<PAGE>   1

                       SECURITIES AND EXCHANGE COMMISSION
                           Washington, D.C. 20549-1004

                     ---------------------------------------
                                    FORM 10-Q

[X]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934

         For the quarterly period ended March 31, 1999

                                       OR

[ ]      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934

                         COMMISSION FILE NUMBER 1-14337
                                                -------

                               PENTON MEDIA, INC.
                               ------------------
             (Exact Name of Registrant as Specified in its Charter)

      DELAWARE                                          36-2875386
      --------                                          ----------
(State of Incorporation)                    (I.R.S. Employer Identification No.)


     1100 Superior Avenue, Cleveland, OH                     44114
     -----------------------------------                     -----
   (Address of Principal Executive Offices)                (Zip Code)

                                  216/696-7000
                                  ------------
              (Registrant's Telephone Number, Including Area Code)

   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 X  No
                                       ---   ---

   Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date (May 14,1999).

                             Common Stock 29,031,713
                                          ----------


<PAGE>   2


                               PENTON MEDIA, INC.
                               ------------------
                                    FORM 10-Q
                                    ---------
                          QUARTER ENDED MARCH 31, 1999
                          ----------------------------

                                      INDEX
                                      -----

<TABLE>
<CAPTION>


PART I.     FINANCIAL INFORMATION                                               Page     
                                                                                ----

       <S>                                                                   <C>  
         ITEM 1.  Financial Statements

                  Consolidated Statement of Income -
                       Three Months Ended March 31, 1999 and 1998                 3

                  Consolidated Balance Sheet -
                       March 31, 1999 and December 31, 1998                     4 - 5

                  Consolidated Statement of Cash Flows -
                       Three Months Ended March 31, 1999 and 1998                 6

                  Notes to Consolidated Financial Statements                    7 - 12

         ITEM 2.  Management's Discussion and Analysis of
                  Financial Condition and Results of Operations                13 - 19

         ITEM 3.  Quantitative and Qualitative Disclosure
                  about Market Risk                                              19


PART II.    OTHER INFORMATION

         ITEM 6.  Exhibits and Reports on Form 8-K                               20


         SIGNATURES                                                              20

</TABLE>


                                       2

<PAGE>   3





                               PENTON MEDIA, INC.
                               ------------------
                        CONSOLIDATED STATEMENT OF INCOME
                        --------------------------------
                              FOR THE THREE MONTHS
                              --------------------
                          ENDED MARCH 31, 1999 AND 1998
                          -----------------------------
            (Unaudited; Dollars in Thousands, Except Per Share Data)


<TABLE>
<CAPTION>

                                                          1999           1998
                                                       --------        ---------

<S>                                                  <C>             <C>     
REVENUES .......................................       $ 58,296        $ 52,485
                                                       --------        --------
OPERATING EXPENSES:
  Editorial, production and
    circulation ................................         27,141          23,322
  Selling, general and
    administrative .............................         26,230          22,471
  Depreciation and amortization ................          7,233           2,027
                                                       --------        --------
                                                         60,604          47,820
                                                       --------        --------

OPERATING INCOME (LOSS) ........................         (2,308)          4,665
                                                       --------        --------

OTHER INCOME (EXPENSE):
  Interest expense .............................         (6,384)           (662)
  Miscellaneous, net ...........................             36               3
                                                       --------        --------
                                                         (6,348)           (659)
                                                       --------        --------

INCOME (LOSS)BEFORE INCOME TAXES ...............         (8,656)          4,006

PROVISION (BENEFIT)FOR INCOME TAXES ............         (5,820)          1,666
                                                       --------        --------

NET INCOME (LOSS) ..............................       $ (2,836)       $  2,340
                                                       ========        ========


NET INCOME (LOSS) PER SHARE BASIC AND
  DILUTED ......................................       $  (0.12)       $    .11
                                                       ========        ========

AVERAGE NUMBER OF SHARES OUTSTANDING ...........         22,782          21,240
                                                       ========        ========


</TABLE>


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


                                       3

<PAGE>   4





                               PENTON MEDIA, INC.
                               ------------------
                           CONSOLIDATED BALANCE SHEET
                           --------------------------
                        (Unaudited; Dollars in Thousands)

<TABLE>
<CAPTION>

                                                         March 31,      December 31,
                                                           1999            1998
                                                       -----------      ------------
<S>                                                    <C>          <C> 
ASSETS
------

CURRENT ASSETS:
  Cash and equivalents ...........................       $  5,805       $  3,953
  Accounts and notes receivable, less
    allowance for doubtful accounts of
    $5,423 and $4,899 ............................         37,199         37,956
  Inventories ....................................          2,926          2,361
  Deferred tax assets ............................         13,207          5,797
  Prepayments, deposits and other ................          8,616          8,086
                                                         --------       --------
                                                           67,753         58,153
                                                         --------       --------

PROPERTY, PLANT AND EQUIPMENT, at cost:
  Buildings ......................................          6,170          6,170
  Machinery and equipment ........................         70,744         69,730
                                                         --------       --------
                                                           76,914         75,900
  Less: Accumulated depreciation .................         49,353         47,395
                                                         --------       --------
                                                           27,561         28,505
  Land ...........................................            426            426
                                                         --------       --------
                                                           27,987         28,931
                                                         --------       --------

OTHER ASSETS:
  Goodwill, less accumulated
    amortization of $14,624 and $10,129 ..........        336,368        340,706
  Other intangibles, less accumulated
    amortization of $8,038 and $7,828 ............         45,689         46,906
  Investment in joint venture ....................          4,472          4,472
  Miscellaneous ..................................            134            133
                                                         --------       --------
                                                          386,663        392,217
                                                         --------       --------
                                                         $482,403       $479,301
                                                         ========       ========


</TABLE>





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

                                       4
<PAGE>   5



                               PENTON MEDIA, INC.
                               ------------------
                           CONSOLIDATED BALANCE SHEET
                           --------------------------
                        (Unaudited; Dollars in Thousands)

<TABLE>
<CAPTION>

                                                         March 31,    December 31,
                                                           1999          1998
                                                       ------------   ------------
<S>                                                  <C>          <C>
LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
  Senior debt facility ...........................     $  11,250      $  11,250
  Revolving credit facility ......................        19,000          6,000
  Notes payable ..................................            --          1,000
  Accounts payable ...............................        11,932         10,823
  Income taxes payable ...........................            --          8,059
  Accrued compensation and benefits ..............         6,714          9,644
  Other accrued expenses .........................        14,492         17,522
  Unearned income, principally trade
    show and conference deposits .................        25,758         14,564
                                                       ---------      ---------
                                                          89,146         78,862
                                                       ---------      ---------

LONG-TERM LIABILITIES AND DEFERRED CREDITS:
  Senior debt facility ...........................       285,938        288,750
  Net deferred pension credits ...................        18,007         18,007
  Deferred taxes .................................         5,313          5,313
  Other ..........................................           742            880
                                                       ---------      ---------
                                                         310,000        312,950
                                                       ---------      ---------

STOCKHOLDERS' EQUITY:
  Preferred stock, none issued ...................            --             --
  Common stock ...................................           228            228
  Capital in excess of par value .................        55,050         55,050
  Retained earnings ..............................        28,743         32,262
  Other comprehensive income .....................          (764)           (51)
                                                       ---------      ---------
                                                          83,257         87,489
                                                       ---------      ---------
                                                       $ 482,403      $ 479,301
                                                       =========      =========


</TABLE>



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

                                       5


<PAGE>   6





                               PENTON MEDIA, INC.
                               ------------------
                      CONSOLIDATED STATEMENT OF CASH FLOWS
                      ------------------------------------
               FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 1998
               --------------------------------------------------
                        (Unaudited; Dollars in Thousands)

<TABLE>
<CAPTION>

                                                           1999          1998
                                                         --------      --------

<S>                                                     <C>           <C>      
Net cash used by operating activities ..............     $ (4,888)     $ (1,018)
                                                         --------      --------

Cash flows from investing activities:
  Capital expenditures .............................       (1,013)       (1,128)
  Acquisitions, net of cash ........................         (751)           --
                                                         --------      --------
Net cash used for investing activities .............       (1,764)       (1,128)
                                                         --------      --------

Cash flows from financing activities:
  Repayment of notes payable, net ..................       (1,000)           --
  Increase in notes payable ........................           --           114
  Repayment of Senior debt facility ................       (2,813)           --
  Proceeds from revolving credit facility ..........       13,000            --
  Advances from parent company .....................           --         1,345
  Cash dividends ...................................         (683)           --
                                                         --------      --------
Net cash provided by financing activities ..........        8,504         1,459
                                                         --------      --------

Effect of exchange rate changes on cash ............           --            --
                                                         --------      --------

Net increase in cash and equivalents ...............        1,852          (687)

Cash and equivalents at beginning of period ........        3,953         2,419
                                                         --------      --------
Cash and equivalents at end of period ..............     $  5,805      $  1,732
                                                         ========      ========

</TABLE>



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


                                       6

<PAGE>   7




                               PENTON MEDIA, INC.
                               ------------------
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------
                        (Unaudited; Dollars in Thousands)


NOTE 1 - BASIS OF PRESENTATION

         The consolidated financial statements include the accounts of Penton
Media, Inc. (formerly known as Penton Publishing, Inc.) and its subsidiaries
("Penton" or the "Company"). The Company was a wholly owned subsidiary of
Pittway Corporation ("Pittway" or "Parent Company") until August 7, 1998, when
it was spun off as a separate entity.

         The accompanying unaudited interim consolidated financial statements
should be read together with the Company's Annual Report on Form 10-K for the
year ended December 31, 1998.

         In the opinion of management, the interim consolidated financial
statements reflect all adjustments necessary for a fair presentation of the
interim periods. The results of operations for the interim periods are not
necessarily indicative of the results of operations to be expected for the full
year.

         Certain reclassifications of previously reported financial information
were made to conform to the 1999 presentation.

         The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities,
disclosure of contingent assets and liabilities at the date of the financial
statements and reported amounts of revenues and expenses during the reporting
period. Actual results could differ from these estimates.

NOTE 2 -  SPINOFF FROM PITTWAY AND SUBSEQUENT ACQUISITIONS

         Prior to August 7, 1998, Penton was a wholly owned subsidiary of
Pittway Corporation. On August 7, 1998, Pittway distributed 100% of the
Company's common stock on a share-for-share basis to holders of Pittway stock.

         Immediately after the spinoff, the Company entered into an agreement
(the "Combination Agreement") and completed the acquisition of Donohue/Meehan
Publishing Company ("DM Publishing"). DM Publishing was acquired for $7.0
million in cash, 6.767% (1,541,638 shares) of the Company's stock to be
outstanding immediately after the acquisition and up to an additional $4.0
million in cash based on DM Publishing's pre-tax income for the years 1998 and
1999, of which $2.0 million was earned in 1998. The Company also has agreed to
make a contingent cash payment to the extent, if any, that the shares issued in
the acquisition have an average aggregate market value of less than $29.0
million during either of two 30-day periods in the year 2000. The contingent
payment is subject to certain limitations as to any of such shares sold prior to
the payment. A portion of the contingent payment may be made with common stock
rather than cash under certain conditions.

         The transaction was accounted for as a purchase and, accordingly, the
operating results of DM Publishing have been included in the Company's
consolidated financial statements since the date of acquisition. The excess of
the aggregate purchase price over the fair market value of net assets acquired
of approximately $32.4 million is being amortized over 40 years.

         In addition to the acquisition of DM Publishing, the Company, pursuant
to an Agreement and Plan of Merger, completed its cash tender offer for all of
the outstanding shares of Mecklermedia Corporation ("Mecklermedia") on November
24, 1998. In connection with the acquisition, each Mecklermedia shareholder

                                       7
<PAGE>   8


received $29.00 in cash for each share of common stock owned. The total value of
the transaction was $273.8 million, and it was funded with the net proceeds
available from the credit agreement dated November 24, 1998 (See Note 6). The
transaction was accounted for as a purchase and, accordingly, the operating
results of Mecklermedia have been included in the Company's consolidated
financial statements since the date of acquisition. The excess of the aggregate
purchase price over the fair market value of net assets acquired of
approximately $242.5 million is being amortized over 20 years.

         In February 1999, the Company acquired the assets of MFG Publishing,
Inc., of Beverly, MA, for a total purchase price of up to $2.5 million, of which
$0.8 million was paid in cash and the remaining $1.7 million is contingent upon
future earnings through the year 2001. MFG is a leading information provider to
the enterprise resource planning segment of the manufacturing technology
industry.

NOTE 3 - EQUITY INVESTMENT IN JOINT VENTURES

         In November 1998, the Company entered into a joint venture agreement
with Alan M. Meckler, Mecklermedia's founder, with respect to the limited
liability company Internet.com. Internet.com LLC ("Internet.com") is a network
of Web sites that provides news, analysis and information resources for Internet
professionals. As part of the acquisition, the Company sold 80.1% of
Internet.com to Mr. Meckler. At March 31, 1999, the Company's investment in
Internet.com was $4.5 million and ownership interest was 19.0% . The Company has
warrants to increase its ownership interest to 27.4%.

NOTE 4 -  RELATIONSHIP AND TRANSACTIONS WITH PITTWAY

         Included in the consolidated statement of income for the three months
ended March 31, 1998 is an allocation of corporate expenses in the amount of
$0.1 million related to services provided for the Company by Pittway.

NOTE 5 - INVENTORIES

         The LIFO reserve balance of $0.4 at March 31, 1999 and December 31,
1998, respectively, represent the excess of current replacement cost over the
LIFO value of inventory, which consists principally of raw materials.

NOTE 6 - DEBT

Credit Agreement:

         On November 24, 1998, the company entered into a credit agreement with
several banks under which it may borrow up to $325.0 million. The agreement
provides for a revolving loan facility of up to $25.0 million, a long-term loan
of $175.0 million (Term A Loan) and a long-term loan of $125.0 million (Term B
Loan). The proceeds of the new facility were used to repay the Company's debt
outstanding under a $75.0 million revolving credit facility obtained at the
spinoff date and to purchase Mecklermedia.

         The credit facility is collateralized by receivables, inventories,
equipment and certain real and personal property. Under the terms of the
agreement, the Company is required to maintain certain financial ratios and
other financial conditions. The agreement also prohibits the Company from
incurring certain additional indebtedness; limits certain investments, advances
or loans; and restricts substantial asset sales, capital expenditures and cash
dividends.
At March 31, 1999, the Company was in compliance with all loan covenants.

         The revolving loan facility includes a revolving loan and swing loan.
The revolving loan requires payment of interest (only) at a Base Rate
(determined as the higher of the Prime Rate or the Federal Funds Effective Rate
plus 1/2 of 1%) or an Adjusted Eurodollar Rate, at the Company's option, plus a
rate margin 

                                       8
<PAGE>   9

ranging from 1.25% to 3.0% based on the Company's consolidated leverage ratio,
as defined. At March 31, 1999, the rate on the revolving loans ranged from 7.69%
to 7.72%.

         The swing loan, which permits borrowings up to $5.0 million, requires
payment of interest (only) at the Base Rate plus a Base Rate margin ranging from
1.25% to 2.00% based on the Company's consolidated leverage ratio, as defined,
less the applicable commitment fee percentage per annum. At March 31, 1999, no
amounts were drawn on the swing loan facility.

         The company has agreed to pay a commitment fee of 0.50% on the unused
portion of the revolving loan facility commitment. At March 31, 1999, $6.0
million was available under the facility.

         The Term A Loan bears interest at the Base Rate or at an Adjusted
Eurodollar Rate, at the Company's option, plus a rate margin ranging from 1.25%
to 3.0% based on the Company's consolidated leverage ratio, as defined. Interest
is payable monthly; at March 31, 1999, the rate in effect was 7.69%. The loan,
which requires quarterly principal payments of $2.5 million in 1999, will mature
on June 30, 2005. At March 31, 1999, $172.5 million was outstanding under the
Term A Loan.

         The Term B Loan bears interest at the Base Rate plus 2.5% or at the
Adjusted Eurodollar Rate plus 3.5%, at the Company's option. Interest is payable
monthly; at March 31, 1999, the rate in effect was 8.44%. The loan, which
requires quarterly principal payments of $0.3 million and a balloon payment at
maturity, will mature on May 31, 2005. At March 31, 1999, $124.7 million was
outstanding under the Term B Loan.

Note Payable:

         The short-term note payable at December 31, 1998 of $1.0 million
represented foreign indebtedness, was denominated in British pounds and bore
interest at the Company's foreign borrowing rate (8.2% at December 31, 1998).
The note, plus accrued interest, was paid off in early January 1999.

NOTE 7 - FINANCIAL INSTRUMENTS

         In February 1999, the company entered into an interest rate cap and
several swap agreements with several financial institutions, as required under
its credit facility, to reduce the impact of changes in interest rates on a
portion of its floating rate debt. The notional amounts of the interest rate
agreements are used to measure interest to be paid or received and do not
represent the amount of exposure to credit loss. The net cash paid for the
interest rate cap and various swaps was immaterial and was charged to expense
when paid.

         At March 31, 1999, the Company had the following interest rate
instruments in effect that provide protection on the three month LIBOR rate upon
which the Company's variable rate Term A Loan is based (actual rate paid is
LIBOR plus the respective margin):

<TABLE>
<CAPTION>
                                           Notional
                                            Amount           Rate       Period
                                            ------           ----       ------

<S>                                    <C>                <C>       <C> 
Interest Rate Cap                          $28,500            8.5%     2/99-2/01
Interest Rate Swaps                        $59,000           5.08%     2/99-2/01

</TABLE>

                                       9

<PAGE>   10



NOTE 8 - NET INCOME PER COMMON SHARE

         The following table sets forth the computation of basic and diluted
earnings per share (in thousands) for the quarter ended:

<TABLE>
<CAPTION>
                                                                   March 31,
                                                            --------------------
                                                              1999         1998
                                                              ----         ----

<S>                                                      <C>          <C>
Numerator:
  Net income available to common stockholders               $ (2,836)   $  2,340
                                                            ========    ========

Denominator:
  Denominator for basic earnings per share - weighted
    average shares                                            22,782      21,240
  Effect of dilutive securities:
    Stock options and warrants                                     -           -
                                                            --------    --------
  Denominator for diluted earnings per share - adjusted
    weighted-average shares and assumed conversions           22,782      21,240
                                                            ========    ========

</TABLE>

         Due to a loss from operations for the quarter ended March 31, 1999, any
potential common stock equivalents would have been antidilutive. Accordingly,
they were excluded from the calculation of diluted earnings per share.

NOTE 9 - COMPREHENSIVE INCOME

         In June 1997, the Financial Accounting Standards Board (the "FASB")
issued Financial Accounting Standard ("FAS") No. 130, "Reporting Comprehensive
Income", effective for the fiscal years beginning after December 15, 1997. FAS
130 requires that the Company report comprehensive income and its components in
a full set of general-purpose financial statements. Comprehensive income
represents the change in stockholders' equity during the period from non-owner
sources. Currently, other comprehensive income consists only of foreign currency
translation adjustments.

         Total comprehensive income (loss) for the three months ended March 31,
1999 and 1998 was $(3.6) million and $2.3 million, respectively.

Activity in Stockholders' Equity is as follows (dollar amounts in thousands)

<TABLE>
<CAPTION>

-----------------------------------------------------------------------------------------------------------------------------
                                                                                                    Accumulated
                                             Current                   Capital in                      Other
                                          Comprehensive      Common     Excess of    Retained       Comprehensive
                                             Income          Stock      Par Value    Earnings           Income         Total
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
<S>                                      <C>             <C>          <C>          <C>             <C>     
Balance at December 31, 1998                               $  228       $ 55,050     $ 32,262          $  (51)       $ 87,489
-----------------------------------------------------------------------------------------------------------------------------
Dividends                                                                                (683)                           (683)
-----------------------------------------------------------------------------------------------------------------------------
Comprehensive Income:
-----------------------------------------------------------------------------------------------------------------------------
   Net income (loss)                       $ (2,836)                                   (2,836)                         (2,836)
-----------------------------------------------------------------------------------------------------------------------------
   Foreign currency translation
     Adjustment                                (713)                                                     (713)           (713)
                                           --------        ------       --------     --------          --------      --------
-----------------------------------------------------------------------------------------------------------------------------
Balance at March 31, 1999                  $ (3,549)       $  228       $ 55,050     $ 28,743          $ (764)       $ 83,257
                                           --------        ------       --------     --------          --------      --------
-----------------------------------------------------------------------------------------------------------------------------

</TABLE>

                                       10

<PAGE>   11

NOTE 10 - SEGMENT INFORMATION

         The Company has three reportable segments: Media Services, Printing and
Direct Mail. The segments are based on the Company's internal organization and
are managed separately due to inherent differences in the nature of these
businesses.

         The Media Services segment serves specific industries and broad markets
with integrated product offerings including trade magazines, trade shows and
conferences, directories, direct mail lists and a variety of other products and
services. Revenues of this segment are generated primarily from magazine
advertising and trade show booth rentals. The Printing segment prints magazines,
catalogs, brochures and direct mail pieces for the Media Services segment and
outside commercial customers. The Direct Mail segment serves primarily the
pharmaceutical and business services markets with the ability to design,
produce, print and mail direct mail marketing campaigns.

<TABLE>
<CAPTION>
                                                       For the three months ended
                                                               March 31,
                                                       --------------------------
                                                           1999           1998
                                                           ----           ----
<S>                                                   <C>           <C> 
Total segment revenues:

         Media Services
              Publishing & Other                        $ 45,273       $ 43,127
              Trade shows & conferences                    7,245          3,503
                                                        --------       --------
                                                          52,518         46,630
                                                        --------       --------

         Printing                                          9,101          9,694
         Direct Mail                                       2,920          2,866
                                                        --------       --------
                                                          64,539         59,190
         Less: intersegment revenues:
              Printing                                    (6,243)        (6,705)
                                                        --------       --------
                                                        $ 58,296       $ 52,485
                                                        ========       ========
</TABLE>


                                       11
<PAGE>   12

<TABLE>
<CAPTION>


<S>                                                      <C>         <C>    
Operating Income:

         Media Services
              Publishing & Other                           $ 7,062      $ 8,879
              Trade shows & conferences                     (5,186)        (240)
                                                           -------      -------
                                                             1,876        8,639
                                                           -------      -------

         Printing                                              403          416
         Direct Mail                                           (74)        (246)
         Corporate (previously in Media Services)           (4,513)      (4,144)
                                                           -------      -------
                                                           $(2,308)     $ 4,665
                                                           =======      =======
</TABLE>

At March 31, 1999, the Company has disclosed the major components of the Media
Services segment because of the significant increase in the trade show and
conference component of this segment. The March 31, 1998 components of the Media
Services segment have been restated for comparison purposes.

NOTE 11 - SUBSEQUENT EVENTS

         On April 1, 1999, the Company amended its credit agreement to, among
other things; (1) increase term loan B by $15.0 million from $125.0 million to
$140.0 million, (2) stipulate the allocation of proceeds from any debt or equity
offering undertaken by the Company, and (3) amend current covenants to allow for
the additional borrowings.

         In April 1999, the Company made an additional equity contribution of
$0.4 million to retain its pro rata ownership share of Internet.com. At March
31, 1999, the Company had invested approximately $4.5 million in the joint
venture. At March 31, 1999, the company owned a 19.0% interest in Internet.com,
with warrants to increase ownership interest to 27.4%. The warrants will expire
upon completion of Internet.com's initial public offering, however, the Company
intends to exercise the warrants prior to its expiration. On April 15, 1999,
Internet.com filed a registration statement for its initial public offering.

         On May 12, 1999 the Company completed a 6,500,000 common share offering
of which 6,250,000 of the shares were offered by the Company and 250,000 were
offered by existing stockholders. The Company received net proceeds of
approximately $115.4 million which will be used to repay debt and for general
corporate purposes, including acquisitions. The underwriters have also
exercised, but not completed, their option to purchase an additional 180,000
shares from Penton and 795,000 shares from existing stockholders to cover
over-allotments. The Company will not receive any proceeds from the shares sold
by the selling stockholders.

         In May 1999, the Company completed the acquisition of Jon Peddie
Associates ("JDA") of Tiburon, CA., for $1.3 million in cash and future
contingent payments of up to $3.0 million tied to future earnings through the
year 2001. JDA is an information company that conducts research, publishes
market studies and special reports and provides consulting services to the
digital media, semiconductor and electronics industries.


                                       12



<PAGE>   13



ITEM 2.       MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
              CONDITION AND RESULTS OF OPERATIONS

         The following discussion should be read in conjunction with the
accompanying unaudited consolidated financial statements and the notes thereto.

Impact of Acquisitions

         The Company was spun off from Pittway Corporation ("Pittway") and
acquired Donohue/Meehan Publishing Company ("DM Publishing") in August 1998;
acquired Mecklermedia Corporation ("Mecklermedia") in November 1998; and MFG
Publishing in March 1999. As the Company acquires additional companies, its
sales mix, market focus, cost structure, operating leverage and the seasonality
of the business may change significantly. Consequently, the Company's historical
and future results of operations reflect and will reflect the impact of
acquisitions, and period-to-period comparisons may not be meaningful in certain
respects. Historical information for companies subsequent to their acquisition
may include integration and other costs that are not expected to continue in the
future.

RESULTS OF OPERATIONS

REVENUES

         Total revenues, after elimination of intersegment sales, increased $5.8
million, or 11.0%, from $52.5 million to $58.3 million.

         Media services revenues increased $5.9 million, or 12.6%, to $52.5
million. Advertising revenues from Penton's publishing operations accounted for
$2.2 million of the increase, due primarily to the following: (1) the DM
Publishing acquisition in August 1998; (2) the addition of Boardwatch magazine
and Internet World magazine which were part of the Mecklermedia acquisition in
November 1998; and (3) the addition of IW Growing Companies who's first issue
was not published until the second quarter in 1998. These increases were offset
by lower revenues from Electronic Design as compared with the same period in the
prior year and the absence of the Fluid Power Handbook & Directory, which was
published in the first quarter of 1998, and is published only every other year.
Trade show and conference revenues increased $3.7 million, or 106.8%, to 7.2
million. Approximately $2.1 million of the increase was due to the first-time
inclusion of the operations of Mecklermedia. In addition, in the first quarter
of 1999, Penton held the A/E/C SYSTEMS Information Technology Pavilion at
CONEXPO - CON/AGG and the Restaurant Hospitality Kids Marketing conference for
the first time, with combined revenues of approximately $0.7 million. Also,
revenues for the Wireless Symposium/Portable by Design Conference & Exhibition
and revenues from Independent Exhibitions, Ltd., increased $0.3 million and $0.3
million, respectively, over the same prior year period.

         Printing revenues decreased $0.1 million, or 6.1%, bringing total
segment revenue to $9.1 million. Sales to external customers remained level at
approximately $2.9 million, while intercompany sales decreased $0.1 million to
$6.2 million.

         Direct mail revenues were level with prior year.

OPERATING EXPENSES

         Operating expenses for Penton, after elimination of intersegment
charges, increased $12.8 million, or 26.7%, from $47.8 million in 1998 to $60.6
million in 1999. As a percentage of revenues, operating costs increased from
91.1% in 1998 to 104.0% in 1999. The increase in percentage was due primarily to
the increase 

                                       13

<PAGE>   14

in depreciation and amortization related to acquisitions, the change in Penton's
goodwill amortization policy for acquired trade shows which reduced the
write-off period from 40 years to 20 years, and period costs related to
Mecklermedia tradeshows, for which revenues will not be recognized until those
trade shows are held in future periods.

EDITORIAL, PRODUCTION AND CIRCULATION:

         Total editorial, production and circulation expenses, after elimination
of intersegment charges, grew to $27.1 million in 1999 compared with $23.3
million in 1998, representing an increase of $3.8 million, or 16.4%. As a
percentage of revenues, editorial, production and circulation expenses increased
from 44.4% in 1998 to 46.6% in 1999.

         Media Services editorial, production and circulation expenses grew $3.7
million, or 18.6%, due to the DM Publishing acquisition in August 1998, which
accounted for $0.6 million of the increase, and the Mecklermedia acquisition in
November 1998, which accounted for an additional $3.2 million in costs. Costs
incurred related to the biennial Fluid Power Handbook and Directory, which was
published in the first quarter of 1998, were not incurred in the first quarter
of 1999 because the directory is only published every other year.

         Editorial, production and circulation expenses for the Printing segment
increased $0.1 million, while costs related to the direct mail segment remained
level with the prior year.

SELLING, GENERAL, AND ADMINISTRATIVE

         Total selling, general, and administrative expenses grew $3.8 million,
or 16.7%, to $26.2 million. As a percentage of revenues, selling, general and
administrative expenses increased from 42.8% in 1998 to 45.0% in 1999.

         Media Services selling, general, and administrative expenses increased
$4.0 million, or 18.9%. The increase was due to the DM Publishing acquisition in
August 1998, which accounted for $0.6 million of the increase and the
Mecklermedia acquisition in November 1998, which accounted for an additional
$3.7 million in costs. Costs incurred related to the biennial Fluid Power
Handbook and Directory, which was published in 1998, were not incurred in the
first quarter of 1999 because the directory is only published every other year.

         Selling, general, and administrative expenses of the printing and the
direct mail segments decreased $0.2 million when compared with the prior year.

Depreciation and Amortization

         Depreciation and amortization increased $5.2 million to $7.2 million.
The higher expense was primarily the result of the amortization of intangible
assets associated with the DM Publishing acquisition in August 1998 of
approximately $0.3 million, the Mecklermedia acquisition in November 1998 of
approximately $4.5 million, and, beginning with the fourth quarter of 1998, the
change in Penton's goodwill amortization policy for acquired trade shows which
reduced the write-off period from 40 years to 20 years, which accounted for
approximately $0.3 million of additional amortization in the first quarter of
1999 compared to 1998. While this change will negatively impact the reported
earnings per share, it will have no impact on either EBITDA or after-tax cash
flow.

Operating Income

         Overall, the Company's operating income (loss) for the three months
decreased $7.0 million to a loss of $2.3 million from income of $4.7 million in
the prior year. Operating income as a percentage of revenue 


                                       14

<PAGE>   15

decreased from 8.9% to (4.0)%, due primarily to the increase in depreciation and
amortization associated with the Company's acquisitions.

         Media Services operating income decreased $6.8 million, or 78.3%. The
first quarter of 1999 was negatively impacted by the period costs of the
Mecklermedia trade shows acquired in 1998 and higher amortization expense as
noted above.

         Operating income of the Printing segment remained level at $0.4 million
for both the first quarter 1999 and 1998.

         The Direct Mail segment recorded an operating loss of $0.1 million
compared with an operating loss of $0.2 million for the same period in the prior
year.

INTEREST EXPENSE

         Interest expense increased $5.7 million to $6.4 million due to
additional borrowings used to finance the DM Publishing acquisition in August
1998 and the Mecklermedia acquisition in November 1998.

EFFECTIVE TAX RATES

         The effective tax rates were 67.2% and 41.6%, for the first quarters of
1999 and 1998, respectively. The Company's acquisition of DM Publishing in
August 1998 and Mecklermedia in November 1998 resulted in the recording of
goodwill. The amortization of such goodwill is recognized for financial
statement purposes but not deductible for tax purposes due to the structure of
the purchase transactions. Accordingly, the Company's effective tax rate has
increased.

EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION

         Earnings before interest expense, taxes, depreciation and amortization
("EBITDA") is a widely used and commonly reported standard measure utilized by
analysts and investors in the analysis of the media industry. EBITDA is not a
measure of performance under GAAP because it excludes those items listed above
which are significant components in understanding and evaluating the Company's
financial performance. However, the following EBITDA information can provide
additional information for determining the ability of the company to meet its
debt service requirements and for other comparative analyses of the Company's
operating performance relative to other media companies. The Company's
calculation of EBITDA is as follows (in thousands):

<TABLE>
<CAPTION>
                                                        Three Months Ended March
                                                        ------------------------
                                                           1999           1998
                                                           ----           ----

<S>                                                     <C>            <C>    
Net income (loss)                                        $(2,836)       $ 2,340

Interest expense                                           6,384            662
Provision (benefit) for income taxes                      (5,820)         1,666
Depreciation and amortization                              7,233          2,027
Miscellaneous, net                                           (36)            (3)
                                                         -------        -------

EBITDA                                                   $ 4,925        $ 6,692
                                                         =======        =======
</TABLE>

         The Company's EBITDA decreased $1.8 million, or 26.4%, to $4.9 million
for the three months ended March 31, 1999 from $6.7 million for the three months
ended March 31, 1998. Increased period costs of the 

                                       15
<PAGE>   16

trade shows acquired in the fourth quarter of 1998 were the primary contributing
factors to the decrease in EBITDA.

FOREIGN CURRENCY

         The functional currency of the Company's foreign operations acquired in
December 1997 is the local currency. Accordingly, assets and liabilities of
foreign operations are translated to U.S. Dollars at the rates of exchange on
the balance sheet date; income and expense are translated at the average rates
of exchange prevailing during the year. There were no significant foreign
currency transaction gains or losses during 1998 or the three months ended March
31, 1999.

LIQUIDITY AND CAPITAL RESOURCES

         Historically, cash flow generated by the Company's operations has been
used to invest in capital assets, finance acquisitions, and reduce debt. Excess
cash was used to pay dividends to Pittway Corporation, its former parent
company. The Company's principal sources of funds are cash flows from operations
and borrowings under its Revolving Credit Facility. The principal use of funds
consists of payments of principal and interest on its Senior Debt Facility and
capital expenditures. Capital expenditures totaled approximately $1.0 million
for the quarter ended March 31, 1999. At March 31, 1999, the Company had $6.0
million available under its Revolving Credit Facility. The weighted average
interest rate on total debt was 8.0%.

         On August 7, 1998, the Company entered into a five-year, $75.0 million
unsecured revolving credit agreement, which includes an option to increase the
facility to $100 million. The Company's short-term notes payable were refinanced
with this facility, which was also utilized to finance the cash portion of the
acquisition price of DM Publishing.

         On November 24, 1998, the Company entered into a credit agreement with
several banks under which it could borrow up to $325.0 million. The agreement
provides for a revolving loan facility of up to $25.0 million, a long-term loan
of $175.0 million (Term Loan A) and a long-term loan of $125.0 million (Term
Loan B). The proceeds of this credit agreement were used to repay Penton's debt
outstanding under the $75.0 million revolving credit facility obtained at the
spinoff date and to purchase Mecklermedia. At March 31, 1999, $ 297.2 million
was outstanding under the credit agreement. In April 1999, the Company and the
banks amended this agreement to enable the Company to borrow an additional $15.0
million as part of the Term Loan B facility to be effective in April 1999.

         Based upon current and anticipated levels of operations, we believe
that our cash on hand and cash flow from operations, combined with borrowings
available under our credit facilities, will be sufficient to enable us to meet
our current and anticipated cash operating requirements, including scheduled
interest and principal payments, capital expenditures and working capital needs.
However, actual capital requirements may change, particularly as a result of any
acquisitions that we may make. Our ability to meet current and anticipated
operating requirements will be dependent upon our future performance, which, in
turn, will be subject to general economic conditions and to financial, business
and other factors, including factors beyond our control. Depending on the
nature, size and timing of future acquisitions, we may be required to raise
additional capital through additional financing arrangements or the issuance of
private or public debt or equity securities of the Company. We cannot assure you
that such additional financing will be available on acceptable terms.
Substantially all of our debt bears interest at floating rates. Therefore, our
liquidity and financial condition is and will continue to be affected by changes
in prevailing interest rates.

                                       16

<PAGE>   17



SEASONALITY

         Historically, the Company has not experienced significant seasonality
in its business. The introduction of trade shows and conferences into the
Company's product mix through the acquisitions of Independent Exhibitions, Ltd.,
and Industrial Shows of America in late 1997, and the acquisition of
Mecklermedia in November 1998, has changed the seasonal pattern of revenue and
profit, as all three companies have pronounced seasonal patterns in their
businesses. The majority of the trade shows owned by Industrial Shows of America
and Mecklermedia are held in the second and fourth quarters and, accordingly,
the majority of their revenue is recognized in these quarters. Further, the
majority of the Independent Exhibitions, Ltd. shows historically have been held
in the fourth quarter. Accordingly, the Company anticipates that these
acquisitions will have a positive impact on revenue and profit for these
quarters.

         The Company may also experience seasonality fluctuations as trade shows
and conferences held in one period in the current year may be held in a
different period in future years.

INFLATION

         The impact of inflation on the Company's results of operations has not
been significant in recent years.

ACCOUNTING CHANGES

         In June 1998, the FASB issued SFAS No. 133, "Accounting for Derivative
Instruments and Hedging Activities" ("SFAS 133"). The Company is required to
adopt this statement in the first quarter of 2000. Even though the Company has
entered into an interest rate cap and swap agreement, Management does not
believe this statement will have a material impact on the Company's business,
results of operations or financial condition.

YEAR 2000

General:

         The "Year 2000 Issue" is the result of computer programs that were
written using two digits rather than four to define the applicable year. If the
Company's computer programs with date-sensitive functions are not Year 2000
compliant, they may recognize a date using "00" as the Year 1900 rather than the
Year 2000. This could result in a system failure or miscalculations causing
disruptions of operations, including, among other things, a temporary inability
to process transactions, send invoices or engage in similar normal business
activities.

         Penton's Year 2000 Project ("Project") is proceeding as scheduled. Some
of our systems and related software are already Year 2000 compliant, however the
Project is designed to bring the remaining software and systems into Year 2000
compliance in time to minimize any significant detrimental effects on
operations. Our Project covers information systems infrastructure, financial and
administrative systems, production and circulation operating systems and
significant vendors and customers.

Project:

         The first component of the Projects it to identify the internal
business systems and non-information-technology systems of the Company and its
operating subsidiaries that are susceptible to system failures or processing
errors as a result of the Year 2000 issue. This effort is substantially complete
with all business systems identified and priorities established for repair or
replacement. Those systems considered most critical to continuing operations are
being given the highest priority.

                                       17
<PAGE>   18

         The second component of the Project involves the actual remediation and
replacement of the various business systems. The Company and its operating
subsidiaries are using both internal and external resources to complete this
process. Systems ranked highest in priority have either been remediated or
replaced or scheduled for remediation or replacement including the replacement
of the primary general ledger and accounts payable systems with programs from a
national software vendor. The Company's objective is to complete substantially
all remediation and replacement of internal systems by July 1999, and to
complete final testing and certification for readiness by the end of the third
quarter of 1999.

         As part of the second component of the Project, significant service
providers, vendors, suppliers and customers that are believed to be critical to
business operations after January 1, 2000, have been identified and steps are
being undertaken in an attempt to reasonably ascertain their state of Year 2000
readiness through questionnaires, inquiries and other available means.
Questionnaires which have not been returned are being followed up with second
requests and phone calls. This process is progressing according to plan.

Costs:

         It is currently estimated that the aggregate incremental cost of the
Company's Project efforts will be approximately $0.3 million to $0.8 million, of
which approximately $0.2 million has been spent. These costs are being expensed
as they are incurred and are being funded through operating cash flow. These
amounts do not include any costs associated with the implementation of
contingency plans, which are in the process of being developed to supplement the
Company's existing Disaster Recovery Plan. The costs associated with the
replacement of computerized systems, hardware or equipment is currently
estimated to be approximately $0.5 million, substantially all of which would be
capitalized, are not included in the above estimates.

Risks:

         The failure to correct a material Year 2000 problem could result in an
interruption in, or a failure of, certain normal business activities or
operations. Such failures could materially and adversely affect the Company's
results of operations, liquidity and financial condition. Due to the general
uncertainty inherent in the Year 2000 problem, resulting in part from the
uncertainty of the Year 2000 readiness of third-party suppliers and customers,
the Company is unable to determine at this time whether the consequences of Year
2000 failures will have a material impact on the Company's results of
operations, liquidity or financial condition. Our Year 2000 Project is expected
to significantly reduce the Company's level of uncertainty about the Year 2000
problem and, in particular, about the Year 2000 compliance and readiness of its
material external agents. The Company believes that, with the implementation of
new business systems and completion of the Project as scheduled, the possibility
of significant interruptions of normal operations should be reduced.

         The Company's Project readiness program is an ongoing process and the
estimates of costs and completion dates for various components of the Project
readiness program described above are subject to change. Based on the Company's
assessment and evaluation of its year 2000 readiness, it believes that the most
reasonably likely worst case scenario includes a temporary shut-down of Penton's
press operation. We estimate that a one-month stoppage of our publishing
operations could lead to a loss of operating income of about $9.4 million.

FORWARD LOOKING STATEMENTS

         This quarterly report, other than historical financial information,
contains forward-looking statements, as defined in the Private Securities
Litigation Reform Act of 1995, that involve a number of risks and uncertainties.
Important factors that could cause actual results to differ materially from
those indicated by such forward-

                                       18

<PAGE>   19

looking statements include pending litigation, government regulation,
competition and technological change, intellectual property rights, capital
spending, international operations, and the Company's acquisition strategies.

ITEM 3.        QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

         Information relative to the Company's market risk sensitive instruments
is presented under Item 7a of the registrant's Annual Report on Form 10-K for
the year ended December 31, 1998.

INTEREST RATE RISK

         Because the Company's obligations under the bank credit agreement bear
interest at floating rates, the Company is sensitive to changes in prevailing
interest rates. The Company uses derivative instruments to manage its long-term
debt interest rate exposure, rather than for trading purposes. A 10% increase or
decrease in market interest rates that effect the Company's interest rate
derivative instruments would not have a material impact on earnings during the
next year.

                                       19
<PAGE>   20



                           PART II. OTHER INFORMATION



ITEM 6.       EXHIBITS AND REPORTS ON FORM 8-K

(A) EXHIBITS

27.1     Financial Data Schedule

10.1     Penton Media, Inc. 1998 Director Stock Option and Compensation Plan


(B)      REPORTS ON FORM 8-K AND/OR 8-K/A

         Date of Report                     Items Reported
         --------------                     --------------

         February 8, 1999                   Item 2. Acquisition of Assets
                                            Item 7. Financial Information
                                                      and Exhibits

         April 20, 1999                     Item 5. Other Events



                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.





                                                       Penton Media, Inc.
                                             -----------------------------
                                                             (Registrant)




                                          By:       /s/Joseph G. NeCastro
                                             ----------------------------
                                                       Joseph G. NeCastro
                                                  Chief Financial Officer
                                             (Duly Authorized Officer and
                                             Principal Financial Officer)

Date:  May 17, 1999


                                       20

<PAGE>   21

                                  EXHIBIT INDEX


Exhibit
Number   Description of Document
------   -----------------------

27.1     Financial Date Schedule

10.1     Penton Media, Inc. 1998 Director Stock Option and Compensation Plan


                                       21