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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report
(Date of earliest event reported): September 30, 2000
Advanstar, Inc.
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(Exact Name of Registrant as Specified in Charter)
Delaware 333-57201 94-3243499
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
545 Boylston Street
Boston, Massachusetts 02116
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(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code: (617) 267-6500
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Item 9. Regulation PD Disclosure (Effective October 23, 2000)
The following are results for Advanstar Communications Inc., a wholly owned
subsidiary of Advanstar, Inc., for the third quarter ended September 30, 2000.
Advanstar Communications conducts all of Advanstar, Inc.'s operations other than
its Internet operations, which are conducted through a different subsidiary.
Revenue was $95.8 million for the third quarter compared with $84.0 million for
the third quarter last year. Adjusted EBITDA (which we define as operating
income plus depreciation, amortization and stock-option compensation expense or
less any stock option compensation benefit, less amounts attributable to
minority interest) was $30.6 million for the quarter compared with $23.1 million
for the third quarter of 1999. Revenue for the nine months ended September 30,
2000 was $303.3 million compared with $254.2 million for the same period last
year while Adjusted EBITDA for the nine months ended September 30, 2000 was
$86.7 million compared with $67.3 million for the same period last year. The
improvement was primarily due to revenue growth across all segments, as a result
of acquisitions, product launches and growth in existing products offset in part
by dispositions, increased general and administrative expenses and production,
selling and other direct expense as a result of continued acquisitions, product
launches, and incremental increases to meet continued growth. On January 1,
2000, the existing internet operations of Advanstar Communications Inc. was
transferred to a separate subsidiary of Advanstar, Inc. For the nine months
ended September 30, 1999, these internet operations recorded revenue of $0.6
million and adjusted EBITDA loss of $0.5 million.
At September 30, 2000, outstanding indebtedness of Advanstar Communications Inc.
was $513.9 million. On a pro forma basis, giving effect to the acquisition of
Advanstar, Inc. by DLJ Merchant Banking Partners III, L.P., outstanding
indebtedness of Advanstar Communications Inc. was approximately $565.0 million
and outstanding indebtedness of Advanstar, Inc. was in the amount of $615.0
million.
For the last twelve month period ended September 30, 2000, on a pro forma basis
reflecting the full year effect of acquisitions and dispositions, including the
transfer of Advanstar.com to another subsidiary of Advanstar, Inc., revenue and
Adjusted EBITDA were $376.5 million and $101.7 million, respectively.
Advanstar, Inc., the parent company of Advanstar Communications Inc., also
announces its third quarter results. Revenue for the quarter was $96.5 million
compared with $84.0 million for the quarter ended September 30, 1999. Adjusted
EBITDA for the quarter was $27.1 million compared with $23.1 million for the
same period last year.
For the nine month period ended September 30, 2000, revenue was $304.6 million
compared to $254.2 million for the same period in 1999 and Adjusted EBITDA was
$79.5 million compared with $67.3 million for the nine months ended September
30, 1999.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned authorized officer.
ADVANSTAR, INC.
November 13, 2000
By: /S/ David W. Montgomery
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David W. Montgomery
Vice President--Finance and Chief
Financial Officer
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