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Ziff-Davis thins out red ink
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October 23, 1998: 10:12 a.m. ET
Media publisher narrows 3Q loss to $4.5M, meets Wall Street estimates
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NEW YORK (CNNfn) - Ziff-Davis Inc. reported a third-quarter loss Friday, but the New York media and marketing company used far less red ink than last year.
For the three months ended Sept. 30, Ziff-Davis posted a net loss of $4.5 million, or 4 cents per diluted share, compared with a loss of $66.6 million, or 67 cents a share, a year ago.
On an operating basis, the company lost $14.8 million on 100 million weighted average shares, translating into a loss of about 15 cents a share, in line with First Call consensus estimates.
Revenue for the quarter totaled $226 million compared with $224 million a year earlier.
"Third-quarter results were in line with those the company indicated in its recent announcement," Eric Hippeau, chairman and chief executive officer, said. "As we announced, several market factors, including margin pressures on OEMs and the Asian economic situation, are continuing to affect our financial performance. This has led us to take a number of steps to reduce and control costs and better position the company for the future."
For the first nine months, Ziff-Davis lost $86.2 million, or 86 cents per share, compared with a loss of $143.8 million, or $1.44 per share, for the same period in 1997. The company cited significantly reduced interest expense and increased tax benefits.
Revenue was $730.5 million compared with $750.2 million a year ago. Operating losses for the nine months totaled $17.4 million compared with $11.1 million last year.
Ziff-Davis' publishing revenue during the quarter fell $3.5 million from last year's results to $196.2 million.
The company's shares (ZD) closed up 1-1/16 Thursday at 7-1/16 on the New York Stock Exchange. 
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Ziff-Davis
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