Playboy loss widens on restructuring charge

  Playboy Enterprises Inc. posted a wider second-quarter loss in August, as it booked a big restructuring charge. For the three months ending June 30, the company said it lost $8.7 million, compared with a loss of $3.2 million last year.
  Its print/digital unit, which includes the company’s flagship magazine, saw revenue slide 12%, but the unit posted a $2.3 million profit. Among the expense cuts was a decision to combine the July and August issues of the magazine. Growth in circulation revenue helped offset declining advertising dollars.
  The company said that it expects to report a 47% decline in Playboy magazine ad pages in the third quarter, when the company will publish one fewer issue than in the prior year period.
  The company is moving into new areas, including Latin America, developing new products and working on a new entertainment venue that may open before year’s end.
  www.businessweek.com, 8/4/09