Martha Stewart Loss Widens
Martha Stewart Living (MSO) posted a wider second-quarter loss and guided in line for the year.
The New York-based publisher lost $6.7 million, or 13 cents a share, for the quarter ended June 30, compared with a year-ago continuing operations loss of $671,000, or a penny a share. Revenue rose 7.7% from a year ago to $73.5 million.
Revenues in the second quarter of 2007 rose 16% to $47.5 million from $40.9 million, driven by ongoing growth in advertising revenue due to a greater number of ad pages at higher rates. Pages increased 12% at Martha Stewart Living and 22% at Everyday Food, while total ad revenue rose 23% in the quarter. The Clarkson Potter agreement also contributed to results for the quarter.
"We're on track to return to profitability this year and foresee a strong second half," said CEO Susan Lyne. "Advertising sales are thriving and our Martha Stewart Collection exclusively at Macy's is currently rolling into stores. To improve our long- term adjusted EBITDA performance, we are reallocating some of our investment in Publishing to Internet."
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