vegas, Los
Angeles, San Francisco
TOTAL 81 17 16,027
</Table>
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BUSINESS INFORMATION
(Includes: trade magazines, events, directories and data products, and their
related Web sites)
FINANCIAL PERFORMANCE
<Table>
<Caption>
% OF
($ millions) 2003 2003 CONSOLIDATED
--------------------------------------------------------------------
Revenue (1) $ 228.8 17%
Segment EBITDA (2) $ 34.2
Segment EBITDA Margin 15%
</Table>
(1) For continuing businesses. This presentation eliminates all
intrasegment activity.
(2) For continuing businesses. Reconciled to GAAP measure in attached
table.
PRODUCTS
<Table>
<Caption>
DIRECTORIES,
DATA PRODUCTS
& BUYER'S WEB
CATEGORY PUBLICATIONS GUIDES SITES EVENTS REPRESENTATIVE BRANDS
- -------------------------------------------------------------------------------------------------------------------
Transportation & 15 13 19 1 PRICE DIGESTS, AC-U-KWIK, CLYMER MANUALS,
Public Services WARD'S AUTO WORLD, AMERICAN TRUCKER, FIRE
CHIEF, WASTE AGE, AMERICAN SCHOOL AND
UNIVERSITY
Entertainment and 13 11 17 4 BROADCAST ENGINEERING, ELECTRONIC MUSICIAN,
Media MIX, VIDEO SYSTEMS, MILLIMETER
Technology 7 7 9 2 ELECTRONICS SOURCE BOOK, TELEPHONY, PAPER FILM
AND FOIL CONVERTER
Energy and 12 9 21 6 ELECTRICAL CONSTRUCTION & MAINTENANCE,
Construction TRANSMISSION AND DISTRIBUTION WORLD, CONCRETE
PRODUCTS, EQUIPMENT WATCH, ACCESS CONTROL AND
SECURITY SYSTEMS
Marketing and 11 7 15 6 MEETINGS MAGAZINES, SPECIAL EVENTS, AMERICAN
Meetings DEMOGRAPHICS
Financial Services 4 2 5 0 REGISTERED REP., TRUSTS AND ESTATES, NATIONAL
and Real Estate REAL ESTATE INVESTOR
Agribusiness and 14 2 17 0 BEEF, CORN AND SOYBEAN DIGEST, STITCHES,
Textiles MODERN UNIFORMS
Fitness and Healthcare 2 2 5 4 CLUB INDUSTRY, HOMECARE
TOTAL 78 53 108 23
</Table>
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EDUCATION AND TRAINING
(Includes: Workplace Learning, Channel One and Films for the Humanities)
FINANCIAL PERFORMANCE
<Table>
<Caption>
% OF
($ millions) 2003 2003 CONSOLIDATED
--------------------------------------------------------------------
Revenue (1) $ 119.8 9%
Segment EBITDA (2) $ 5.7
Segment EBITDA Margin 5%
</Table>
(1) For continuing businesses. This presentation eliminates all
intrasegment activity.
(2) For continuing businesses. Reconciled to GAAP measure in attached
table.
PRODUCTS
<Table>
<Caption>
BUSINESS DESCRIPTION KEY BRANDS/MARKETS
---------------------------------------------------------------------------
Channel One Broadcast to almost CHANNEL ONE NEWS
8 million students, 350,000+
classrooms, and almost 12,000
schools
Films for the Distributes 2,900 owned Films for the Humanities,
Humanities and products and 10,100 licensed Cambridge, Meridian, and
Sciences products Shopware
Workplace Learning Creates, produces, and - Banking
distributes proprietary - Government
content for employee training. - Healthcare
Platforms include satellite - Public & Private
programming, interactive Security
multimedia, Internet, books, - Industrial
CDs, and videos
</Table>