Martha Stewart publishing losses narrow down
New York- based company has been able to stabilise its third-quarter losses from its broadcast divis
Media Company Martha Stewart Living Omnimedia (MSLO) reported a net loss $13.7m for the second half of 2010, as opposed to a loss of $35.3m for the corresponding period last year, on Wednesday.
The New York- based company has been able to stabilise its third-quarter losses from its struggling broadcast division - which showed a 47 per cent decline in revenues from last year - with earnings from its publishing operations.
MSLO's publishing wing reported a $400,000 operating loss for the third quarter, a vast improvement from the $2.5m loss in the corresponding period last year.
Third-quarter revenues from magazines grew by 11 per cent from $27.1 m in 2009 to $30m, an increase the company claims was due to an increase in sales of the fall issue Martha Stewart Weddings.
In addition, Ad revenue at Martha Stewart Living was up by 9 per cent. MSLO plans to bring out an iPad app for the magazine in November.
The company is also reorganising its executive management with publisher Sally Preston being promoted to executive vice president for media sales and marketing.