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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-K/A
(Amendment No. 1)

(Mark One)
ý	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2004
or
o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM TO

Commission File Number 333-57201

Advanstar Communications Inc.
(Exact name of registrant as specified in its charter)

New York (State or other jurisdiction of incorporation or organization)		59-2757389 (I.R.S. Employer Identification No.)
One Park Avenue, New York, New York (Address of principal executive offices)		10016 (Zip Code)

Registrant's telephone number, including area code: (212)951-6600

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o.

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ý

Indicate by check mark whether the registrant is an accelerated filer (as defined in Exchange Act Rule 12b-2). Yes o No ý

As of June 30, 2004, none of the registrant's common stock was held by non-affiliates of the registrant.

As of March 29, 2005, the registrant had 1,000,000 shares of common stock issued and outstanding.

DOCUMENTS INCORPORATED BY REFERENCE
None.

EXPLANATORY NOTE

Advanstar Communications, Inc., (the "Company") is filing this Amendment No. 1 on Form 10-K/A to its Annual Report on Form 10-K for the fiscal year ended December 31, 2004 (the "Original Filing"), which was originally filed on March 29, 2005, to amend the Report of Independent Registered Public Accounting Firm in Item 8 and Item 15 of the Original Filing. The amended report complies with Auditing Standard No. 1 of the PCAOB, References in Audit Reports to Standards of the Public Company Accounting Oversight Board (United States). The Original Filing inadvertently omitted the reference to the Public Company Accounting Oversight Board.

No other changes to the Company's 2004 Form 10-K have been made.

The undersigned registrant hereby amends the financial statements contained in Item 8 and Item 15 of its Report on Form 10-K for the year ended December 31, 2004 as follows:

Report of Independent Registered Public Accounting Firm

To the Stockholder and Board of Directors
of Advanstar Communications Inc.

In our opinion, the consolidated financial statements listed in the index appearing under Item 15(a)(1) present fairly, in all material respects, the financial position of Advanstar Communications, Inc., a wholly owned subsidiary of Advanstar Inc., and its Subsidiaries at December 31, 2004 and 2003, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2004, in conformity with accounting principles generally accepted in the United States of America. In addition, in our opinion, the financial statement schedule listed in the index appearing under Item 15(a)(2) presents fairly, in all material respects, the information set forth therein when read in conjunction with the related consolidated financial statements. These financial statements and financial statement schedule are the responsibility of the Company's management; our responsibility is to express an opinion on these financial statements and financial statement schedule based on our audits. We conducted our audits of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

As discussed in Note 3 to the consolidated financial statements, the Company adopted Statement of Financial Accounting Standards No. 142, "Goodwill and Other Intangible Assets", on January 1, 2002.

/s/ PricewaterhouseCoopers LLP

Minneapolis, Minnesota
February 11, 2005

F-1

Advanstar Communications Inc.
Consolidated Balance Sheets
December 31, 2004 and 2003

			2004			2003
			(in thousands of dollars, except share and per share data)
Assets
Current assets
	Cash and cash equivalents		$	41,223		$	29,274
	Accounts receivable, net of allowance of $798 and $842 at December 31, 2004 and 2003			26,941			33,844
	Prepaid expenses			8,828			7,892
	Other			2,476			1,771
	Current assets of discontinued operations			—			3,316

		Total current assets		79,468			76,097
Property, plant and equipment, net				24,539			23,758
Intangible and other assets
	Goodwill			707,756			699,221
	Intangibles and other, net			101,174			141,627

		Total intangible and other assets, net		808,930			840,848
Non-current assets of discontinued operations				—			45,887

			$	912,937		$	986,590

Liabilities and Stockholder's Equity
Current liabilities
	Current maturities of long-term debt		$	1,300		$	3,700
	Accounts payable			13,940			21,831
	Accrued compensation			8,652			6,940
	Other accrued expenses			34,101			34,986
	Deferred revenue			52,356			56,470
	Current liabilities of discontinued operations			—			4,947

		Total current liabilities		110,349			128,874
Long-term debt, net of current maturities				612,919			622,369
Deferred income taxes				18,250			4,586
Other long-term liabilities				4,277			5,322
Due to parent				2,698			3,650
Minority interests				3,579			3,516
Long term liabilities of discontinued operations				—			8,977
Commitments and contingencies (Note 10)				—			—
Stockholder's equity
	Common stock, $.01 par value, 3,500,000 shares authorized; 1,000,000 shares issued and outstanding at December 31, 2004 and 2003			10			10
	Capital in excess of par value			447,367			447,367
	Accumulated deficit			(292,757	)		(241,594	)
	Accumulated other comprehensive income			6,245			3,513

		Total stockholder's equity		160,865			209,296

			$	912,937		$	986,590

The accompanying notes are an integral part of these consolidated financial statements.

F-2

Advanstar Communications Inc.
Consolidated Statements of Operations
Years Ended December 31, 2004, 2003 and 2002

			2004			2003			2002
			(in thousands of dollars)
Revenue			$	378,054		$	306,764		$	289,615
Operating expenses
	Cost of production (excluding depreciation)			76,504			62,667			57,174
	Selling, editorial and circulation (excluding depreciation)			162,266			127,601			118,170
	General and administrative (excluding depreciation)			43,896			33,382			33,058
	Restructuring charge			—			2,692			—
	Funding of affiliated dot.com company operations (Note 13)			3,283			1,121			39,587
	Amortization of intangibles			41,575			47,120			58,310
	Depreciation			8,130			8,024			8,713

		Total operating expenses		335,654			282,607			315,012

		Operating income (loss)		42,400			24,157			(25,397	)
Other income (expense)
	Interest expense, net			(70,103	)		(57,849	)		(51,047	)
	Write-off of deferred financing costs			—			(11,324	)		—
	Other income (expense), net			799			165			2,931

		Loss from continuing operations before income taxes, minority interests and cumulative effect of accounting change		(26,904	)		(44,851	)		(73,513	)
Income tax provision (benefit)				13,954			4,283			(16,260	)
Minority interests				(562	)		(403	)		(176	)

		Loss from continuing operations before cumulative effect of accounting change		(41,420	)		(49,537	)		(57,429	)
(Loss) income from operations of discontinued business (including a goodwill impairment charge of $15,570 net of minority interest of $5,072 for the year ended December 31, 2004) (Note 4)				(9,743	)		89			(93	)

		Loss before cumulative effect of accounting change		(51,163	)		(49,448	)		(57,522	)
Cumulative effect of accounting change, net of tax and minority interest				—			—			(66,817	)

		Net loss	$	(51,163	)	$	(49,448	)	$	(124,339	)

The accompanying notes are an integral part of these consolidated financial statements.

F-3

Advanstar Communications Inc.

Consolidated Statements of Stockholder's Equity

Years Ended December 31, 2004, 2003 and 2002

			Common Stock								Accumulated Other Comprehensive Income (Loss)
			Common Stock			Capital in Excess of Par Value		Accumulated Deficit
			Shares	Amount		Capital in Excess of Par Value		Accumulated Deficit						Total
			(in thousands of dollars)
Balances at December 31, 2001			1,000,000	$	10	$	350,175	$	(67,807	)	$	(5,992	)	$	276,386
Comprehensive loss
	Net loss		—		—		—		(124,339	)		—			—
	Translation adjustment		—		—		—		—			(2,920	)		—
	Change in unrealized loss on derivative financial instruments		—		—		—		—			(166	)		—
		Total comprehensive loss	—		—		—		—			—			(127,425	)
Provision for advances and notes due from affiliate (Note 13)			—		—		37,192		—			—			37,192

Balances at December 31, 2002			1,000,000		10		387,367		(192,146	)		(9,078	)		186,153
Comprehensive loss
	Net loss		—		—		—		(49,448	)		—			—
	Translation adjustment		—		—		—					8,283			—
	Change in unrealized gain on derivative financial instruments		—		—		—		—			4,308			—
		Total comprehensive loss	—		—		—		—			—			(36,857	)
Contribution of capital from parent			—		—		60,000		—			—			60,000

Balances at December 31, 2003			1,000,000		10		447,367		(241,594	)		3,513			209,296
Comprehensive loss
	Net loss		—		—		—		(51,163	)		—			—
	Translation adjustment		—		—		—		—			2,587			—
	Change in unrealized gain on derivative financial instruments		—		—		—		—			145			—
		Total comprehensive loss	—		—		—		—			—			(48,431	)

Balances at December 31, 2004			1,000,000	$	10	$	447,367	$	(292,757	)	$	6,245		$	160,865

The accompanying notes are an integral part of theses consolidated financial statements.

F-4

Advanstar Communications Inc.
Consolidated Statements of Cash Flows
Years Ended December 31, 2004, 2003 and 2002

				2004			2003			2002
				(in thousands of dollars)
Cash flows from operating activities
Net loss				$	(51,163	)	$	(49,448	)	$	(124,339	)
Adjustments to reconcile net loss to net cash provided by operating activities
	Provision for notes and advances from affiliated dot.com company (Note 13)				—			—			37,192
	Cumulative effect of accounting change—transitional goodwill impairment				—			—			66,817
	Impairment of goodwill				15,570
	Write-off of deferred financing costs				—			11,324			—
	Depreciation and amortization				49,968			56,603			69,132
	(Gain) on derivative financial instruments				(1,391	)		(772	)		(1,236	)
	Undistributed earnings of minority interest holders				562			627			474
	Noncash interest expense				3,264			3,363			2,698
	(Gain) loss on disposition of business and other				(1,179	)		661			22
	Provision for bad debts				872			578			1,639
	Deferred income taxes				11,260			6,990			(16,605	)
	Changes in operating assets and liabilities
		Accounts receivable			6,190			(365	)		(1,955	)
		Inventories			(708	)		188			269
		Prepaid expenses			(583	)		844			2,131
		Accounts payable and accrued expenses			(8,165	)		16,167			(12,114	)
		Deferred revenue			(6,860	)		1,525			(2,654	)
		Other			649			(2,437	)		2,804

			Net cash provided by operating activities		18,286			45,848			24,275

Cash flows from investing activities
Additions to property, plant and equipment					(8,981	)		(7,608	)		(7,216	)
Acquisitions of publications and trade shows, net of cash acquired					(7,915	)		(137,728	)		(23,972	)
Proceeds from sale of assets					24,418			—			—
Acquisitions of intangibles, contingent payments, and other					(1,920	)		3			33

			Net cash provided by (used in) investing activities		5,602			(145,333	)		(31,155	)

Cash flows from financing activities
Proceeds from revolving credit loan					6,000			21,000			11,100
Payments on revolving credit loan					(14,000	)		(50,100	)		(8,000	)
Proceeds from long-term debt					—			431,050			—
Payments of long-term debt					(3,700	)		(333,525	)		(16,200	)
Capital contribution from parent					—			60,000			—
Deferred financing costs					(315	)		(16,962	)		(1,785	)
Dividends paid to minority interest holders					(500	)		(1,227	)		(503	)

			Net cash (used in) provided by financing activities		(12,515	)		110,236			(15,388	)

Effect of exchange rate changes on cash					576			(407	)		(3,438	)

			Net increase (decrease) in cash and cash equivalents		11,949			10,344			(25,706	)
Cash and cash equivalents
Beginning of year					29,274			18,930			44,636

End of year				$	41,223		$	29,274		$	18,930

The accompanying notes are an integral part of these consolidated financial statements.

F-5

Advanstar Communications Inc.
Notes to Consolidated Financial Statements
December 31, 2004, 2003 and 2002

1. Nature of Business

The accompanying consolidated financial statements include the accounts of Advanstar Communications Inc., a wholly owned subsidiary of Advanstar, Inc. ("Parent"), and its majority owned subsidiaries (collectively, "Advanstar" or the "Company"). All intercompany accounts and transactions between consolidated entities have been eliminated.

The Company operates and manages trade shows and conferences; publishes controlled and paid circulation trade and professional and consumer periodicals; and markets a broad range of marketing, direct mail and database products and services.

2. Summary of Significant Accounting Policies

Cash and Cash Equivalents

Cash and cash equivalents include cash on deposit and highly liquid investments with original maturities of three months or less. Cash equivalents are stated at cost, which approximates fair market value.

Prepaid Expenses and Other Current Assets

Prepaid expenses consist primarily of prepaid trade show and conference expenses, prepaid publication production costs and miscellaneous deposits. Event and publication expenses are charged to operations at the time of the related event and at the time of publication issuance. Other current assets consist primarily of paper inventories.

Property, Plant and Equipment

Property, plant and equipment consisted of the following at December 31:

		2004			2003
		(in thousands of dollars)
Land and improvements		$	2,514		$	2,495
Buildings			6,310			5,327
Furniture, machinery and equipment			41,051			36,617
Leasehold improvements			6,502			5,390

			56,377			49,829
Accumulated depreciation			(31,838	)		(26,071	)

	Property, plant and equipment, net	$	24,539		$	23,758

Property, plant and equipment is stated at its original cost and is depreciated on the straight-line basis over the following estimated useful lives:

Land improvements		10–15 years
Buildings		20–40 years
Furniture, machinery and equipment		3–10 years
Leasehold improvements		Shorter of useful life or original lease term

F-6

Maintenance and repairs are charged to expense as incurred. Major betterments and improvements, which extend the useful life of the item, are capitalized and depreciated. The cost and accumulated depreciation of property, plant and equipment retired or otherwise disposed of are removed from the related accounts, and any residual values are charged or credited to operations.

Intangible and Other Assets

Trade exhibitor and advertiser lists are amortized on a double-declining balance method over six years and five years, respectively. Subscriber lists and other intangible assets are amortized on a straight-line basis over three to ten years. Trademarks and trade names are amortized on a straight-line basis over twenty years.

Impairment of Long-Lived Assets and Goodwill

The Company evaluates the carrying value of long-lived assets, including identifiable intangibles, for impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If impairment indicators are present and the estimated future undiscounted cash flows are less than the carrying value of the assets, the carrying value is reduced to the estimated fair value as measured by the associated discounted cash flows.

The Company evaluates goodwill for impairment annually using a two-step test based upon a fair value approach. The first step is used to identify a potential impairment, while the second step calculates the amount of impairment, if any. Additionally, goodwill is tested for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value.

Accrued Expenses

Accrued expenses consisted of the following at December 31:

	2004		2003
	(in thousands of dollars)
Interest	$	13,084	$	12,958
Deposits and customer advances		12,627		10,940
Benefits and severance		2,326		2,882
Taxes		4,401		4,498
Derivative instruments		—		1,535
Other		1,663		2,173

	$	34,101	$	34,986

Revenue Recognition

Trade show and conference revenue is recognized in the accounting period in which the event is conducted. Subscription revenue is recognized on a pro rata basis as publications are issued to fulfill the subscription obligations. Advertising revenue is recognized when the publication with the respective advertisement is issued. Custom project contract revenue with both conference and print elements are deferred and not recognized until all elements are delivered. Deferred revenue is recorded when cash is received in advance of when a trade show event is held or the publication is issued. Customer advances are recorded when cash is received in anticipation of future advertising unrelated to a specific publication issue.

F-7

Deferred revenue consisted of the following at December 31:

		2004		2003
		(in thousands of dollars)
Deferred trade show and conference revenue		$	42,088	$	45,301
Deferred advertising and subscription revenue			10,268		11,169

	Total deferred revenue	$	52,356	$	56,470

Foreign Currency Translation

The Company accounts for translation adjustments related to its investments in foreign entities in accordance with SFAS No. 52, Foreign Currency Translation. Local currencies are considered the functional currencies outside of the U.S. Generally, income and expense items are translated at average rates of exchange prevailing during the year. For operations in local currency environments, assets and liabilities are translated at year-end exchange rates with cumulative translation adjustments included as a component of stockholder's equity.

Financial Derivative Instruments

The Company accounts for derivative instruments on the balance sheet at fair value in accordance with SFAS No. 133, Accounting for Derivative Instruments and Hedging Activities. Changes in the fair value of derivative financial instruments are recognized currently in earnings unless specific hedge accounting criteria are met. For those instruments, which meet the hedging criteria, gains and losses will be recognized in other comprehensive income rather than in earnings.

Stock-Based Compensation

As permitted by SFAS No. 123, Accounting for Stock-Based Compensation, the Company has elected to account for stock options and awards to employees under the provisions of Accounting Principles Board ("APB") Opinion No. 25, Accounting for Stock Issued to Employees, and related interpretations.

If the Company had elected to recognize compensation cost based on the fair value of the options granted as prescribed by SFAS No. 123, net loss would have been increased to the unaudited pro forma amounts indicated in the table below for the years ended December 31:

	2004			2003			2002
	(in thousands of dollars—unaudited)
Net loss—as reported	$	(51,163	)	$	(49,448	)	$	(124,339	)
Less: Pro forma stock-based employee compensation cost		(2,550	)		(2,400	)		(2,133	)

Net loss—pro forma	$	(53,713	)	$	(51,848	)	$	(126,472	)

See Note 7 for further discussion of the Company's stock compensation plans.

F-8

Comprehensive Income (Loss)

The Company follows the provisions of SFAS No. 130, Reporting Comprehensive Income. This statement established rules for the reporting of comprehensive income (loss) and its components. Comprehensive income (loss) reflects the change in equity of a business enterprise during a period from transactions and other events and circumstances from nonowner sources. Comprehensive income (loss) consists of net income (loss), foreign currency translation adjustments and changes in unrealized loss on derivative financial instruments, and is presented in the accompanying consolidated statements of stockholder's equity.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Ultimate results could differ from these estimates. On an ongoing basis, management reviews its estimates, including those affecting doubtful accounts, valuation of goodwill and intangible assets, and income taxes. Changes in facts and circumstances may result in revised estimates.

New Accounting Pronouncements

In December 2003, the FASB issued Interpretation No. 46R, Consolidation of Variable Interest Entities, which addresses accounting for special-purpose and variable interest entities and which superseded Interpretation No. 46. The provisions of Interpretation No. 46R are effective for the Company in the first quarter of 2005. Specifically, based upon the Company's analysis, the Company believes that it will be required to consolidate the operations of Advanstar.com effective January 1, 2005.

The following table summarizes the unaudited pro forma revenue, loss from continuing operations before cumulative effect of accounting change and net loss for the three years ended December 31, as if the Company had adopted the provisions of Interpretation No. 46R and consolidated Advanastar.com.

	2004			2003			2002
	(in thousands of dollars—unaudited)
Pro forma revenue	$	380,471		$	308,962		$	291,836
Pro forma loss from continuing operations before cumulative effect of accounting change		(35,445	)		(51,507	)		(32,590	)
Pro forma net loss		(45,188	)		(51,418	)		(99,500	)

F-9

In December 2004, the Financial Accounting Standards Board issued SFAS No. 123R, "Share-Based Payment" which revises SFAS 123 and supersedes APB 25. This statement establishes standards relating to accounting for transactions in which equity instruments are exchanged for goods or services. Under this statement, the Company must measure the cost of employee services received in exchange for an award of equity instruments based upon the fair value of the award on the date of grant. This cost must be recognized over the period during which an employee is required to provide the service (usually the vesting period). The Company is required to adopt the provisions of this standard effective January 1, 2006. The Company is currently evaluating the impact of this standard. The adoption of this standard will result in an increase in compensation expense and an increase to net loss.

3. Goodwill and Other Intangible Assets

Effective January 1, 2002, the Company adopted SFAS No. 142, which established new standards related to how acquired goodwill and indefinite-lived intangible assets are to be recorded upon their acquisition as well as how they are to be accounted for after they have been initially recognized in the financial statements.

Effective with the adoption of this standard, the Company no longer amortizes goodwill. Instead, SFAS No. 142 requires acquired goodwill to be periodically evaluated for impairment. Upon adoption of the standard, the Company engaged an appraiser to assist in completing a transitional impairment test for its acquired goodwill using a discounted cash flow model. As a result of the impairment analysis, the Company recorded a goodwill impairment charge of $70.9 million in the first quarter of 2002. After minority interest effect of $4.1 million, the net charge was $66.8 million. This charge was attributable to an impairment of the carrying value of goodwill in the Company's trade show operating segment which management believes resulted from a slow-down in the economy and its associated impact on the trade show business. The net charge of $66.8 million was reported as a cumulative effect of a change in accounting principle. There was no income tax effect associated with this impairment charge.

F-10

On a prospective basis, the Company is required to test acquired goodwill on an annual basis based upon a fair value approach. Additionally, goodwill shall be tested for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value.

On July 1, 2003 and 2004, the Company engaged an appraiser to assist in completing its annual goodwill impairment test of each of its three reporting units. Based on this valuation, which utilized a discounted cash flow method, there was no impairment of goodwill indicated.

The changes in the carrying amount of goodwill for the year ended December 31, by operating segment, are as follows:

	Trade Shows and Conferences			Trade Publications			Direct Marketing Products and Other		Totals
	(in thousands of dollars)
Balances at December 31, 2002	$	456,940		$	133,725		$	30,840	$	621,505
Goodwill acquired or finally allocated during the period		(1,017	)		75,685			—		74,668
Goodwill allocated to business disposition		(787	)		(639	)		—		(1,426	)
Foreign currency translation		2,773			1,672			29		4,474

Balances at December 31, 2003		457,909			210,443			30,869		699,221
Goodwill acquired or finally allocated during the period		247			6,272			—		6,519
Goodwill allocated to business disposition		—			(900	)		—		(900	)
Foreign currency translation		2,274			640			2		2,916

Balances at December 31, 2004	$	460,430		$	216,455		$	30,871	$	707,756

Intangible and other assets consist of the following at December 31:

		2004			2003
		(in thousands of dollars)
Trade exhibitor lists		$	155,721		$	155,043
Advertiser lists			60,943			62,303
Subscriber lists			29,145			28,577
Trade names and trademarks			17,996			18,008
Other intangible assets			24,405			21,323
Deferred financing costs			22,258			21,942

			310,468			307,196
Accumulated amortization			(209,294	)		(165,569	)

	Total intangible and other assets, net	$	101,174		$	141,627

F-11

The allocated fair value of intangible assets acquired during 2004 and 2003 was as follows:

	2004		2003
	(in thousands of dollars)
Trade exhibitor lists	$	—	$	—
Advertiser lists		—		24,419
Subscriber lists		789		5,091
Trade names and trademarks		97		17,948
Other intangible assets		1,566		14,752

	$	2,452	$	62,210

Estimated amortization expense of intangible assets for the next five years is as follows:

	(in thousands of dollars)
2005	$	37,628
2006		27,170
2007		11,412
2008		7,941
2009		3,851

4. Acquisitions and Divestitures

Acquisitions

All acquisitions have been accounted for using the purchase method of accounting and, accordingly, the assets acquired and liabilities assumed have been recorded at their fair values as of the dates of the acquisitions. The excess of the purchase price over the fair value of the assets acquired and liabilities assumed has been recorded as goodwill. Results of operations for these acquisitions have been included in the accompanying consolidated financial statements since their respective dates of acquisition. Any divestiture where the Company has significant continuing involvement is included in continuing operations in accordance with Emerging Issues Task Force (EITF) Issue No. 03-13.

On January 9, 2002, the Company acquired AIIM International Exposition and Conference for approximately $11.9 million in cash.

On October 3, 2002, the Company acquired HT—the Magazine for Healthcare Travel Professionals for approximately $11.1 million in cash.

During 2002, the Company completed two other acquisitions of publishing properties with a cumulative purchase price of $1.0 million in cash.

During 2003, the Company acquired intangible assets, primarily customer relationships, for $0.7 million in cash. The Company also paid an additional $0.5 million contingent purchase price related to its 2002 acquisition of HT—the Magazine for Healthcare Travel Professionals.

On October 1, 2003, the Company purchased a portfolio of healthcare industry magazines and related custom service projects from the Thomson Corporation and its subsidiaries ("Thomson") for $150.7 million, including $136.5 million in cash (including related fees and expenses) and $14.1 million of liabilities assumed.

F-12

The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in the Thomson acquisition at October 1, 2003.

			(in thousands of dollars)
Current assets			$	12,878
Property, plant and equipment				1,233
Intangible assets
	Advertiser lists			23,842
	Subscriber lists			5,091
	Trade names and trademarks			17,948
	Noncompetition agreement			13,591
	Other intangible assets			957
Goodwill				75,110

		Total assets acquired		150,650

Current liabilities				14,111

		Total liabilities assumed		14,111

Net assets acquired			$	136,539

The $61.4 million of intangible assets related to Thomson have a weighted average useful life of approximately nine years. All goodwill acquired is expected to be deductible for tax purposes.

Current liabilities of $14.1 million were assumed, include approximately $1.0 million of severance costs pursuant to the Company's plan to sever certain employees of Thomson. All affected employees were severed as of December 31, 2003. The remaining balance of accrued severance at December 31, 2004, and 2003 was $0.1 million and $1.0 million, respectively. All remaining severance liability, as of December 31, 2004, will be paid in 2005.

On March 8, 2004, the Company purchased a portfolio of pharmaceutical industry conferences and magazines from the Institute of Validation Technology, Inc. ("IVT") for $7.9 million in cash. In addition, the Company will pay additional contingent cash consideration to the former shareholders based on 2004 and 2005 operating results of the acquired assets and their continued employment with the Company. As of December 31, 2004 the Company has accrued $1.5 million based upon 2004 operating results, of which $1.0 million is included in other accrued liabilities and $0.5 million is included in other long-term liabilities in the accompanying consolidated balance sheet at December 31, 2004.

The following are the Company's unaudited pro forma operating results as if the Thomson acquisition had taken place at January 1, 2002. The unaudited pro forma operating results related to all other acquisitions discussed above were immaterial.

	2003			2002
	(in thousands of dollars—unaudited)
Revenue	$	370,163		$	377,117
Loss from continuing operations before cumulative effect of accounting change		(65,294	)		(66,176	)
Net loss		(62,801	)		(133,086	)

F-13

The unaudited pro forma operating results do not purport to represent what the Company's results of operations actually would have been if the acquisition had occurred as of the date indicated or what such results will be for any future periods.

Divestitures

The results of the following divestitures have been reported in discontinued operations in the consolidated statements of operations for the years ended December 31, 2004, 2003 and 2002. In addition, the assets and liabilities related to these divestitures are reported in discontinued operations in the consolidated balance sheet at December 31, 2003.

Art Group

On March 12, 2004, the Company completed the sale of its art industry trade shows and magazines (the "Art Group") for a total selling price of $19.6 million in cash. The portfolio included three trade shows and two publications. The Company recorded a gain on the sale of $1.0 million plus a tax benefit of $2.4 million.

Revenues of the Art Group, included in discontinued operations in the consolidated statements of operations, were for the period from January 1, 2004 to March 12, 2004, and for the years ended December 31, 2003 and 2002 were $8.5 million, $10.9 million and $9.6 million, respectively.

SeCA

On August 5, 2004, the Company completed the sale, for a total selling price of $3.1 million in cash, of its 65% ownership in its French joint venture ("SeCA"), which consisted of one trade show. In connection with the sale, the Company recorded a goodwill impairment charge of $9.4 million, net of minority interest, in the second quarter of 2004. The amount of the impairment charge was determined based upon the excess of the carrying value of the Company's interest in SeCA over the selling price, less the costs incurred by the Company to sell SeCA. This charge is reported separately as a component of discontinued operations for the year ended December 31, 2004.

Revenues of SeCA, included in discontinued operations in the consolidated statements of operations, were for the period from January 1, 2004 to August 5, 2004, and for the years ended December 31, 2003 and 2002, were $2.9 million, $4.1 million and $5.7 million.

DMS

On September 8, 2004, the Company sold its German trade show business ("DMS") for $1.7 million in cash. In connection with the sale, the Company recorded a goodwill impairment charge of $6.2 million in the third quarter of 2004. The amount of the impairment charge was determined based upon the excess of the carrying value of DMS over the selling price, less the costs incurred by the Company to sell DMS. This charge is reported as a component of discontinued operations for the year ended December 31, 2004.

Revenues of DMS, included in discontinued operations in the consolidated statements of operations, were for the period from January 1, 2004 to September 8, 2004, and for the years ended December 31, 2003 and 2002 were, $0.1 million, $2.0 million and $2.3 million, respectively.

F-14

The financial results of the Art Group, SeCA and DMS included in the discontinued operations in the accompanying consolidated statements of operations for the years ended December 31, 2004, 2003 and 2003 are as follows:

	2004			2003			2002
	(in thousands of dollars)
(Loss) income before income taxes (including goodwill impairment charge and gain on sale)	$	(16,559	)	$	2,755		$	987
Income tax (benefit) provision		(1,990	)		2,442			782
Minority interests		4,826			(224	)		(298	)

Net (loss) income		(9,743	)		89			(93	)

The amount of goodwill associated with the businesses to be disposed of was determined based on the relative fair values of the businesses to be disposed of and the portion of the reporting units that will be retained. For businesses to be disposed of that were never integrated into the reporting units, the carrying amount of that acquired goodwill is included in the carrying amount of the businesses to be disposed of.

The Art Group, SeCA and DMS goodwill included in gain/loss on discontinued operations and the goodwill impairment charge included in discontinued operations in the Company's reportable segments for the year ended December 31, 2004 (in thousands) are as follows:

		Trade Shows and Conferences			Trade Publications			Direct Marketing Products and Other			Corporate			Total
Goodwill included in gain on sale of discontinued operations		$	19,287		$	3,346		$	—		$	—		$	22,633
Goodwill impairment included in discontinued operations			20,108			534			—			—			20,642

The goodwill impairment charge of $20.6 million above does not include the effect of minority interest. After minority interest effect of $5.1 million, the net charge was $15.6 million.

F-15

The discontinued operations of the Art Group, SeCA and DMS included in the consolidated balance sheets as of December 31, 2003 are as follows:

			(in thousands of dollars)
Assets
	Accounts receivable		$	2,221
	Prepaid expenses			1,095

		Total current assets of discontinued operations		3,316
	Property, plant and equipment, net			128
	Goodwill			43,275
	Intangibles and other, net			2,484

		Total non current assets of discontinued operations		45,887
Liabilities
	Accounts payable and other accrued expenses			519
	Deferred revenue			4,428

		Total current liabilities of discontinued operations		4,947
Deferred income taxes				2,404
Minority interests				6,573

	Total long term liabilities of discontinued operations			8,977

		Net assets of discontinued operations	$	35,279

The Art Group, SeCA and DMS assets included in discontinued operations in the Company's reportable segments at December 31, 2003 (in thousands) are as follows:

		Trade Shows and Conferences			Trade Publications			Direct Marketing Products and Other			Corporate			Total
Segment assets		$	45,167		$	3,908		$	—		$	128		$	49,203

F-16

5. Financial Derivative Instruments

The Company periodically uses derivative instruments to manage exposure to interest rate and foreign currency risks. The Company's objectives for holding derivatives are to minimize the risks using the most effective methods to eliminate or reduce the impact of these exposures.

Interest Rate Risk

Variable rate debt instruments are subject to interest rate risk. In 2001 the Company entered into an interest rate collar agreement expiring February 2004, to manage its exposure to interest rate movements on a portion of its variable rate debt obligations. The effective portion of the cumulative gain or loss on interest rate collar agreement is reported as a component of accumulated other comprehensive income in stockholder's equity and is recognized in earnings as the underlying interest expense is incurred. The ineffective portion of the interest rate collar and swap agreements is recognized in current earnings. The Company uses a portion of these agreements as hedges of the Company's second priority senior secured floating rate notes described below. Gains and losses on the undesignated portion of these agreements at the end of each fiscal quarter (which are calculated as the net amount payable upon termination at the date of determination) will be recognized in current earnings until expired.

In May 2003 the Company entered into an interest rate swap agreement expiring November 2005, and subsequently terminated the agreement in December 2003. The net gain at termination of approximately $0.2 million will continue to be reported in accumulated other comprehensive income and amortized into earnings over the original contract term.

In connection with the Company's private placement of $360 million of second priority senior secured notes in August 2003 and the use of proceeds therefrom to repay and terminate all outstanding term A loans under the credit facility and all but $25.0 million of the outstanding term B loans under its credit facility (Note 6), the Company reclassified approximately $1.8 million of deferred losses previously reported as a component of accumulated other comprehensive income into other expense in the quarter ended September 30, 2003.

Foreign Currency Risk

The Company periodically uses forward contracts to manage its exposure associated with forecasted international revenue and expense transactions denominated in euro, British Pound Sterling and Brazilian Real for up to 15 months in the future. Changes in the fair value of these instruments are reported as a component of accumulated other comprehensive income in stockholder's equity and are recognized in earnings as the underlying revenue is recognized. Forward contracts not designated as hedging instruments under SFAS No. 133 are also used to manage the impact of the variability in exchange rates. Changes in the fair value of these foreign exchange contracts are recognized in current earnings.

At December 31, 2004, the Company had no foreign exchange derivative contracts.

F-17

Accumulated Other Comprehensive Income (Loss)

The following table summarizes the effects of SFAS No. 133 on the Company's accumulated other comprehensive income at December 31, 2004 and 2003:

	Interest Rate Collar Agreements			Foreign Exchange Contracts		Total
	(in thousands of dollars)
Accumulated other comprehensive loss
balance at December 31, 2002	$	(4,350	)	$	—	$	(4,350	)
Unwound from accumulated other comprehensive
income during the period		5,739			—		5,739
Mark to market hedge contracts		(1,431	)		—		(1,431	)

Accumulated other comprehensive loss balance at December 31, 2003		(42	)		—		(42	)
Unwound from accumulated other comprehensive income during the period		(99	)		—		(99	)
Mark to market hedge contracts		244			—		244

Accumulated other comprehensive income balance at December 31, 2004	$	103		$	—	$	103

At December 31, 2004, the Company will reclassify out of accumulated other comprehensive income approximately $0.1 million of deferred gains into earnings within the next 12 months.

The Company had no derivatives in the consolidated balance sheet as of December 31, 2004. As of December 31, 2003, the fair value of the Company's derivatives was a net liability position of $1.5 million included in accrued liabilities, in the accompanying consolidated balance sheet.

Statement of Operations

The following tables summarize the effects of SFAS No. 133 on the Company's statement of operations related to the ineffective portion of the Company's interest rate collar agreements and changes in the fair value of foreign exchange contracts not designated as hedging instruments for the years ended December 31, 2004 and 2003:

	Interest Rate Collar Agreements		Foreign Exchange Contracts			Total
	(in thousands of dollars)
Year ended December 31, 2004 Other income (expense)	$	1,319	$	71		$	1,390

Total statement of operations impact before taxes	$	1,319	$	71		$	1,390

Year ended December 31, 2003 Other income (expense)	$	1,178	$	(96	)	$	1,082

Total statement of operations impact before taxes	$	1,178	$	(96	)	$	1,082

F-18

6. Debt

Credit Facility

Prior to the August 2003 transactions described below, the credit facility (the "Credit Facility") consisted of (i) $415.0 million of term loans A and B payable in quarterly installments through October 11, 2008, and (ii) $80.0 million of revolving loans availability through April 11, 2007. The Credit Facility contained restrictive covenants, which required the Company to, among other things, maintain a minimum fixed charge coverage ratio and maximum quarterly leverage ratio (as defined).

In connection with the Company's private placement in August 2003, described below, the Company repaid all term A loans, all but $25.0 million term B loans, and a portion of the revolving credit borrowings under the Credit Facility. The Company also amended its Credit Facility to reduce the revolving loan availability from $80.0 million to $60.0 million, eliminate the leverage ratio covenant and amend certain other covenants.

Failure to comply with current covenants may cause an event of default under the credit facility. Borrowings under the Credit Facility are collateralized by substantially all of the Company's assets. At December 31, 2004, the Company had $59.1 million of borrowings available under the Credit Facility.

Senior Secured Notes

On August 18, 2003, the Company issued $360.0 million of second priority senior secured notes (the "August senior secured notes"). On September 25, 2003, the Company issued an additional $70.0 million of second priority senior secured notes (the "September senior secured notes"), which were issued at a premium (together with the August senior secured notes, the "Senior Secured Notes"). The Senior Secured Notes were issued in two tranches: $130.0 million of Second Priority Senior Secured Floating Rate Notes due 2008, which require quarterly amortization equal to 0.25% of the principal amount thereof (the "floating rate notes"), and $300.0 million of 10.75% Second Priority Senior Secured Notes due 2010. Interest on the floating rate notes is payable at a rate equal to three-month LIBOR, which is reset quarterly, plus 7.5%. Each tranche of the notes is collateralized by second priority liens on substantially all the collateral pledged against borrowings under the Company's Credit Facility (other than the capital stock of certain of its subsidiaries and assets of its parent companies). The notes contain restrictive covenants that, among other things, limit the Company's ability to incur debt, pay dividends and make investments. The Company entered into a registration rights agreement in connection with the private placement pursuant to which the Company has registered substantially all of the notes under the Securities Act of 1933, as amended.

The Company used the net proceeds from the August senior secured notes offering to repay and terminate all outstanding term A loans under the Credit Facility and all but $25.0 million of the outstanding term B loans and a portion of its revolving credit borrowings under the Credit Facility. The Company used the net proceeds of the September senior secured notes offering to acquire a portfolio of healthcare industry magazines and related custom service projects from the Thomson Corporation (Note 4).

The Senior Secured Notes are fully and unconditionally guaranteed on a senior basis, jointly and severally, by the Company's wholly owned domestic subsidiaries. The financial covenants under the Senior Secured Notes include limitations on certain asset dispositions, payments, debt incurrence, dividends and other restricted payments.

F-19

Senior Subordinated Notes

The Company's $160.0 million unsecured, 12% senior subordinated notes due 2011 (the "Senior Subordinated Notes") require semiannual interest-only payments on February 15 and August 15 of each year. The Senior Subordinated Notes are fully and unconditionally guaranteed on a senior subordinated basis, jointly and severally, by the Company's wholly owned domestic subsidiaries. The financial covenants under the Senior Subordinated Notes include limitations on certain asset dispositions, payments, debt incurrence, dividends and other restricted payments.

Long-term debt consists of the following at December 31:

	2004			2003
	(in thousands of dollars)
Term loan B, interest at LIBOR plus 4.50%; 6.92% at December 31, 2004, due quarterly through October 11, 2008	$	25,000		$	25,000
Revolving credit loan, interest at LIBOR plus 3.75% due April 11, 2007		—			8,000
Second priority senior secured floating rate notes, interest at LIBOR plus 7.5%, 9.79% at December 31, 2004, due 2008		128,375			129,675
10.75% Second priority senior secured notes, due 2010, plus unamortized premium of $844 and $994 at December 31, 2004 and 2003, respectively		300,844			300,994
12% Senior subordinated notes, due 2011		160,000			160,000
Acquisition note payable, interest at 5.5%, due monthly through 2004		—			2,000
Acquisition note payable, interest at 6%, due April 1, 2004		—			400

		614,219			626,069
Less: Current maturities		(1,300	)		(3,700	)

	$	612,919		$	622,369

Based on the borrowing rates currently available to the Company for debt instruments with similar terms and average maturities, the fair value of long-term debt exceeded its carrying value by $49.5 million and $33.2 million at December 31, 2004 and 2003.

Cash paid for interest for the years ended December 31, 2004, 2003 and 2002, was approximately $67.2 million, $51.1 million and $49.1 million, respectively.

F-20

Annual maturities of long-term debt for the next five years (excluding amortization of premium) are as follows:

	(in thousands of dollars)
2005	$	1,300
2006		1,300
2007		1,300
2008		149,475
2009		—
Thereafter		460,000

	$	613,375

7. Stockholder's Equity

2000 Management Incentive Plan

On October 12, 2000, Advanstar Holdings Inc. ("Holdings"), the Parent company of Advanstar, Inc., adopted the 2000 Management Incentive Plan. A maximum of 4,047,789 shares of Holdings are authorized for grant to participants under the 2000 Management Incentive Plan. Options are granted by Holdings' board of directors at an exercise price of not less than the fair value of Holdings common stock at the date of grant and vest over a maximum of nine years. Shares available for grant under the 2000 Management Incentive Plan totaled 222,789 at December 31, 2004.

For purposes of computing pro-forma compensation cost of stock options granted, as summarized in Note 2, the fair value of each stock option grant was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions for the years ended December 31:

	2004	2003	2002
Expected dividend yield	—	—	—
Expected stock price volatility	42.3%	36.0%	37.6%
Risk-free interest rate	3.6%	3.8%	5.0%
Expected life of options	5.0 years	7.0 years	7.0 years

The Company uses comparable public companies in its industry for estimating its expected stock price volatility. The Company has not declared or paid any cash dividends in the past. Under terms of the Company's Credit Facility, the Company is prohibited from paying cash dividends without prior approval of the lenders, as defined in the Credit Facility.

F-21

A summary of stock option activity under the Plan and the 2000 Management Incentive Plan is as follows:

	Options Outstanding		Weighted Average Exercise Price
Outstanding at December 31, 2001	2,925,000		$	10.00
Granted	575,000			10.00
Cancelled	(256,250	)		10.00

Outstanding at December 31, 2002	3,243,750			10.00
Granted	600,000			10.00
Cancelled	—			—

Outstanding at December 31, 2003	3,843,750			10.00
Granted	256,250			10.00
Cancelled	(275,000	)		10.00

Outstanding at December 31, 2004	3,825,000		$	10.00

At December 31, 2004 and 2003, the outstanding stock options had a weighted average remaining contractual life of 6.83 years and 7.6 years, respectively, and an exercise price of $10.00 per option. Of the options outstanding at December 31, 2004 and 2003, 2,230,798 and 1,596,600, respectively, were exercisable. The weighted average fair value of grants, as estimated using the Black-Scholes option pricing model, for the years ended December 31, 2004, 2003 and 2002, was $5.24, $5.34 and $5.42 per option, respectively.

8. 401(k) Plan

The Company has a 401(k) savings plan and trust (the "401(k) Plan") available to employees of the Company and its domestic subsidiaries. All domestic employees who have completed one year of service and are at least 21 years of age are eligible to participate in the 401(k) Plan. The Company is required to make a matching contribution to the 401(k) Plan and may also make discretionary contributions to the 401(k) Plan. Eligible employees are vested 100% in their own contributions. Contributions made by the Company vest in equal installments over five years. Total contribution expense was $1.6 million for the year ended December 31, 2004, and $1.2 million for each of the years ended December 31, 2003 and 2002.

F-22

9. Income Taxes

The Company's taxable income or loss is included in the consolidated federal income tax return of the Parent. Federal income taxes are paid to or refunded by the Parent pursuant to the terms of a tax-sharing agreement under which taxes approximate the amount that would have been computed on a separate company basis. Taxes payable to the Parent of approximately $6.6 million at December 31, 2004, and 2003 are included in due to Parent in the accompanying consolidated balance sheet.

Cash paid for income taxes during the years ended December 31, 2004, 2003 and 2002, was approximately $0.2 million, $0.3 million and $0.8 million, respectively.

The summary of loss from continuing operations before provision (benefit) for income taxes, minority interests and accounting change were as follows for the years ended December 31:

	2004			2003			2002
	(in thousands of dollars)
Domestic	$	(27,106	)	$	(39,728	)	$	(72,834	)
Foreign		202			(5,123	)		(679	)

	$	(26,904	)	$	(44,851	)	$	(73,513	)

F-23

The provision (benefit) for income taxes is comprised of the following for the years ended December 31:

			2004		2003			2002
			(in thousands of dollars)
Current
	Federal		$	—	$	—		$	(820	)
	State			7		—			59
	Foreign			283		(303	)		1,106
Deferred				13,664		4,586			(16,605	)

		Total provision (benefit)	$	13,954	$	4,283		$	(16,260	)

The Company accounts for income taxes following the provisions of SFAS No. 109, Accounting for Income Taxes, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of differing amounts that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using currently enacted tax rates.

Significant components of the Company's deferred income taxes were as follows at December 31:

			2004			2003
			(in thousands of dollars)
Net current deferred tax asset
	Accounts receivable		$	16,497		$	15,287
	Accrued expenses and other			7,074			4,789
	Prepaid and other			(372	)		(3,196	)

		Total net current deferred tax asset		23,199			16,880
Net noncurrent deferred tax asset
	Property, plant and equipment			710			575
	Identifiable intangible assets			15,996			5,230
	Goodwill			(18,250	)		(4,586	)
	U.S. net operating loss carryforwards			34,222			21,132
	Foreign jurisdiction net operating loss carryforwards			10,744			7,616
	Financial derivatives			(419	)		1,075
	AMT credit carryforwards			453			453

		Total net noncurrent deferred tax asset		43,456			31,495
Valuation allowance				(84,905	)		(52,961	)

Net deferred income tax liabilities			$	(18,250	)	$	(4,586	)

The Company has established a valuation allowance to offset all of the net deferred tax assets. The amortization of goodwill for income tax purposes resulted in the reduction in tax basis of goodwill to a tax effected amount of $18.3 million and $4.6 million less than the carrying value of goodwill for financial reporting purposes at December 31, 2004 and 2003. Because goodwill is not amortized for

F-24

financial reporting purposes, the Company has established a deferred tax liability equal to this basis difference and has increased the valuation allowance by the same amount.

At December 31, 2004 and 2003, the Company had net operating loss carryforwards of approximately $114.4 million and $73.7 million, respectfully. Of these losses, approximately $26.9 million and $19.0 million are related to losses generated by the Company's operations in foreign tax jurisdictions whose use are subject to the tax laws of such foreign jurisdictions and will be limited by the ability of such foreign entities to generate taxable income. Of the total operating loss carryforwards, approximately $26.9 million have no expiration date and approximately $87.5 million expire at various dates beginning in 2021.

A reconciliation of the Company's provision (benefit) for income taxes at the federal statutory rate to the reported income tax provision (benefit) is as follows:

							2002
	2004			2003			Income (Loss) Before Tax Provision, Minority Interests, Extraordinary Items, and Accounting Change			Cumulative Effect of Accounting Change, Net of Tax and Minority Interest			Total
	(in thousands of dollars)
Income tax benefit at statutory rates	$	(9,417	)	$	(14,734	)	$	(25,384	)	$	(23,386	)	$	(48,770	)
Nondeductible goodwill impairment		—			—			—			9,790			9,790
Change in valuation allowance		24,155			22,901			10,817			15,266			26,083
State taxes, net of federal benefit		(673	)		(1,052	)		(1,813	)		(1,670	)		(3,483	)
Foreign rate differential		213			(568	)		(522	)		—			(522	)
Other, net		(324	)		(2,264	)		642			—			642

Provision (benefit) for income taxes	$	13,954		$	4,283		$	(16,260	)	$	—		$	(16,260	)

The change in valuation allowance for the year ended December 31, 2004 excludes a $7.8 million valuation allowance established to offset foreign jurisdiction net operating loss carryforwards that were also recorded in the year ended December 31, 2004.

10. Commitments and Contingencies

Leases

The Company has long-term operating leases for office space and office equipment. The leases generally require the Company to pay maintenance, insurance, taxes and other expenses in addition to minimum annual rentals. Building and equipment rent expense, including an allocation of certain facility operating expenses, was $9.7 million, $7.8 million and $7.4 million for the years ended

F-25

December 31, 2004, 2003 and 2002, respectively. Future minimum rent commitments under operating leases with initial terms of one year or more are as follows:

	(in thousands of dollars)
2005	$	7,074
2006		6,371
2007		5,130
2008		4,559
2009		3,046
Thereafter		1,729

Litigation

The Company is a defendant in legal proceedings arising in the ordinary course of business. Based on information presently available, management has determined that the accruals for these routine actions and claims are adequate. Although recorded accruals include management's best estimates, the resolution of these matters and cannot be predicted with certainty. Management believes, however, that it is unlikely that any identified matters, either individually or in the aggregate, will have a material adverse effect on the Company's results of operations or financial position.

11. Segments

The Company follows the provisions of SFAS No. 131, Disclosures about Segments of an Enterprise and Related Information, and has three reportable segments: trade shows and conferences, trade publications and direct marketing products and other. The trade show and conference segment allows exhibitors a cost-effective means to showcase and sell products and services while developing business relationships with potential customers. The Company's trade publications segment provides new product and educational information to readers and allows advertisers to reach highly targeted and select business audiences. The direct marketing products and other segment offers customers mailing lists from the Company's subscriber and attendee databases; editorial and advertising reprints; direct mail postcards; and classified, recruitment and industry directory advertising.

The Company evaluates the performance of, and allocates resources to, its segments based on contribution margin—defined as net revenue less cost of production and selling, editorial, and circulation costs (excluding depreciation), which is a non-GAAP measure. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies. There are no intersegment sales or transfers. Segment assets are primarily intangible assets,

F-26

prepaid expenses and accounts receivable. Revenues, contribution margins and segment assets of the Company's reportable segments are as follows:

		Trade Shows and Conferences		Trade Publications		Direct Marketing Products and Other		Corporate			Total
		(in thousands of dollars)
Year ended December 31, 2004
	Net revenue	$	151,483	$	206,147	$	20,424	$	—		$	378,054
	Contribution margin (loss)		75,775		59,368		10,774		(6,633	)
	Segment assets		502,663		293,399		33,489		83,386			912,937
Year ended December 31, 2003
	Net revenue		142,063		147,864		16,837		—			306,764
	Contribution margin (loss)		69,215		45,213		7,477		(5,409	)
	Segment assets		563,055		279,792		33,349		110,394			986,590
Year ended December 31, 2002
	Net revenue		145,961		127,385		16,269		—			289,615
	Contribution margin (loss)		76,384		35,538		7,172		(4,823	)
	Segment assets		586,406		183,954		32,599		63,067			866,026

The reconciliation of total segment contribution margin to consolidated loss from continuing operations before taxes, minority interests and cumulative effect of accounting change is as follows for the years ended December 31:

		2004			2003			2002
		(in thousands of dollars)
Total segment contribution margin		$	139,284		$	116,496		$	114,271
General and administrative expense			(43,896	)		(33,382	)		(33,058	)
Restructuring charge			—			(2,692	)		—
Funding of affiliated dot.com company operations			(3,283	)		(1,121	)		(39,587	)
Depreciation and amortization			(49,705	)		(55,144	)		(67,023	)
Other expense (primarily interest)			(69,304	)		(69,008	)		(48,116	)

	Consolidated loss before income taxes, minority interests and cumulative effect of accounting change	$	(26,904	)	$	(44,851	)	$	(73,513	)

F-27

Financial information relating to the Company's continuing operations by geographic area is as follows for the years ended December 31:

	2004		2003		2002
	(in thousands of dollars)
Net Revenue
United States	$	364,257	$	295,699	$	271,123
International		13,797		11,065		18,492

	$	378,054	$	306,764	$	289,615

	2004		2003
	(in thousands of dollars)
Long-Lived Assets
United States	$	793,720	$	826,858
International		39,749		37,748

	$	833,469	$	864,606

12. Restructuring Activities

In September 2003, the Company consolidated its midtown New York leased office space from two floors to one. These actions resulted in a third quarter charge of approximately $2.1 million. In December 2003, the Company consolidated its Chester, U.K. leased office space, resulting in a fourth quarter charge of approximately $0.6 million. These activities included a charge for the present value of future facility rental payments, net of sublease income, of $2.3 million and other relocation costs and expenses of $0.4 million. The Company will continue to pay facility lease costs, net of sublease income, associated with the previously used facilities through August 2015. The balance of the accrual for these costs at December 31, 2004 and 2003 is $1.8 million and $2.4 million which principally represents remaining facility lease costs, of which $0.5 million is included in accrued liabilities at December 31, 2004 and 2003 and $1.3 million and $1.9 million is included in other long-term liabilities at December 31, 2004 and 2003 in the accompanying consolidated balance sheet.

F-28

13. Relationship with Advanstar.com, Inc.

Advanstar.com, Inc. ("Advanstar.com"), an affiliate of the Company, operates the Company's event and publication-related web sites and develops certain enhanced web opportunities to serve the Company's customers in selected industries. The Company provides Advanstar.com with certain administrative support services and charges for these services based on a general overhead charge. In addition, selected sales, editorial, marketing and production staff of the Company are shared with Advanstar.com. The Company also provides Advanstar.com with marketing and promotional support through advertising pages in its trade publications and exhibit space in its trade shows. In return, Advanstar.com provides support on its web sites for the Company's trade publications and trade shows.

The Company records advances and notes issued in support of Advanstar.com operations as an operating expense on the Company's consolidated statement of operations, as a reflection of the ongoing nature of the operations of Advanstar.com in support of the Company's operations. Net new advances and notes charged to the Company's operations during the years ended December 31, 2004 and 2003, were approximately $3.3 million and $1.1 million, respectively. In May of 2004, the Company made a $1.9 million advance to Advanstar.com to fund the settlement of Advanstar.com's outstanding New York lease obligation. As described in Note 2, the Company expects to begin merge the operations of Advanstar.com with those of the Company, in 2005.

14. Related-Party Transactions

Financial Advisory Fees and Agreements

In 2003, Credit Suisse First Boston Corporation ("CSFB"), an affiliate of the DLJ Merchant Banking funds, provided services to the Company in connection with the arrangement and syndication of the Credit Facility and as a lender thereunder. CSFB was an initial purchaser of, the Senior Secured Notes. The Company paid customary financing fees to CSFB for those services. The aggregate amount of all fees paid to the CSFB entities in connection with these financings during 2003 was approximately $10.4 million, including out-of-pocket expenses. This amount has been capitalized as deferred financing costs and is being amortized over the remaining term of the Senior Secured Notes. In addition, CSFB provides financial advisory services to the Company. The Company pays CSFB $0.5 million annually for these services. This amount is expensed as incurred.

F-29

Parent Company Notes

As a part of the financing for the acquisition of the Company by the DLJ Merchant Banking Funds in October 2000 and concurrently with the closing of the offering of the Senior Subordinated Notes in February 2001, the Company's parent, Advanstar, Inc., issued discount notes (the "Discount Notes") with an aggregate principal amount at maturity of $171.8 million. These notes do not require cash interest payments until 2006. Neither the Company nor any of its subsidiaries guaranteed the senior discount notes. Advanstar, Inc., however, is a holding company and its ability to pay interest on these Discount Notes will be dependent upon the receipt of dividends from its subsidiaries, including the Company. The Credit Facility, Senior Secured Notes and the Senior Subordinated Notes impose substantial restrictions on the Company's and its subsidiaries' ability to pay dividends.

15. Supplemental Guarantor Condensed Consolidating Financial Statements

Basis of Presentation

The Company's Senior Subordinated Notes and Senior Secured Notes are fully and unconditionally guaranteed on a senior subordinated basis, jointly and severally, by the Company and its wholly owned domestic subsidiaries. The subsidiary guarantors are MAGIC and Applied Business teleCommunications. The condensed consolidating financial statements of the guarantors are presented below and should be read in connection with the consolidated financial statements of the Company. Separate financial statements of the guarantors are not presented because the guarantors are jointly, severally, fully, and unconditionally liable under the guarantees and the Company believes the condensed consolidating financial statements presented are sufficiently meaningful in understanding the financial position and results of the guarantors.

There are no significant restrictions on the ability of the subsidiary guarantors to make distributions to the Company.

F-30

Advanstar Communications Inc.
Condensed Consolidating Balance Sheets
December 31, 2004

			Communications			Guarantor Subsidiaries		Nonguarantor Subsidiaries			Eliminations			Consolidated Total
			(in thousands of dollars)
Assets
Current assets
	Cash and cash equivalents		$	33,956		$	—	$	7,267		$	—		$	41,223
	Accounts receivable, net			25,685			—		1,256			—			26,941
	Prepaid expenses			5,646			1,265		1,917			—			8,828
	Other			2,400			—		76			—			2,476
	Current assets of discontinued operations			—			—		—			—			—

		Total current assets		67,687			1,265		10,516			—			79,468
Noncurrent assets
	Property, plant and equipment, net			22,401			1,624		514			—			24,539
	Deferred tax asset			8,438			292		—			(8,730	)		—
	Intangible and other assets, net			493,545			269,500		45,885			—			808,930
	Investments in subsidiaries			514,479			—		10,421			(524,900	)		—
	Intercompany receivable			—			228,779		(4,274	)		(224,505	)		—
	Non-current assets of discontinued operations			—			—		—			—			—

			$	1,106,550		$	501,460	$	63,062		$	(758,135	)	$	912,937

Liabilities and Stockholder's Equity
Current liabilities
	Current maturities of long-term debt		$	1,300		$	—	$	—		$	—		$	1,300
	Accounts payable			11,580			699		1,661			—			13,940
	Accrued liabilities			34,424			7,275		1,054			—			42,753
	Deferred revenue			32,456			15,554		4,346			—			52,356
	Current liabilities of discontinued operations			—			—		—			—			—

		Total current liabilities		79,760			23,528		7,061			—			110,349
Long-term debt, net of current maturities				612,919			—		—			—			612,919
Deferred income taxes and other long-term liabilities				22,224			8,730		303			(8,730	)		22,527
Intercompany payable				224,505			—		—			(224,505	)		—
Due to parent				2,698			—		—			—			2,698
Minority interests				3,579			—		—			—			3,579
Long-term liabilities of discontinued operations				—			—		—			—			—
Stockholder's equity
	Common stock			10			3		959			(962	)		10
	Capital in excess of par value			447,367			438,117		86,882			(524,999	)		447,367
	(Accumulated deficit) retained earnings			(292,757	)		31,082		(38,286	)		7,204			(292,757	)
	Accumulated other comprehensive income (loss)			6,245			—		6,143			(6,143	)		6,245

		Total stockholder's equity		160,865			469,202		55,698			(524,900	)		160,865

			$	1,106,550		$	501,460	$	63,062		$	(758,135	)	$	912,937

F-31

Advanstar Communications Inc.
Condensed Consolidating Statements of Operations
Year Ended December 31, 2004

			Communications			Guarantor Subsidiaries			Nonguarantor Subsidiaries			Eliminations			Consolidated Total
			(in thousands of dollars)
Net revenue			$	290,902		$	68,356		$	18,796		$	—		$	378,054
Operating expenses
	Cost of production and selling, editorial and circulation			199,487			25,318			13,965			—			238,770
	General and administrative, including—restructuring			39,185			1,750			2,961			—			43,896
	Funding of affiliated company operations			3,283			—			—			—			3,283
	Depreciation and amortization			34,369			13,967			1,369			—			49,705

		Total operating expenses		276,324			41,035			18,295			—			335,654

		Operating income		14,578			27,321			501			—			42,400
Other income (expense)
	Interest expense, net			(70,508	)		—			405			—			(70,103	)
	Other income (expense), net			425			(49	)		423			—			799

		(Loss) income from continuing operations before income taxes, minority interests, and cumulative effect of accounting change		(55,505	)		27,272			1,329			—			(26,904	)
Provision for income taxes				3,478			10,206			270			—			13,954
Minority interests				(562	)		—			—			—			(562	)
Equity in earnings of subsidiaries				1,619			—			—			(1,619	)		—

		(Loss) income from continuing operations before cumulative effect of accounting change		(57,926	)		17,066			1,059			(1,619	)		(41,420	)
Discontinued operations
	Income (loss) from operations of discontinued business			6,763			—			(16,506	)		—			(9,743	)

		(Loss) income from operations before cumulative effect of accounting change		(51,163	)		17,066			(15,447	)		(1,619	)		(51,163	)
Cumulative effect of accounting change				—			—			—			—			—

Net (loss) income			$	(51,163	)	$	17,066		$	(15,447	)	$	(1,619	)	$	(51,163	)

F-32

Advanstar Communications Inc.
Condensed Consolidating Statements of Cash Flows
Year Ended December 31, 2004

			Communications			Guarantor Subsidiaries			Nonguarantor Subsidiaries			Eliminations			Consolidated Total
			(in thousands of dollars)
Cash flows from operating activities
Net (loss) income			$	(51,163	)	$	17,066		$	(15,447	)	$	(1,619	)	$	(51,163	)
Adjustments to reconcile net (loss) income to net cash provided by operating activities
	Equity in earnings of subsidiaries			(1,619	)		—			—			1,619			—
	Gain on derivative financial instruments			(1,391	)		—			—			—			(1,391	)
	Provision for notes and advances from affiliated dot.com company			—			—			—			—			—
	Impairment of goodwill			—			—			15,570			—			15,570
	Deferred income taxes			16,346			(5,086	)		—			—			11,260
	Depreciation and amortization			34,131			13,967			1,870			—			49,968
	Other noncash items			3,331			113			75			—			3,519
	Change in working capital items			20,140			(23,151	)		(6,466	)		—			(9,477	)

		Net cash provided by (used in) operating activities		19,775			2,909			(4,398	)		—			18,286

Cash flows from investing activities
	Additions to property, plant and equipment			(7,418	)		(1,309	)		(254	)		—			(8,981	)
	Acquisitions of publications and trade shows, net			(7,915	)											(7,915	)
	Proceeds from sale of assets and other			20,343			(1,600	)		3,755			—			22,498

		Net cash provided by (used in) investing activities		5,010			(2,909	)		3,501			—			5,602

Cash flows from financing activities
Payments of long-term debt, net				(11,700	)		—			—			—			(11,700	)
Dividends paid to minority interest holders				(500	)		—			—			—			(500	)
Contribution of capital from parent				—			—			—			—			—
Deferred financing costs				(315	)		—			—			—			(315	)

		Net cash used in financing activities		(12,515	)		—			—			—			(12,515	)

Effect of exchange rate changes on cash				118			—			458			—			576

		Net increase (decrease) in cash and cash equivalents		12,388			—			(439	)		—			11,949
Cash and cash equivalents
Beginning of year				21,568			—			7,706			—			29,274

End of year			$	33,956		$	—		$	7,267		$	—		$	41,223

F-33

Advanstar Communications Inc.
Condensed Consolidating Balance Sheets
December 31, 2003

			Communications			Guarantor Subsidiaries		Nonguarantor Subsidiaries			Eliminations			Consolidated Total
			(in thousands of dollars)
Assets
Current assets
	Cash and cash equivalents		$	21,568		$	—	$	7,706		$	—		$	29,274
	Accounts receivable, net			30,256			—		3,588			—			33,844
	Prepaid expenses			4,626			1,547		1,719			—			7,892
	Other			1,718			—		53			—			1,771
	Current assets of discontinued operations			1,047			—		2,269			—			3,316

		Total current assets		59,215			1,547		15,335			—			76,097
Noncurrent assets
	Property, plant and equipment, net			22,406			850		502			—			23,758
	Deferred tax asset			13,524			35		—			(13,559	)		—
	Intangible and other assets, net			515,599			281,321		43,928						840,848
	Investments in subsidiaries			518,214					27,792			(546,006	)		—
	Intercompany receivable			3			208,188		(8,952	)		(199,239	)		—
	Non-current assets of discontinued operations			18,451			—		27,436			—			45,887

			$	1,147,412		$	491,941	$	106,041		$	(758,804	)	$	986,590

Liabilities and Stockholder's Equity
Current liabilities
	Current maturities of long-term debt		$	3,700		$	—	$	—		$	—		$	3,700
	Accounts payable			16,010			2,738		3,083			—			21,831
	Accrued liabilities			30,792			6,554		4,580			—			41,926
	Deferred revenue			37,124			16,954		2,392			—			56,470
	Current liabilities of discontinued operations			4,198			—		749			—			4,947

		Total current liabilities		91,824			26,246		10,804			—			128,874
Long-term debt, net of current maturities				622,369			—		—			—			622,369
Deferred income taxes and other long-term liabilities				9,613			13,559		295			(13,559	)		9,908
Intercompany payable				199,239			—		—			(199,239	)		—
Due to parent				3,650			—		—			—			3,650
Minority interests				9,017			—		(5,501	)		—			3,516
Long-term liabilities of discontinued operations				2,404			—		6,573			—			8,977
Stockholder's equity
	Common stock			10			3		950			(953	)		10
	Capital in excess of par value			447,367			438,117		112,204			(550,321	)		447,367
	(Accumulated deficit) retained earnings			(241,594	)		14,016		(22,839	)		8,823			(241,594	)
	Accumulated other comprehensive income (loss)			3,513					3,555			(3,555	)		3,513

		Total stockholder's equity		209,296			452,136		93,870			(546,006	)		209,296

			$	1,147,412		$	491,941	$	106,041		$	(758,804	)	$	986,590

F-34

Advanstar Communications Inc.
Condensed Consolidating Statements of Operations
Year Ended December 31, 2003

			Communications			Guarantor Subsidiaries		Nonguarantor Subsidiaries			Eliminations			Consolidated Total
			(in thousands of dollars)
Net revenue			$	219,885		$	64,725	$	22,154		$	—		$	306,764
Operating expenses
	Cost of production and selling, editorial and circulation			145,363			25,343		19,562			—			190,268
	General and administrative, including restructuring			31,271			1,313		3,490			—			36,074
	Funding of affiliated company operations			1,121			—		—			—			1,121
	Depreciation and amortization			32,781			20,492		1,871			—			55,144

		Total operating expenses		210,536			47,148		24,923			—			282,607

		Operating income (loss)		9,349			17,577		(2,769	)		—			24,157
Other income (expense)
	Interest expense, net			(58,590	)		—		741			—			(57,849	)
	Other income, net			(8,871	)		—		(2,288	)		—			(11,159	)

		(Loss) income from continuing operations before income taxes, minority interests, and cumulative effect of accounting change		(58,112	)		17,577		(4,316	)		—			(44,851	)
(Benefit) provision for income taxes				(1,837	)		6,427		(307	)		—			4,283
Minority interests				(403	)		—		—			—			(403	)
Equity in earnings of subsidiaries				7,492			—		—			(7,492	)		—

		(Loss) income from continuing operations before cumulative effect of accounting change		(49,186	)		11,150		(4,009	)		(7,492	)		(49,537	)
Discontinued operations
	(Loss) income from operations of discontinued business			(262	)		—		351			—			89

		(Loss) income from operations before cumulative effect of accounting change		(49,448	)		11,150		(3,658	)		(7,492	)		(49,448	)
Cumulative effect of accounting change				—			—		—			—			—

Net (loss) income			$	(49,448	)	$	11,150	$	(3,658	)	$	(7,492	)	$	(49,448	)

F-35

Advanstar Communications Inc.
Condensed Consolidating Statements of Cash Flows
Year Ended December 31, 2003

			Communications			Guarantor Subsidiaries			Nonguarantor Subsidiaries			Eliminations			Consolidated Total
			(in thousands of dollars)
Cash flows from operating activities
Net (loss) income			$	(49,448	)	$	11,150		$	(3,658	)	$	(7,492	)	$	(49,448	)
Adjustments to reconcile net (loss) income to net cash provided by operating activities
	Equity in earnings of subsidiaries			(7,492	)		—			—			7,492			—
	Gain on derivative financial instruments			(772	)		—			—			—			(772	)
	Provision for notes and advances from affiliated dot.com company			—			—			—			—			—
	Transition goodwill impairment			—			—			—			—			—
	Deferred income taxes			14,779			(7,554	)		(235	)		—			6,990
	Depreciation and amortization			33,788			20,492			2,323			—			56,603
	Other noncash items			15,940			72			541			—			16,553
	Change in working capital items			36,797			(23,772	)		2,897			—			15,922

		Net cash provided by operating activities		43,592			388			1,868			—			45,848

Cash flows from investing activities
Additions to property, plant and equipment				(7,054	)		(388	)		(166	)		—			(7,608	)
Acquisitions of publications and trade shows, net of proceeds				(137,712	)		—			(13	)		—			(137,725	)

		Net cash used in investing activities		(144,766	)		(388	)		(179	)		—			(145,333	)

Cash flows from financing activities
Payments of long-term debt, net				68,425			—			—			—			68,425
Dividends paid to minority interest holders				(1,000	)		—			(227	)		—			(1,227	)
Contribution of capital from parent				60,000			—			—			—			60,000
Deferred financing costs				(16,962	)		—			—			—			(16,962	)

		Net cash provided by (used in) financing activities		110,463			—			(227	)		—			110,236

Effect of exchange rate changes on cash				(3	)		—			(404	)		—			(407	)

		Net increase in cash and cash equivalents		9,286			—			1,058			—			10,344
Cash and cash equivalents
Beginning of year				12,282			—			6,648			—			18,930

End of year			$	21,568		$	—		$	7,706		$	—		$	29,274

F-36

Advanstar Communications Inc.
Condensed Consolidating Statements of Operations
Year Ended December 31, 2002

			Communications			Guarantor Subsidiaries			Nonguarantor Subsidiaries			Eliminations		Consolidated Total
			(in thousands of dollars)
Net revenue			$	199,037		$	64,364		$	26,214		$	—	$	289,615
Operating expenses
	Cost of production and selling, editorial and circulation			131,144			22,411			21,789			—		175,344
	General and administrative, including restructuring			28,228			1,224			3,606			—		33,058
	Funding of affiliated company operations			39,587			—			—			—		39,587
	Depreciation and amortization			35,146			28,770			3,107			—		67,023

		Total operating expenses		234,105			52,405			28,502			—		315,012

		Operating (loss) income		(35,068	)		11,959			(2,288	)		—		(25,397	)
Other income (expense)
	Interest expense, net			(50,849	)		—			(198	)		—		(51,047	)
	Other income, net			953			—			1,978			—		2,931

		(Loss) income from continuing operations before income taxes, minority interests, and cumulative effect of accounting change		(84,964	)		11,959			(508	)		—		(73,513	)
(Benefit) provision for income taxes				(21,848	)		4,487			1,101			—		(16,260	)
Minority interests				(176	)		—			—			—		(176	)
Equity in earnings of subsidiaries				(9,284	)		—			—			9,284		—

		(Loss) income from continuing operations before cumulative effect of accounting change		(72,576	)		7,472			(1,609	)		9,284		(57,429	)
Discontinued operations
	Income (loss) from operations of discontinued business			465			—			(558	)		—		(93	)

		(Loss) income from operations before cumulative effect of accounting change		(72,111	)		7,472			(2,167	)		9,284		(57,522	)
Cumulative effect of accounting change				(52,228	)		(10,501	)		(4,088	)		—		(66,817	)

Net (loss) income			$	(124,339	)	$	(3,029	)	$	(6,255	)	$	9,284	$	(124,339	)

F-37

Advanstar Communications Inc.
Condensed Consolidating Statements of Cash Flows
Year Ended December 31, 2002

			Communications			Guarantor Subsidiaries			Nonguarantor Subsidiaries			Eliminations			Consolidated Total
			(in thousands of dollars)
Cash flows from operating activities
Net (loss) income			$	(124,339	)	$	(3,029	)	$	(6,255	)	$	9,284		$	(124,339	)
Adjustments to reconcile net loss to net cash provided by operating activities
	Equity in earnings of subsidiaries			9,284			—			—			(9,284	)		—
	Gain on derivative financial instruments			(1,236	)		—			—			—			(1,236	)
	Provision for notes and advances from affiliated dot.com company			37,192			—			—			—			37,192
	Transition goodwill impairment			52,228			10,501			4,088			—			66,817
	Deferred income taxes			(20,788	)		4,306			(123	)		—			(16,605	)
	Depreciation and amortization			36,703			28,770			3,659			—			69,132
	Other noncash items			4,527			—			306			—			4,833
	Change in working capital items			29,713			(40,304	)		(928	)		—			(11,519	)

		Net cash provided by operating activities		23,284			244			747			—			24,275

Cash flows from investing activities
Additions to property, plant and equipment				(6,602	)		(244	)		(370	)		—			(7,216	)
Acquisitions of publications and trade shows, net of proceeds				(23,424	)		—			(515	)		—			(23,939	)

		Net cash used in investing activities		(30,026	)		(244	)		(885	)		—			(31,155	)

Cash flows from financing activities
Payments of long-term debt, net				(13,100	)		—			—			—			(13,100	)
Dividends paid to minority interest holders				—			—			(503	)		—			(503	)
Deferred financing costs				(1,785	)		—			—			—			(1,785	)

		Net cash used in financing activities		(14,885	)		—			(503	)		—			(15,388	)

Effect of exchange rate changes on cash				3			—			(3,441	)		—			(3,438	)

		Net decrease in cash and cash equivalents		(21,624	)		—			(4,082	)		—			(25,706	)
Cash and cash equivalents
Beginning of year				33,906			—			10,730			—			44,636

End of year			$	12,282		$	—		$	6,648		$	—		$	18,930

F-38

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

		ADVANSTAR COMMUNICATIONS INC.
		By:	/s/ DAVID W. MONTGOMERY Name: David W. Montgomery Title: Vice President—Finance, Chief Financial Officer

			Date: June 28, 2005

		Exhibit Index

31.1		Rule 13a-14(a) or 15d-14(a) Certification of Chief Executive Officer.
31.2		Rule 13a-14(a) or 15d-14(a) Certification of Chief Financial Officer.
32.1		Section 1350 Certification of Chief Executive Officer.
32.2		Section 1350 Certification of Chief Financial Officer.

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ADVANSTAR COMMUNICATIONS INC 10-K/A