Licensing income grows, but Playboy still down in Q3

Lower entertainment group profits and increased corporate expense drag down results.
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Playboy Enterprises has reported its financial results for the third quarter ending September 30th 2010.

The company recorded a net loss of $27.4 million - which included impairment and restructuring charges totalling $25.8 million. This compares to a net loss of $1.1 million in the prior year quarter when $0.5 million was recorded in restructuring charges.

Excluding the charges, PEI would have reported a net loss of $1.6 million for the 2010 quarter.

Q3 revenues were $52.1 million (down seven per cent from 2009's third quarter).

PEI's licensing group performed well however - with income growing 11 per cent to $6.2 million compared to the same quarter last year on a 24 per cent increase in revenues to $10.9 million. Consumer products sales were up 36 per cent in the quarter, mainly due to increased royalties from licensees in South East Asia and Latin America.

Elsewhere, the entertainment group reported income of $0.8 million (2009: $2.3 million), with revenues down 20 per cent; print and digital segment income was $1.3 million (2009: $0.4 million), with revenues down five per cent; while corporate expense rose to $7.6 million in Q3 from $5.5 million in the same period last year.

"We continue to make progress toward our goal of transitioning Playboy to a brand management company," said Scott Flanders, PEI CEO.


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