Playboy Posts Profit as Video, Online Sales Rise
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Playboy Enterprises Inc., publisher of the world’s most widely read men’s magazine, posted its first fourth-quarter profit since 1998 as sales rose at its video and Internet units.
Net income was $14.5 million, or 43 cents a share, compared with a loss of $6.7 million, or 26 cents, a year earlier as interest expenses fell. Sales fell 2% to $89.6 million, the Chicago-based publisher said.
Playboy, under Chief Executive Christie Hefner, cut costs and boosted revenue from online subscriptions and video-on-demand businesses.
The company also said the government of Shanghai had rejected an application to open a “lifestyle club” that would have operated under license from Playboy Enterprises.
Playboy shares rose 74 cents, or 5.8%, to $13.43 on the NYSE.
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