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Analysts surveyed by Thomson First Call expected a loss of 12 cents For the second quarter, the company said that it anticipates a loss of approximately 35 cents to 40 cents per share 5 percent since the verdict in March Its shares tumbled 6 That was slightly below Wall Street's forecast of $45 For the three months ended March 31, Martha Stewart Living Omnimedia reported a loss of $20 The publishing sector, which accounts for about 55 percent of the company's business, posted a 30 percent drop in revenue to $23 9 million from $34 Martha Stewart's Co 3 million in the year-ago period On Wednesday, a federal judge refused to grant Stewart a new trial, dismissing claims that a juror lied to hide a bias against the homemaker maven The results reflect lower advertising and circulation revenue in the quarter from Martha Stewart Living magazine 26 million, or 41 cents per share, in contrast to a loss of $4 Television, which accounts for about 11 percent of total sales, recorded revenues of $4 07 The company recently reaffirmed its partnership with Kmart 2 million However, she could end up spending half that time in home confinement 02 million in the year-ago period Stewart's lawyers said they disagreed with the ruling and planned to appeal errors that "deprived Martha Stewart of a fair trial 51 million, or 9 cents per share, a year ago 49 million from $58 Company officials said that the greater-than-expecte d loss was due to a higher income tax expense The increase in revenue was primarily due to the recognition of certain minimum royalty amounts from its partnership with Kmart The company said the TV division was hurt by the loss of coverage, beginning in March, of its nationally syndicated daily show in certain markets as a result of the conviction 6 million While Martha Stewart Living has struggled from a fallout in advertising, one silver lining is that consumers for the most part have remained loyal The company's ex-chairman and CEO Martha Stewart was convicted on March 5 for lying about why she sold 3,928 shares of ImClone Systems stock in 2001, just before the stock price plunged That compares with $7 1 million in the year-ago period Stewart is expected to be sentenced June 17, and faces 10 to 16 months in prison reported a wider-than-expected loss for the first quarter as advertising revenue declined and it struggles with the fallout from a felony conviction of its namesake founder who once ran the company 6 million in the prior year's quarter James Follo, chief financial and administrative officer, also said that the company is conducting a "comprehensive review" of its businesses, and will "evaluate the best options to reduce losses and optimize our cost structure Meanwhile, the company reported that sales of its Martha Stewart Living Everyday merchandise at Kmart was up 6 The company on Friday also offered a downbeat outlook, warning that losses for the second quarter would be greater than Wall Street expected 8 million, compared with $10 In morning trading on the New York Stock Exchange, Martha Stewart Living Omnimedia shares were down 63 cents at $9 0 million in the year-ago period "Our research shows that the magazine subscribers, in particular, were unfazed by the verdict immediately afterwards and remain so roughly six weeks later," said Sharon L Reports Wider Loss May 7, 9:40 AM EST Martha Stewart Living Omnimedia Inc Patrick, president and CEO in a statement Revenues in the Internet/direct commerce segment, which makes up about 12 percent of overall sales, were $5 2 million, down 36 percent from $6 Revenues in merchandising, which makes up about 22 percent of the overall business, were $10 Analysts surveyed by Thomson First Call expected a loss of 20 cents Overall revenue fell to $44 5 percent in early trading " The New York-based company said it also plans to place greater emphasis on the name "living" with its Martha Stewart Living magazine, starting with the June issue That grand jury never indicted and the case was abandoned when Jackson reached a financial settlement with the boy Candidates for the grand jury received summonses earlier this month instructing them to report Thursday The defense is expected to say the child and his family belatedly made allegations of molestation because they were rebuffed in an effort to get money from Jackson Jackson is charged with seven counts of committing lewd or lascivious acts upon a child under age 14 and two counts of administering an intoxicating agent to the child Jackson Grand Jury Candidates Reporting Mar 23, 6:29 PM EST The prosecutor in the Michael Jackson child-molestation case plans to present at least two weeks of testimony to a secret grand jury, including details of past child molestation allegations against the pop star A spokesman with Tellem Worldwide, which handles public relations for Sneddon, said the prosecutor could not comment because of a court-imposed gag order in the case Santa Barbara County District Attorney Tom Sneddon will try to show "a pattern of seduction" in a case 11 years ago that was never prosecuted and the current case, in which Jackson is alleged to have molested a 12-year-old boy, said a source close to the case who spoke on condition of anonymity The boy, now 14, is expected to be the star witness, telling grand jurors why he and his family initially denied any wrongdoing by Jackson Among witnesses receiving subpoenas for the grand jury are those who testified in 1993 before a grand jury looking into allegations against Jackson involving another boy |
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