Re: Hugh Hefner: value investor?!?
Playboy magazine lost money last quarter as publishing revenue slipped 8%. Playboy circulation fell again to near 3 million -- which means the monthly places 19th among U.S. magazines.
Founded by Hugh Hefner in 1953, the magazine is now firmly entrenched in circulation rankings below National Geographic, Good Housekeeping and Ladiesí Home Journal. So far this year, Playboy's publishing unit has lost $3.4 million.
In the third quarter, Playboy as a company took in just $80.9 million in revenue. The 10 cents a share in profit Playboy earned may seem good -- since that beat last yearís results by four cents. But a closer peek reveals cost-cutting saved the day, along with sharp declines in taxes and interest payments. Without that help, which canít last forever, the company would have reported a loss of 5 cents per share.
For the first three quarters of the year, Playboy revenue grew an anemic 3%, and the business lost 16 cents a share -- exactly the same amount of red ink spilled in the same period last year.
Even with a lifetime supply of Viagra, Hef is still coming up short.
Of course, I would be glad to give up all of my worldly posessions to live in his shoes (slippers?) for just one 24 hour period!
Anyone have his email address or phone # so I can make an offer?
Part-Owner of Texas
Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx
In dire need of: faster horses, younger woman, older whiskey, more money.