Martha Stewart Living Omnimedia reports first quarter 2014 results
Home & Textiles Today Staff -- Home Textiles Today, May 6, 2014
New York – A drop in advertising revenues hurts sales in the first quarter for Martha Stewart Living Omnimedia. The company announced its results for the first quarter of 2014 ended March 31.
Total operating loss for the first quarter was $2.2 million compared to a loss of $3 million in the prior-year period. Revenues totaled $33.3 million in the first quarter, compared to $37.2 million in the first quarter of 2013, due largely to lower digital and print advertising revenues.
Income per share saw a loss of $.05 for both the first quarter of 2014 and 2013. Included in this year's first quarter results is the planned $2.1 million accelerated amortization related to vacating space in the company's headquarters.
Merchandising revenues increased 14% to $13.1 million for the first quarter of 2014, as compared to $11.5 million in the prior year's first quarter, due mainly to non-cash revenue from J.C. Penney's return of MSO shares and the recognition of J.C. Penney's minimum royalties with no comparable revenue in the first quarter of 2013.
"First quarter results reflect the current transition underway at the company as we start to benefit from the significant changes we made at the end of 2013 to realign our business. We still have work to do but are encouraged by the early results of these decisions,” said Dan Dienst, ceo.
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