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Document Preview Martha Stewart Living Omnimedia, Inc. Announces Second Quarter 2003 Results |
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Title: |
Martha Stewart Living Omnimedia, Inc. Announces Second Quarter 2003 Results |
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2003 |
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$40 |
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#203395 |
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FOR IMMEDIATE RELEASE
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MARTHA STEWART LIVING OMNIMEDIA, INC.
ANNOUNCES SECOND QUARTER 2003 RESULTS
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NEW YORK, NEW YORK, AUGUST 11, 2003 --- Martha Stewart Living
Omnimedia, Inc. (NYSE: MSO) today announced its results for the second
quarter and six-month period ended June 30, 2003.
Revenues for the second quarter of 2003 were $65.8 million, compared to
$78.6 million in the prior year's quarter. Operating income for the second
quarter was $1.5 million compared to $13.1 million for the second quarter
of 2002, while operating income before depreciation and amortization
("OIDA") for the second quarter of 2003 was $3.6 million, compared to $16.2
million in the same period last year. Earnings per share from continuing
operations were $0.02 for the second quarter of 2003, compared to $0.16 in
the 2002 quarter.
Sharon L. Patrick, President and Chief Executive Officer, said, "During an
exceptionally difficult quarter, our talented team responded to the
challenges presented by the effects of Martha Stewart's personal legal
situation and continued to earn the loyalty of readers, viewers, and
customers by creating and producing the unique how-to information and
quality products for the home that define our brand.
"We believe that the Martha Stewart Living core brand will continue to be
under pressure until resolution of Martha Stewart's personal legal
situation. Our strategy until then will be to continue to invest in
sustaining our core Martha Stewart Living brand equity, brand labels and
other assets, all the while investing in new properties like Everyday Food
and controlling costs wherever doing so does not conflict with those goals.
"Highlights for the quarter included our recent decision to launch our new
Everyday Food magazine, reflecting the strong consumer response to its four
test issues. We believe this near-term investment will generate long-term
profitability. We are excited by the prospects for this innovative magazine
aimed directly at the burgeoning market of the busy home cook. In addition,
the quarter included the successful launch of our Martha Stewart Signature
furniture collection, which has met with an excellent response and attests
to the enduring appeal of the brand. The Company also made further
improvements in its Internet/Direct Commerce segment during the quarter,
generating better results from increased operating efficiencies and a lower
cost structure. Looking to the third quarter, we are excited about the
launch of our Martha Stewart Everyday program with Sears Canada in
September."
SECOND QUARTER 2003 RESULTS
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PUBLISHING
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Revenues in the quarter were $39.6 million, compared to $47.3 million in
the year-ago period. OIDA was $9.4 million for the quarter, compared to
$16.6 million in the year-ago period. Operating income was $9.3 million,
compared to $16.5 million in the second quarter of 2002. The results
reflect lower advertising and circulation revenue in Martha Stewart Living
magazine in the quarter, partially offset by higher revenues from Everyday
Food and Martha Stewart Weddings. In addition to the publication of two
issues of Everyday Food in the 2003 quarter, the Company also published two
issues of Martha Stewart Weddings and two special issues, compared to one
issue of Martha Stewart Weddings and two special issues in the second
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