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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 333-61386

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

Delaware (State or other jurisdiction of incorporation or organization)		94-3243499 (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 100 shares of common stock issued and outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

None.

EXPLANATORY NOTE

Advanstar, 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, 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, Inc., a wholly owned subsidiary of Advanstar Holdings Corporation, 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 schedules listed in the index appearing under Item 15(a)(2) present 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 schedules are the responsibility of the Company's management; our responsibility is to express an opinion on these financial statements and financial statement schedules 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-2

Advanstar, 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		$	41,328		$	29,721
	Accounts receivable, net of allowance of $798 and $842 at December 31, 2004 and 2003			27,289			34,064
	Prepaid expenses			8,839			7,980
	Other			2,476			2,021
	Current assets of discontinued operations			—			3,316

		Total current assets		79,932			77,102

Due from parent				256			166
Property, plant and equipment, net				25,153			24,406
Intangible and other assets
	Goodwill			707,756			699,221
	Intangibles and other, net			101,813			142,391

		Total intangible and other assets, net		809,569			841,612
Non-current assets of discontinued operations				—			45,887

			$	914,910		$	989,173

Liabilities and Stockholder's Equity
Current liabilities
	Current maturities of long-term debt		$	1,300		$	3,700
	Accounts payable			14,067			22,071
	Accrued compensation			8,695			7,011
	Other accrued expenses			34,103			35,866
	Deferred revenue			52,397			56,553
	Current liabilities of discontinued operations			—			4,947

		Total current liabilities		110,562			130,148

Long-term debt, net of current maturities				752,019			740,371
Deferred income taxes				18,250			4,586
Other long-term liabilities				4,277			10,957
Minority interests				3,579			3,516
Long term liabilities of discontinued operations				—			8,977
Commitments and contingencies (Notes 11 and 13)				—			—
Stockholder's equity
	Common stock, $.01 par value, 10,000 shares authorized; 100 shares issued and outstanding at December 31, 2004 and 2003			—			—
	Capital in excess of par value			370,424			370,424
	Accumulated deficit			(350,446	)		(283,319	)
	Accumulated other comprehensive income			6,245			3,513

		Total stockholder's equity		26,223			90,618

			$	914,910		$	989,173

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

F-3

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

			2004			2003			2002
			(in thousands of dollars)
Revenue			$	380,471		$	308,962		$	291,836
Operating expenses
	Cost of production (excluding depreciation)			76,791			62,895			57,638
	Selling, editorial and circulation (excluding depreciation)			163,598			128,783			119,587
	General and administrative (excluding depreciation)			45,817			35,310			35,276
	Restructuring charge			(4,015	)		2,692			—
	Amortization of intangibles			41,575			47,120			58,310
	Depreciation			8,595			10,601			12,561

		Total operating expenses		332,361			287,401			283,372

		Operating income		48,110			21,561			8,464
Other income (expense)
	Interest expense, net			(91,353	)		(75,924	)		(66,379	)
	Write-off of deferred financing costs			—			(11,324	)		—
	Other income (expense), net			375			140			2,858

		Loss from continuing operations before income taxes, minority interests and cumulative effect of accounting change		(42,868	)		(65,547	)		(55,057	)
Income tax provision (benefit)				13,954			4,283			(4,064	)
Minority interests				(562	)		(403	)		(176	)

		Loss from continuing operations before cumulative effect of accounting change		(57,384	)		(70,233	)		(51,169	)
(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 5)				(9,743	)		89			(93	)

		Loss before cumulative effect of accounting change		(67,127	)		(70,144	)		(51,262	)
Cumulative effect of accounting change, net of tax and minority interest				—			—			(66,817	)

		Net loss	$	(67,127	)	$	(70,144	)	$	(118,079	)

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

F-4

Advanstar, 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			100	$	—	$	310,424	$	(95,096	)	$	(5,992	)	$	209,336
Comprehensive loss
	Net loss		—		—		—		(118,079	)		—
	Translation adjustment		—		—		—		—			(2,920	)
	Change in unrealized loss on derivative financial instruments		—		—		—		—			(166	)
		Total comprehensive loss	—		—		—		—			—			(121,165	)

Balances at December 31, 2002			100		—		310,424		(213,175	)		(9,078	)		88,171
Comprehensive loss
	Net loss		—		—		—		(70,144	)		—
	Translation adjustment		—		—		—		—			8,283
	Change in unrealized loss on derivative financial instruments		—		—		—		—			4,308
		Total comprehensive loss	—		—		—		—			—			(57,553	)
Contribution of capital from parent			—		—		60,000		—			—			60,000

Balances at December 31, 2003			100		—		370,424		(283,319	)		3,513			90,618
Comprehensive loss
	Net loss		—		—		—		(67,127	)		—			—
	Translation adjustment		—		—		—		—			2,587			—
	Change in unrealized loss on derivative financial instruments		—		—		—		—			145			—
		Total comprehensive loss	—		—		—		—			—			(64,395	)

Balances at December 31, 2004			100	$	—	$	370,424	$	(350,446	)	$	6,245		$	26,223

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

F-5

Advanstar, 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				$	(67,127	)	$	(70,144	)	$	(118,079	)
Adjustments to reconcile net loss to net cash provided by operating activities
	Cumulative effect of accounting change—transitional
	goodwill impairment				—			—			66,817
	Write-off of deferred financing costs				—			11,324			—
	Restructuring charge				(4,015	)		—			—
	Impairment of goodwill				15,570			—			—
	Depreciation and amortization				50,433			59,180			72,980
	(Gain) on derivative financial instruments				(1,391	)		(772	)		(1,236	)
	Undistributed earnings of minority interest holders				562			627			474
	Noncash interest expense				24,489			21,386			18,001
	(Gain) loss on disposition of business and other				(1,006	)		661			95
	Provision for bad debts				874			589			1,667
	Deferred income taxes				11,260			6,990			(4,292	)
	Changes in operating assets and liabilities
		Accounts receivable			6,060			(407	)		(1,729	)
		Inventories			(708	)		188			269
		Prepaid expenses			(506	)		891			2,054
		Accounts payable and accrued expenses			(10,776	)		16,216			(11,174	)
		Deferred revenue			(6,902	)		1,394			(3,044	)
		Other			1,733			(1,598	)		1,898

			Net cash provided by operating activities		18,550			46,525			24,701

Cash flows from investing activities
Additions to property, plant and equipment					(9,576	)		(7,930	)		(7,449	)
Acquisition 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					(1,931	)		3			33

			Net cash provided by (used in) investing activities		4,996			(145,655	)		(31,388	)

Cash flows from financing activities
Proceeds from revolving credit loan					(14,000	)		(50,100	)		11,100
Payments on revolving credit loan					6,000			21,000			(8,000	)
Proceeds from long-term debt					—			431,050			—
Payments of long-term debt					(3,700	)		(333,525	)		(16,200	)
Capital contributions from parent and other					—			60,000			—
Deferred financing costs					(315	)		(16,962	)		(2,047	)
Dividends paid to minority interest holders					(500	)		(1,227	)		(503	)

			Net cash (used in) provided by financing activities		(12,515	)		110,236			(15,650	)

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

			Net increase (decrease) in cash and cash equivalents		11,607			10,699			(25,775	)
Cash and cash equivalents
Beginning of year					29,721			19,022			44,797

End of year				$	41,328		$	29,721		$	19,022

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

F-6

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

1. Nature of Business and Basis of Presentation

The accompanying consolidated financial statements include the accounts of Advanstar, Inc. ("Advanstar"), a wholly owned subsidiary of Advanstar Holdings Corporation ("Parent" or "Holdings"), and its wholly owned subsidiaries, Advanstar Communications Inc. ("Communications") and Advanstar IH, Inc. ("Advanstar.com"), (collectively, 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			45,749			41,113
Leasehold improvements			6,502			5,390

			61,075			54,325
Accumulated depreciation			(35,922	)		(29,919	)

	Property, plant and equipment, net	$	25,153		$	24,406

Property, plant and equipment is stated at its original cost and is depreciated on a 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

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.

F-7

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		11,261
Benefits and severance		2,326		2,882
Taxes		4,403		4,543
Derivative instruments		—		1,535
Other		1,663		2,687

	$	34,103	$	35,866

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.

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
Deferred Internet advertising and other revenue			41		83

	Total deferred revenue	$	52,397	$	56,553

F-8

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 must be 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	$	(67,127	)	$	(70,144	)	$	(118,079	)
Less: Pro forma stock-based employee compensation cost		(2,550	)		(2,400	)		(2,133	)

Net loss—pro forma	$	(69,677	)	$	(72,544	)	$	(120,212	)

See Note 8 for further discussion of the Company's stock compensation plans.

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.

F-9

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. The Company does not expect the adoption of this standard to have a material effect on its financial position, results of operations or cash flows.

In December 2004, the Financial Accounting Standards Board issued SFAS No. 123 R, "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.

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.

F-10

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
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			23,379			23,063

			311,589			308,317
Accumulated amortization			(209,776	)		(165,926	)

	Total intangible and other assets, net	$	101,813		$	142,391

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	$	37,753
2006		27,295
2007		11,533
2008		8,037
2009		3,912

F-11

4. Restructuring Activity

The Company integrated many of the sales, marketing, technology and operating functions of its wholly owned subsidiary Advanstar.com, Inc. ("Advanstar.com") with Communications and its core activities in publishing, trade shows and direct marketing products. These restructuring activities were completed by the end of 2001, except for facility lease costs, which continue through June 2010, including leasehold improvements from the facility Advanstar.com vacated. At December 31 2003, there was a $6.2 million accrual for remaining facility closure costs, of which $0.6 million is included in accrued liabilities and approximately $5.6 million is included in other long-term liabilities in the accompanying consolidated balance sheet. The facility lease obligation was settled in May 2004 for less than amounts owed under the lease. An $4.0 million favorable settlement (net of fees and related expenses) of the lease obligation was recognized as an offset to operating expenses in 2004. No liability existed as of December 31, 2004 relating to this restructuring.

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 charges included 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.

5. 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 are 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, including 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	$	372,361		$	379,338
Loss from continuing operations before cumulative effect of accounting change		(85,990	)		(59,916	)
Net loss		(83,497	)		(126,826	)

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.

F-13

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. Any divestiture where the Company has continued involvement are included in continuing operations in accordance with Emerging Issues Task Force (EITF) regarding Issue No. 03-13.

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, 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, 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, respectively.

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.

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

F-15

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

6. 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 Communications' 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 its credit facility and all but $25.0 million of the outstanding term B loans under its credit facility (Note 7), 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 the 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-16

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

7. 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 loan availability through April 11, 2007. The Credit

F-17

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, Communications issued $360.0 million of second priority senior secured notes (the "August senior secured notes"). On September 25, 2003, Communications 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 will 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 Communications' Credit Facility (other than the capital stock of certain of its subsidiaries and assets of its parent companies, including Advanstar). The notes contain restrictive covenants that, among other things, limit Communications' ability to incur debt, pay dividends and make investments. Communications 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.

Communications 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. Communications 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 5).

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

Senior Subordinated Debt and Discount Notes

Communications' $160.0 million unsecured, 12% senior subordinated notes due 2011 (the "Senior Subordinated Notes") bear interest payable semiannually 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 Communications' 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.

F-18

The Company's senior discount notes due October 2011 (the "Discount Notes") with a principal amount at maturity of $171.8 million bear interest at 15%, payable semiannually beginning October 2005, and have an implied yield to maturity of approximately 17.2%. The notes are redeemable at the Company's option at specified premiums through 2007 and at par thereafter. The notes may also be redeemed at a premium upon a qualifying change of control of the Company.

The Discount Notes do not require cash interest payments until 2006 and contain restrictive covenants that, among other things, limit Advanstar's ability and that of its subsidiaries to incur debt, pay dividends and make investments. Since Advanstar is a holding company and its subsidiaries serve as its only source of cash flow, its ability to pay interest on these notes will be dependent upon the receipt of dividends from its subsidiaries. The Credit Facility, the Senior Secured Notes and the Senior Subordinated Notes impose substantial restrictions on Advanstar, Inc.'s subsidiaries' ability to pay dividends to Advanstar, Inc. Additionally, the Discount Notes are not guaranteed by Advanstar's subsidiaries.

Accretion of the debt discount on the Discount Notes was approximately $21.1 million, $17.9 million and $15.2 million during the years ended December 31, 2004, 2003 and 2002, respectively. These amounts are included in interest expense in the respective accompanying consolidated statements of operations.

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 7.50%, 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
Senior discount notes, interest at 15%, due October 11, 2011, net of unamortized discount of $33,692 and $53,790 at December 31, 2004 and 2003, respectively		139,100			118,002
Acquisition note payable, interest at 5.5%, due monthly through 2004		—			2,000
Acquisition note payable, interest at 6.0%, due April 1, 2004		—			400

		753,319			744,071
Less: Current maturities		(1,300	)		(3,700	)

	$	752,019		$	740,371

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 $55.6 million and $49.1 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-19

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		632,792

	$	786,167

8. Stockholder's Equity

2000 Management Incentive Plan

On October 12, 2000, Holdings 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 each of 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-20

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

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.

9. 401(k) Plan

The Company has a 401(k) savings plan and trust (the "401(k) Plan") available to employees of Advanstar, Inc. 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, $1.2 million for each of the years ended December 31, 2003 and 2002.

10. Income Taxes

The Company's taxable income or loss is included in the consolidated federal income tax return of Holdings. 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 $0.1 million at December 31, 2004 and 2003 are included in due from Parent in the accompanying consolidated balance sheets.

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

F-21

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	$	(43,070	)	$	(60,424	)	$	(54,378	)
Foreign		202			(5,123	)		(679	)

	$	(42,868	)	$	(65,547	)	$	(55,057	)

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		$	—	$	—		$	(937	)
	State			7		—			59
	Foreign			283		(303	)		1,106
Deferred				13,664		4,586			(4,292	)

		Total provision (benefit)	$	13,954	$	4,283		$	(4,064	)

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.

F-22

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
	Accrued expenses and other		$	7,927		$	7,882
	Prepaid and other			(372	)		(3,196	)

		Total net current deferred tax asset		7,555			4,686

Net noncurrent deferred tax asset
	Property, plant and equipment			777			1,587
	Identifiable intangible assets			16,012			5,238
	Goodwill			(18,250	)		(4,586	)
	U.S. net operating loss carryforwards			41,878			29,933
	Foreign jurisdiction net operating loss carryforwards			10,744			7,616
	Financial derivatives			(419	)		1,075
	Debt discount			17,089			11,793
	AMT credit carryforwards			453			453

		Total net noncurrent deferred tax asset		68,284			53,109
Valuation allowance				(94,089	)		(62,381	)

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

The Company has established a valuation allowance to offset all of these 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 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 $134.5 million and $97.5 million, respectively. 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 $107.6 million expire at various dates beginning in 2021.

F-23

A reconciliation of the Company's 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	$	(15,004	)	$	(21,977	)	$	(18,925	)	$	(23,386	)	$	(42,311	)
Nondeductible goodwill impairment		—			—			—			9,790			9,790
Change in valuation allowance		27,580			28,831			14,307			15,266			29,573
State taxes, net of federal benefit		(1,072	)		(1,570	)		(1,352	)		(1,670	)		(3,022	)
Nondeductible interest		2,616			2,220			1,883			—			1,883
Foreign rate differential		213			(568	)		(522	)		—			(522	)
Other, net		(379	)		(2,653	)		545			—			545

Provision (benefit) for income taxes	$	13,954		$	4,283		$	(4,064	)	$	—		$	(4,064	)

The change in valuation allowance for the year ended December 31, 2004 excludes a $4.1 million valuation allowance established to offset foreign jurisdiction net operating loss carryforwards that were also recorded in the year ended December 31, 2004.

11. 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 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 can not 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.

F-24

12. 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, prepaid expenses and accounts receivable. Revenues, contribution margins and segment assets of the Company's three 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
	Revenues	$	151,483	$	206,147	$	22,841	$	—		$	380,471
	Contribution margin (loss)		75,775		59,368		11,572		(6,633	)		—
	Segment assets		502,663		293,399		33,848		85,000			914,910
Year ended December 31, 2003
	Revenues		142,063		147,864		19,035		—			308,962
	Contribution margin (loss)		69,215		45,213		8,265		(5,409	)		—
	Segment assets		563,055		279,792		33,349		112,977			989,173
Year ended December 31, 2002
	Revenues		145,961		127,385		18,490		—			291,836
	Contribution margin (loss)		76,384		35,538		7,512		(4,823	)		—
	Segment assets		586,406		183,954		32,599		67,603			870,562

The reconciliation of total segment contribution margin to consolidated loss from continuing operations before taxes, minority interest 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		$	140,082		$	117,284		$	114,611
General and administrative expense			(45,817	)		(35,310	)		(35,276	)
Restructuring charge			4,015			(2,692	)		—
Depreciation and amortization			(50,170	)		(57,721	)		(70,871	)
Other expense (primarily interest)			(90,978	)		(87,108	)		(63,521	)

	Consolidated loss before income taxes, minority interests and cumulative effect of accounting change	$	(42,868	)	$	(65,547	)	$	(55,057	)

F-25

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)
Revenue
United States	$	366,674	$	297,897	$	273,344
International		13,797		11,065		18,492

	$	380,471	$	308,962	$	291,836

	2004		2003
	(in thousands of dollars)
Long-Lived Assets
United States	$	794,973	$	828,270
International		39,749		37,748

	$	834,722	$	866,018

13. 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.

The Company has agreed to pay CSFB an annual advisory fee of $0.5 million until the earlier of (i) an initial public offering of Holdings, (ii) the date when the DLJ Merchant Banking funds own less than 16²/3% of the shares of Holdings' common stock held by them on the closing date of the DLJ Acquisition or (iii) October 11, 2005. This amount is expensed as incurred.

F-26

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, 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.

QuickLinks

EXPLANATORY NOTE
Report of Independent Registered Public Accounting Firm
Advanstar, Inc. Consolidated Balance Sheets December 31, 2004 and 2003
Advanstar, Inc. Consolidated Statements of Operations Years Ended December 31, 2004, 2003 and 2002
Advanstar, Inc. Consolidated Statements of Stockholder's Equity Years Ended December 31, 2004, 2003 and 2002
Advanstar, Inc. Consolidated Statements of Cash Flows Years Ended December 31, 2004, 2003 and 2002
SIGNATURES

ADVANSTAR INC 10-K/A