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Martha Stewart Living's 2Q Loss Widens

(Posted July 28, 2005 by Leah Yoakum)

Martha Stewart Living Omnimedia Inc. posted a wider loss in the second quarter from a year ago, weighed down by charges associated with its new TV show. But the company had its first revenue gain in 10 quarters, boosted by advertisers returning to its flagship magazine as the founder puts her personal legal woes behind her.

The New York-based multimedia company also said Wednesday it expects to break even in operating income before depreciation and amortization and noncash equity compensation in the second half of 2005.

The company reported a loss of $33.5 million, or 65 cents per share for the three months ended June 30. That compared with a loss of $17.8 million, or 36 cents per share, in the year-ago period.


The 2005 results included a $16.8 million, or 33 cents per share, non-cash charge related to the vesting of certain warrants granted in connection with the production of its new syndicated television show and certain other employee-related charges of $3.2 million, or 6 cents per share.


Revenue rose 4.3 percent to $46 million from $44 million in the year-ago period. The amount surpassed analysts' expectations of $43 million.


To turn around its fortunes and to restore its brand's image, the company has signed a number of deals, ranging from new radio and TV programming to a new line of home video releases based on the company's television programming library.



Source: Yahoo! TV
 


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