Martha Stewart Living cuts loss on strength in ad market
Last Updated: Wednesday, July 26, 2006 | 11:03 AM ET
The Associated Press
Martha Stewart Living Omnimedia Inc. reported a smaller-than-expected loss in the second quarter as the media company benefited from a 47 per cent revenue gain, fuelled by the continued return of advertisers to its magazines.
The New York-based company also approved on Wednesday a special one-time dividend of 50 cents a share, payable Sept. 14 to stockholders of record on Aug. 31.
The company posted a loss of $1.17 million US, or two cents per share, in the three months ended June 30, compared with a loss of $33.49 million, or 65 cents per share, in the year-ago period.
Martha Stewart Living recorded revenue of $67.4 million, up from $45.9 million in last year's second quarter. Analysts surveyed by Thomson Financial expected a loss of 16 cents on revenue of $66 million.
"We have a clear roadmap for growth that gives us confidence in the future of our business and in our ability to increase shareholder value," said Susan Lyne, president and chief executive officer, in a statement.
"We have successfully navigated a difficult period and are enjoying significant gains in advertising revenue and new business opportunities."
The company's namesake founder completed her prison sentence in March 2005 for lying to federal investigators about a stock sale. Since then, Martha Stewart Living has stepped up a number of new initiatives, from new magazines to developing branded homes with builder KB Home.
Last month, the company and Eastman Kodak Co. announced a multi-year partnership to develop a line of branded personalized photo products under the domestic diva's signature.
Martha Stewart Living reported revenue increases in all its divisions except merchandising, which saw its sales unchanged from the year-ago period.
Share Tools
Top News Headlines
- Grammys to honour Whitney Houston
- Jennifer Hudson will pay tribute to her idol, Whitney Houston, at Sunday's Grammy Awards, as the annual celebration of the best in music has turned sombre upon news of the singer's death. more »
- Greek parliament debates over bailout vote amid protests
- Scuffles have erupted outside the Greek parliament as tens of thousands of protesters gather there while lawmakers debate legislation introducing severe austerity measures necessary for a crucial bailout to stave off bankruptcy. more »
- NDP leadership hopefuls debate in Quebec City
- Federal NDP leadership candidates gathered for a debate in Quebec City on Sunday afternoon, with seven remaining contenders vying to become the permanent successor to Jack Layton, who died last August. more »
- Whitney Houston mourned en masse online
- The online sphere exploded when news of singer Whitney Houston's death broke. Fans, admirers and peers in the music industry joined in a chorus of grief and sympathy. more »
Latest Business Headlines
- Air Canada reaches tentative deal with dispatchers
- Air Canada has reached a tentative collective agreement with the Canadian Airline Dispatchers Association, representing the airline's 74 flight dispatchers. more »
- Old Age Security untouched until 2020, Flaherty says
- Finance Minister Jim Flaherty says Canadians should expect no changes to Old Age Security benefits before 2020 or 2025, and details about reform would be outlined over more than one budget. more »
- CAW questions Caterpillar takeover of Electro-Motive
- The head of the Canadian Auto Workers is suggesting Caterpillar Inc. may not have followed foreign takeover rules in its 2010 purchase of the London, Ont., locomotive plant it has since shut down. more »
- Canada's trade surplus doubles in December
- Statistics Canada says exports rose 4.5 per cent in December and imports edged up 0.8 per cent, pushing the country's trade surplus with the rest of the world to $2.7 billion from $1.2 billion in November. more »
Lang & O'Leary Exchange
Markets
| Index | Last Trade | Change |
|---|---|---|
| TSX COMPOSITE | 12389.42 | -108.52 |
| DOW | 12801.23 | -89.23 |
| NASDAQ | 2903.88 | -23.35 |
| SP 500 | 1342.64 | -9.31 |
| NYSE COMPOSITE | 7992.05 | -89.2 |
| AMEX | 2417.98 | -18.65 |
| TSX-VENTURE | 1653.55 | -11.27 |
The data on this site is informational only and may be delayed; it is not intended as trading or investment advice and you should not rely on it as such.
Business Features
- Pop queen Whitney Houston dies at 48
- Whitney Houston 'happy' in days before death
- Whitney Houston's death sparks chorus of grief
- Quebec man charged with killing mother, 2 nieces
- Carleton University confirms death of student
- Adults-only trade show cancelled in B.C. Bible belt
- Ultimate Tazer Ball combines shock and soccer
- Attawapiskat receives first modular home
- Gadhafi Mexico plot riles SNC-Lavalin, insiders say
