Martha Stewart Living Narrows Second-Quarter Loss
Broadcasting unit revenue was down in the period, but operating profit rose after it ended live TV productions.
Martha Stewart Living Omnimedia Inc. on Tuesday reported a narrowed second-quarter loss despite lower revenue as the lifestyle media company continues to focus on a return to profitability.
The company reported a loss of $1.18 million, compared with a year-ago loss of $2.70 million.
Second-quarter revenue of $42.2 million was down from $47.88 million as growth in merchandising revenues was offset by lower revenues from publishing and broadcasting. That was due to the company's decision to shutter two print titles and exit live TV programming.
Broadcasting revenue in the second quarter came in at $1.9 million, compared to $4.6 million in the year-ago period. Broadcasting operating income of $1.1 million was up from $500,000 in the second quarter of 2012, though.
Said Dan Taitz, interim principal executive officer: "MSLO generated a narrower net loss in the quarter due primarily to growth in merchandising and the positive impact on our bottom line of strategic actions taken over the last 18 months."
He added: "While much remains to be done to drive sustainable performance improvement, we are encouraged with the results this quarter and the steps we have taken across our media and merchandising operations to position the company to drive greater engagement with consumers."
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