MicroTimes, one of the nation’s oldest technology magazines has ceased publication.

Two short paragraphs on MicroTimes’ Web site announce its demise.

“The recent economic slowdown, coupled with soft high-tech sales, makes our existence financially unprofitable,” reads the message from Publisher Brad Christopher. “It is with great sorrow and heartfelt thanks that we tell you that we must cease operation immediately.”

The 18-year-old free monthly magazine, which put out Northern and Southern California editions, published its last issue in October and laid off most of the more than 30 employees at its main office in Pasadena and two other facilities in Irvine and Oakland.

The move comes as MicroTimes’ owner Primedia Inc. considers selling off assets to help fund its recent acquisition of consumer-magazine publisher Emap USA. The company had more than $1.7 billion in long-term debt as of June 30.

“The decision was made by Primedia to close down all marginal publications,” Christopher said. “This will strengthen Primedia and boost their stock. Wall Street usually likes that kind of stuff.”

Primedia’s stock could use a boost, given that it was at $1.95 a share last week, down from a 52-week high of $16.50. Hurt by a continuing ad slump, the publisher of Seventeen, New York and other well-known titles recently warned that 2001 earnings would be lower than expected. The company also ended its relationship with Brill Media Holdings, publisher of Brill’s Content and Inside.com.

“They’re focusing on eliminating any redundancies and being very careful with discretionary spending and further integrating their Internet operations with their core print operations to save money,” said analyst Karl Choi of Merrill Lynch & Co.

“Anything you don’t expect to turn a profit in the near term … you probably have to take a really hard look at,” he added.

While MicroTimes’ advertising revenues were down, the magazine was doing better than other tech publications and was actually expanding market share, Christopher said.

There was talk of selling MicroTimes, he said, declining to comment further. Officials at HPC Publications, part of the Primedia consumer information group and publisher of MicroTimes, did not return calls for comment.

“It’s a shame to see MicroTimes go after all these years but I understand the business realities,” Christopher said. “People have to make a profit. That’s what business is all about.”