NEW YORK (TheStreet) -- Martha Stewart Living Omnimedia (MSO) rose 9.95% to $4.86, up 44 cents from its previous close of $4.42, at the close of the trading day on Tuesday after the company reported fourth-quarter earnings that surpassed analysts' expectations.
The company reported basic and diluted net income per share of 12 cents, which was 10 cents better than the Capital IQ consensus estimate of 2 cents a share. This also marked a 10-cent increase from 2 cents a share in the same period one year earlier. Revenues fell 16% year over year to $47.4 million from $56.4 million, though this still beat the consensus estimate of $45.4 million.
"As promised, we also took some aggressive and important steps in the last quarter of 2013 to align our cost structure with marketplace realities and more importantly to become nimbler, more efficient, generators of ideas, inspirations, content and product. We also promised to put to bed several pieces of notable and distracting litigation, and we did so," said CEO Dan Dienst in the company's statement. "With some of the best, brightest and most passionate employees in our business lines - all of whom have embraced our new way of chasing opportunities as One Company - we are very excited about the groundwork we will lay in 2014 for tapping our esteemed brand's fullest potential."
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