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ATLANTA — Primedia Inc., which publishes consumer guides mainly for apartments and other rental properties, said Thursday its fourth-quarter net income dropped sharply as the economic downturn hurt advertising revenue.
The company earned $11.1 million, or 25 cents per share, down from a profit of $32 million, or 72 cents per share, in the same period a year earlier.
Revenue fell 17 percent to $61.3 million from $73.4 million.
"We continued to feel the effects of the challenging economic environment, as Apartment Guide, our largest business, saw a revenue decline in the quarter as our clients generally tended to reduce advertising spend," said Charles Stubbs, president and CEO, in a statement.
For the full year, the company earned $3.5 million, or 8 cents per share, down from a profit of $59.5 million, or $1.35 per share, a year earlier.
Revenue fell 15 percent to $257.9 million from $304.1 million.
