Executives Weigh Frequency, Other Cuts At Playboy
Stock quotes in this article:
PLA
ANDREW VANACORE
NEW YORK (AP) Executives at Playboy's parent company are considering cutting the magazine's frequency, reducing circulation or raising prices in order to save the money-losing publication. "It is clear that this company cannot continue to sustain significant losses in a business that now comprises less than one-quarter of the company's revenue base," Jerome Kern, interim chief executive for Playboy Enterprises Inc., told analysts on a conference call Monday. His remarks came as the company reported a growing first-quarter loss, suffering from falling revenue and big one-time charges. Playboy Enterprises recorded a loss of $13.7 million, or 41 cents per share, compared with a loss of $4.2 million, or 13 cents per share, in the same quarter a year ago. Charges for restructuring and write-downs on the value of its assets totaled $8.7 million, or 26 cents per share. Revenue fell 21.5 percent to $61.6 million as the global slump in advertising and retail markets hurt the company's publishing, entertainment and licensing businesses.- Loading Comments...
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