Merchandising and Advertising Growth Lead Martha Stewart Living Omnimedia's Strong Second Quarter 2008 Results
With New Emeril Lagasse Business and Continued Focus on Costs, EBITDA Guidance Remains Unchanged
With New Emeril Lagasse Business and Continued Focus on Costs, EBITDA Guidance Remains Unchanged
NEW YORK, July 29 /PRNewswire-FirstCall/ -- Martha Stewart Living Omnimedia, Inc. (NYSE: MSO) today announced its results for the second quarter ended June 30, 2008, reporting a 5% increase in second quarter revenue to $77.1 million, led by strong performance in merchandising and advertising revenue growth across its media businesses.
Charles Koppelman, Executive Chairman of the Board, said, "We delivered increased topline growth and an impressive improvement in profitability, demonstrating the power of our brand and our team's ability to execute even in challenging business conditions. The reason for our success is clear. We continue to do what we do best: create original content and inspirational products and market them across our robust omni-platforms. With well-positioned media assets, expanding merchandising relationships, and a growing international presence, we remain focused on producing sustained growth and profitability."
Second Quarter 2008 Summary
Revenues rose 5% to $77.1 million compared to $73.4 million for the second quarter of 2007. Merchandising had notably strong performance in the quarter due to increased retail sales at Macy's, the expansion of MSLO's crafts line into Wal-Mart and the launch of our flowers program, with 1-800-Flowers.com. The segment also benefited from the newly acquired Emeril Lagasse franchise.
Operating income for the second quarter of 2008 was $1.7 million, compared to an operating loss of $(7.8) million for the second quarter of 2007.
Adjusted EBITDA for the second quarter of 2008 was $5.3 million, compared to $(0.8) million in the prior year period. The improvement in Adjusted EBITDA was driven by the strong contributions from merchandising and publishing, partially offset by certain non-recurring corporate costs of $1.5 million.
Other expense included a non-cash charge of $1.1 million related to the accounting impact of marking certain assets under FAS 133 to fair value.
Net income per share from continuing operations was $0.01 for the second quarter of 2008, compared to a net loss per share of ($0.13) for the second quarter of 2007. Excluding the additional corporate costs and non-cash accounting charge, net income would have been $2.9 million, or $0.05 per share.
Adjusted EBITDA for the second quarter of 2008 was $5.3 million, compared to $(0.8) million in the prior year period. The improvement in Adjusted EBITDA was driven by the strong contributions from merchandising and publishing, partially offset by certain non-recurring corporate costs of $1.5 million.
Other expense included a non-cash charge of $1.1 million related to the accounting impact of marking certain assets under FAS 133 to fair value.
Net income per share from continuing operations was $0.01 for the second quarter of 2008, compared to a net loss per share of ($0.13) for the second quarter of 2007. Excluding the additional corporate costs and non-cash accounting charge, net income would have been $2.9 million, or $0.05 per share.
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