Playboy reveals loss - Feb. 26, 2002

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News > Companies

Playboy reveals loss
Playboy reports narrower 4Q loss despite fall in magazine revenues.
February 26, 2002: 9:18 a.m. ET

NEW YORK (CNN/Money) - Playboy Enterprises Inc. said Tuesday its fourth-quarter loss narrowed from the year-ago period and announced it is opening a storefront on online auction site eBay.

Playboy (PLA: Research, Estimates) reported a fourth quarter net loss of $11.7 million, or 47 cents per share, compared to a loss of $29 million, or $1.19 per share, in the same period a year ago.

Total revenues slid 2 percent from the fourth quarter of 2000 to $78 million.

In Playboy's publishing unit, earnings before interest, taxes depreciation and amortization (EBITDA), before restructuring charges, dropped to $1.6 million from $4.8 million in 2000, as revenues for the flagship magazine dropped 20 percent.

But the company stemmed online losses, posting quarterly EBITDA before restructuring charges of negative $4.5 million, compared to negative $6.7 million in the year-ago period.

The Chicago-based company also announced it is establishing a storefront on eBay to sell "a wide range of proprietary Playboy apparel, barware, autographed memorabilia, collectibles and jewelry."

"We learned that Playboy consistently ranks in the top search terms each month on eBay," said Lawrence R. Lux, Playboy Online president, in a statement.

The company expects the storefront to be fully operational by March.

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