But it looks like Flanders has made some progress in turning that around.
The company managed to slim its Q1 net loss to $1 million from $13.7 million the year before. It was also able to stem losses at the print/digital segment for the year to $1 million from $3.6 million. Revenues for the quarter declined 10.8 per cent due to lower pay site sales
One area that Flanders promised to concentrate on was Playboy’s once lucrative licensing business. Efforts in that area appeared to be paying off, as Licensing Group segment income rose 17 per cent to $6.5 million in Q1 as revenues were up 6 per cent to $9.9 million. Royalties from two global licensing agreements and increased sales in Asia were largely responsible for the improvements.
The Entertainment Group’s results were mixed. The segment’s income was $3.6 million in 2010, up 21 per cent from last year on an 8 per cent drop in revenues to $24.0 million from $26.2 million. Again, lower costs were credited with the improvement in profits.
Back in January, Flanders outlined a plan for new partnerships, saucy night clubs and a print magazine price hike.
And a few weeks ago, he announced that the company had hired Christopher Pachler, previously Sony Pictures’ senior vice president for strategy and operations, as executive VP and CEO.
Of course putting Eliot Spitzer’s dear old friend Ashley Dupre on the cover of the magazine didn’t hurt, either.
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