Yahoo Finance Martha Stewart Living 4Q net income jumps
Martha Stewart Living posts big jump in 4th-qtr net income helped by lower costs
NEW YORK (AP) -- Martha Stewart Living reported surging fourth-quarter profits and revenue did not decline as quickly as expected as the media and merchandising company winds down some of its publications.
Shares of the New York company jumped 13 percent before the opening bell
Martha Stewart Living earned $7 million, or 12 cents per share, up from $1.1 million, or 2 cents per share, in the same quarter the year before. Revenue fell 16 percent to $47.4 million from $56.4 million.
Publishing revenue dropped 20 percent to $28.4 million, while broadcasting revenue tumbled 84 percent to $769,000.
The drops reflected the company's decision to end the publication of two of its four print titles —Everyday Food and Whole Living, and exit live television programming. In addition, the company published two issues of its Martha Stewart Living magazine during the quarter, down from three in the same period the year before.
Merchandising revenue rose 12 percent to $18.2 million.
The company posted an across-the-board decline in costs.
For the full year, Martha Stewart Living posted a loss of $1.8 million, or 3 cents per share, compared with a loss of $56.1 million, or 83 cents per share, in 2012. Revenue fell to $160.7 million from $197.6 million.
Shares of Martha Stewart Living Omnimedia Inc. rose 58 cents to $5 in premarket trading.
