MUMBAI: Martha Stewart Living Omnimedia has announced its results for the second quarter of the year. The media firm managed to earn revenues of $46.0 million, compared to $44.1 million in the prior year's quarter. Operating loss for the second quarter was $ 34.2 million, compared to an operating loss of $ 17.8 million for the second quarter of 2004.
The current period results include a $16.8 million non-cash charge related to the vesting of certain warrants granted in connection with the production of a new syndicated television show 'Martha' which is being done with reality TV guru Mark Burnett and certain other employee-related charges of $3.2 million.
MSLO president and CEO Susan Lyne said: "The momentum we began to build early in 2005 is starting to deliver a quantifiable improvement in performance. We have exceeded our own plan both in terms of results and in the success of our efforts to leverage the consumer connection with Martha and the brand. We expect to achieve breakeven OIDA in the second half of 2005, an improvement of approximately $15 million over the second half of 2004.
"In publishing, our flagship magazine, Martha Stewart Living, continues to achieve solid increases in advertising. At this point in the selling cycle, we are feeling very good about indicators for 2006 advertising page growth. Everyday Food continues to please readers and win new advertisers. Importantly, we are working on numerous multi-platform opportunities that allow us to offer advertisers access to a common, loyal and engaged audience across print, broadcast and Internet.
"We are now hard at work readying the first season of our new daily syndicated television show, Martha. All business segments stand to benefit from increased brand visibility as we return to television this fall with both our new daytime show and The Apprentice: Martha Stewart. Our recently announced partnership with Discovery Communications will give us a platform to create new lifestyle programming, while expanding the audience for our current product."
