Playboy Enterprises managed to turn a profit last quarter. The media and entertainment company reported a net loss of $27.8 million, or 83 cents per share, for the fourth quarter, compared to a net loss of $146.8 million, or $4.40 per share, a year earlier. Revenue fell 13%, to $60.6 million. And so analysts expected a loss of 1 cent this quarter, on revenue of $63.25 million. Shares were trading up with the earnings announcement.
CEO Scott Flanders has been slashing costs and contracting flagship Playboy magazine's non-editorial functions to American Media. And now Playboy has announced a deal to outsource its Asian licensing business to IMG.
He says that there's more work to be done as he readies the property for sale. The $2.5 million profit the magazine turned last quarter, thanks to the Marge Simpson centerfold certainly helps.
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