Martha Stewart Net Loss Widens, Company Boost Full-Year Guidance
Martha Stewart Living Omnimedia said Thursday its first-quarter loss widened from the same quarter last year, with results dragged down by a charge related to syndicating the "Martha Stewart Show."
The media and merchandise company reported a loss of $11.9 million, or 23 cents a share, for the first quarter, which is greater than the loss of $6.84 million, or 13 a share, reported in the same quarter a year ago. Revenues rose 7.4% from $66.7 million to $62.1 million in the year-ago period.
Excluding the syndication charge, the company lost 12 cents a share for the period.
The two analysts surveyed by Thomson Financial predicted a loss of 17 cents a share.
Looking ahead, the company said it expects second-quarter revenue between $69 million and $72 million, with an operating loss of between $7.5 million and $9.5 million.
For the full year the company maintained its revenue guidance in the range of $330 million to $340 million, in line with expectations, and increased guidance for operating income by $4 million to a range of $9.5 million to $12.5 million.
The company also predicted second-quarter revenue of $69 million to $72 million and an adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) loss of $1 million to $3 million. That includes a $3 million investment in Blueprint magazine, the company said.