NEW YORK (AP) -- Martha Stewart Living's third-quarter loss narrowed considerably, free of a hefty impairment charge the company was forced to book last year.
For the three months ended Sept. 30, Martha Stewart Living lost $4.3 million, or 6 cents per share. That compares with a loss of $50.9 million, or 76 cents per share, a year earlier.
The prior-year period included a $44.3 million impairment charge.
The company has been trying to turn its business around, announcing on Monday that board member Daniel Dienst would take over as CEO. The top job has been vacant since Lisa Gersh stepped down in December after less than a year on the job.
It's been a year since it began to downsize its magazines and cut publishing jobs to focus on online video and other digital content.
Martha Stewart Living Omnimedia Inc. suffered a blow last when J.C. Penney Co. scaled back its partnership with the company ahead of a ruling in its long-running fight with Macy's over Martha Stewart products
Revenue for the New York company declined 22 percent to $33.8 million from $43.5 million with solid merchandising sales offset by softness in its broadcasting and publishing divisions.
The broadcasting and publishing units were hampered by the shift of Everyday Food magazine from print to online only, and the end of Whole Living magazine and live television programming production.
Executive Vice President and Chief Financial Officer Ken West said Tuesday that the publishing unit is refocusing its efforts on Martha Stewart Living and Martha Stewart Weddings magazines, along with its online properties. It reduced the number of issues of Martha Stewart Living in the third quarter to two issues — down from three issues a year earlier.
Dienst, the new chief executive, had been CEO of Sims Metal Management and is considered a good fit due to his success with repositioning and growing public companies.
- Professional Services
- Arts & Entertainment
- Martha Stewart Living