CHICAGO, Feb. 15, 2011 /PRNewswire/ -- Playboy
Enterprises, Inc. (PEI) (NYSE: PLA, PLAA) today announced a net
loss for the fourth quarter ended December
31, 2010, of $14.7 million, or
$0.43 per basic and diluted share,
compared to a net loss of $27.8
million, or $0.83 per basic
and diluted share, in the year earlier period. The fourth
quarter results included a $12.5
million charge related to a legal settlement in 2010 versus
a total of $28.6 million of
impairment and restructuring charges in 2009.
Revenues in the 2010 fourth quarter declined 9% to $55.0 million from $60.6
million in the prior year quarter. In the same time
periods, the company reported segment income of $0.6 million, down from segment income of
$2.1 million. Fourth quarter
segment income for the Licensing Group nearly doubled compared to
the 2009 quarter, although weaker performance in the media
businesses and increased Corporate expense more than offset this
gain.
PEI Chief Executive Officer Scott
Flanders said: "We are pleased with our accomplishments
through the year and in the fourth quarter in particular. In
spite of the challenges created by a weak economy, changes in how
consumers use media, the loss of a critical customer's revenues in
the second half and the burden of expenses related to the potential
going-private transaction, we made significant progress in our
businesses during 2010. We began implementing a strategy to
transition Playboy to a brand management company, outsourced major
portions of our publishing and licensing businesses, accelerated
efforts to further reduce our overhead and opened two new Playboy
clubs and closed deals for two additional venues. In December, we
also held a successful sale of artwork from our extensive
collection, although the majority of the proceeds are being
recorded in 2011 and are not evident in our fourth quarter
earnings.
"Our 2010 results demonstrate the viability of our brand
management strategy. Our licensing business recorded its most
profitable full year and single quarter ever as well as improved
operating margins, all of which reflected the completion of new
licensing agreements, continued growth in our relationships with
existing licensees, and the rollout of new product lines and
categories. The Playboy brand remains this company's greatest
asset, and we continue to find new opportunities to monetize its
value," Flanders said.
Entertainment
The Entertainment Group reported a segment loss of $0.9 million in the 2010 fourth quarter compared
to segment income of $2.6 million in
the prior year. Revenues were $18.8
million, down from $23.7
million, in the same time periods. The declines in
revenues and profits were mainly due to a U.S. distributor
withholding payment for the company's TV programming, which last
year totaled $3.4 million. The
dispute with the distributor has since been settled, which resulted
in a $12.5 million charge recorded in
the 2010 fourth quarter.
The group was able to offset approximately $1.4 million of the year-over-year revenue
decline through lower programming amortization expense and other
favorable cost comparisons, primarily related to marketing and
programming distribution.
Print/Digital
Fourth quarter 2010 Print/Digital segment income was
$1.5 million, down $1.0 million from the prior year on a
$6.2 million decline in revenues to
$22.0 million.
Playboy magazine fourth quarter revenues were down 36% in
the year-over-year comparison to $10.0
million, reflecting both a planned rate base reduction and
the recognition in the 2009 fourth quarter of four issues of
subscription revenues versus three in the 2010 fourth
quarter. Reduced editorial and manufacturing costs and
operating expenses helped offset the magazine's lower revenue
base.
Despite higher royalties from mobile licensees, fourth quarter
digital revenues were down by $0.7
million in 2010 versus 2009 reflecting lower pay site and
advertising sales.
Licensing
Licensing Group segment income nearly doubled in the 2010 fourth
quarter to $9.7 million from
$5.1 million in the prior year on a
62% increase in revenues to $14.2
million from $8.7
million. New licensing agreements in Asia and the introduction of a new product
line in Western Europe contributed
to a 79% gain in fourth quarter consumer products revenues to
$12.8 million. The company
auctioned selected pieces of art from its collection in the 2010
fourth quarter totaling $2.5 million,
of which $0.3 million was recognized
in December with the remainder being recorded in
2011.
Corporate and Other
Corporate expense increased to $9.7
million in the 2010 fourth quarter from $8.1 million in the previous year, primarily due
to legal and advisory costs associated with the possible
going-private transaction announced on January 10, 2011.
As a result of the ongoing tender offer to purchase all of PEI's
common stock at $6.15 per share, the
company will not hold a conference call to discuss the fourth
quarter results.
Playboy is one of the most recognized and popular consumer
brands in the world. Playboy Enterprises, Inc. is a media and
lifestyle company that markets the brand through a wide range of
media properties and licensing initiatives. The company publishes
Playboy magazine in the United
States and abroad and creates content for distribution via
television networks, websites, mobile platforms and radio. Through
licensing agreements, the Playboy brand appears on a wide range of
consumer products in more than 150 countries as well as retail
stores and entertainment venues.
FORWARD-LOOKING STATEMENTS
This release contains "forward-looking statements," as to
expectations, beliefs, plans, objectives and future financial
performance, and assumptions underlying or concerning the
foregoing. We use words such as "may," "will," "would," "could,"
"should," "believes," "estimates," "projects," "potential,"
"expects," "plans," "anticipates," "intends," "continues" and other
similar terminology. These forward-looking statements involve known
and unknown risks, uncertainties and other factors, which could
cause our actual results, performance or outcomes to differ
materially from those expressed or implied in the forward-looking
statements. We want to caution you not to place undue reliance on
any forward-looking statements. We undertake no obligation to
publicly update any forward-looking statements, whether as a result
of new information, future events or otherwise.
The following are some of the important factors that could cause
our actual results, performance or outcomes to differ materially
from those discussed in the forward-looking statements:
- Foreign, national, state and local government regulations,
actions or initiatives, including:
- attempts to limit or otherwise regulate the sale, distribution
or transmission of adult-oriented materials, including print,
television, video, Internet and mobile materials;
- attempts to limit or otherwise regulate the sale or
distribution of certain consumer products sold by our licensees;
or
- limitations on the advertisement of tobacco, alcohol and other
products which are important sources of advertising revenue for
us;
- Risks associated with our foreign operations, including market
acceptance and demand for our products and the products of our
licensees and other business partners;
- Our ability to effectively manage our exposure to foreign
currency exchange rate fluctuations;
- Further changes in general economic conditions, consumer
spending habits, viewing patterns, fashion trends or the retail
sales environment, which, in each case, could reduce demand for our
programming and products and impact our advertising and licensing
revenues;
- Our ability to protect our trademarks, copyrights and other
intellectual property;
- Risks as a distributor of media content, including our becoming
subject to claims for defamation, invasion of privacy, negligence,
copyright, patent or trademark infringement and other claims based
on the nature and content of the materials we distribute;
- The risk our outstanding litigation could result in settlements
or judgments which are material to us;
- Dilution from any potential issuance of common stock or
convertible debt in connection with financings or acquisition
activities;
- Further competition for advertisers from other publications,
media or online providers or decreases in spending by advertisers,
either generally or with respect to the men's market;
- Competition in the television, men's magazine, Internet, mobile
and product licensing markets;
- Attempts by consumers, distributors, merchants or private
advocacy groups to exclude our programming or other products from
distribution;
- Our television, Internet and mobile businesses' reliance on
third parties for technology and distribution, and any changes in
that technology, distribution and/or delays in implementation which
might affect our plans, assumptions and financial results;
- Risks associated with losing access to transponders or
technical failure of transponders or other transmitting or playback
equipment that is beyond our control;
- Competition for channel space on linear or video-on-demand
television platforms;
- Failure to maintain our agreements with multiple system
operators and direct-to-home, or DTH, operators on favorable terms,
as well as any decline in our access to households or acceptance by
DTH, cable and/or telephone company systems and the possible
resulting cancellation of fee arrangements, pressure on splits or
other deterioration of contract terms with operators of these
systems;
- Risks that we may not realize the expected sales and profits
and other benefits from acquisitions;
- Any charges or costs we incur in connection with restructuring
measures we have taken or may take in the future;
- Increases in paper, printing, postage or other manufacturing
costs;
- Effects of the consolidation of the single-copy magazine
distribution system in the U.S. and risks associated with the
financial stability of major magazine wholesalers;
- Effects of the consolidation and/or bankruptcies of television
distribution companies;
- Risks associated with the viability of our subscription,
ad-supported and e-commerce Internet models;
- Our ability to sublet our excess space may be negatively
impacted by the market for commercial rental real estate as well as
by the global economy generally;
- The risk that our common stock could be delisted from the New
York Stock Exchange, or NYSE, if we fail to meet the NYSE's
continued listing requirements;
- Risks that adverse market conditions in the securities and
credit markets may significantly affect our ability to access the
capital markets;
- The risk that we will be unable to refinance our 3.00%
convertible senior subordinated notes due 2025, or convertible
notes, or the risk that we will need to refinance our convertible
notes, prior to the first put date of March
15, 2012, at significantly higher interest rates;
- Further downward pressure on our operating results and/or
further deterioration of economic conditions could result in
impairments of our long-lived assets, including intangible assets;
and
- Costs and uncertainties relating to the consummation of the
transactions contemplated by the merger agreement with Icon
Acquisition Holdings, L.P. and Icon Merger Sub, Inc.
More detailed information about factors that may affect our
performance may be found in our filings with the Securities and
Exchange Commission, which are available at http://www.sec.gov or
at http://www.peiinvestor.com in the Investor Relations section of
our website.
Playboy
Enterprises, Inc.
|
|
Condensed
Consolidated Statements of Operations (Unaudited)
|
|
(In
millions, except per share amounts)
|
|
|
|
|
Quarters
Ended
|
|
|
December
31,
|
|
|
2010
|
|
2009
|
|
Net revenues
|
|
|
|
|
Entertainment:
|
|
|
|
|
Domestic TV
|
$ 8.9
|
|
$ 12.0
|
|
International
TV
|
9.1
|
|
10.2
|
|
Other
|
0.8
|
|
1.5
|
|
Total
Entertainment
|
18.8
|
|
23.7
|
|
Print/Digital:
|
|
|
|
|
Domestic
magazine
|
10.0
|
|
15.7
|
|
International
magazine
|
1.5
|
|
1.5
|
|
Special editions and
other
|
1.6
|
|
1.4
|
|
Digital
|
8.9
|
|
9.6
|
|
Total
Print/Digital
|
22.0
|
|
28.2
|
|
Licensing:
|
|
|
|
|
Consumer
products
|
12.8
|
|
7.1
|
|
Location-based
entertainment
|
0.8
|
|
1.1
|
|
Marketing
events
|
0.2
|
|
0.2
|
|
Other
|
0.4
|
|
0.3
|
|
Total Licensing
|
14.2
|
|
8.7
|
|
|
|
|
|
|
Total net
revenues
|
$ 55.0
|
|
$ 60.6
|
|
|
|
|
|
|
Net loss
|
|
|
|
|
Entertainment
|
$ (0.9)
|
|
$ 2.6
|
|
Print/Digital
|
1.5
|
|
2.5
|
|
Licensing
|
9.7
|
|
5.1
|
|
Corporate
|
(9.7)
|
|
(8.1)
|
|
|
|
|
|
|
Segment income
|
0.6
|
|
2.1
|
|
|
|
|
|
|
Restructuring expense
|
(0.4)
|
|
(6.4)
|
|
Impairment charge
|
-
|
|
(22.2)
|
|
Legal settlement
|
(12.5)
|
|
-
|
|
Gain on disposals
|
0.2
|
|
-
|
|
|
|
|
|
|
Operating loss
|
(12.1)
|
|
(26.5)
|
|
|
|
|
|
|
Investment income
|
-
|
|
0.1
|
|
Interest expense
|
(2.1)
|
|
(2.2)
|
|
Amortization of deferred
financing fees
|
(0.2)
|
|
(0.2)
|
|
Other, net
|
0.4
|
|
0.1
|
|
|
|
|
|
|
Loss before income
taxes
|
(14.0)
|
|
(28.7)
|
|
|
|
|
|
|
Income tax benefit
(expense)
|
(0.7)
|
|
0.9
|
|
|
|
|
|
|
Net loss
|
$ (14.7)
|
|
$ (27.8)
|
|
|
|
|
|
|
Weighted average number of
common shares outstanding
|
|
|
|
|
Basic and
diluted
|
33,715
|
|
33,489
|
|
|
|
|
|
|
Basic and diluted loss per
common share
|
$ (0.43)
|
|
$ (0.83)
|
|
|
|
|
|
Playboy
Enterprises, Inc.
|
|
Condensed
Consolidated Statements of Operations (Unaudited)
|
|
(In
millions, except per share amounts)
|
|
|
|
|
Twelve
Months Ended
|
|
|
December
31,
|
|
|
2010
|
|
2009
|
|
Net revenues
|
|
|
|
|
Entertainment:
|
|
|
|
|
Domestic TV
|
$ 44.4
|
|
$ 50.5
|
|
International
TV
|
37.5
|
|
42.6
|
|
Other
|
3.1
|
|
5.0
|
|
Total
Entertainment
|
85.0
|
|
98.1
|
|
Print/Digital:
|
|
|
|
|
Domestic
magazine
|
37.3
|
|
55.0
|
|
International
magazine
|
5.6
|
|
6.3
|
|
Special editions and
other
|
6.0
|
|
6.8
|
|
Digital
|
33.9
|
|
37.4
|
|
Total
Print/Digital
|
82.8
|
|
105.5
|
|
Licensing:
|
|
|
|
|
Consumer
products
|
40.5
|
|
29.0
|
|
Location-based
entertainment
|
3.5
|
|
4.6
|
|
Marketing
events
|
2.4
|
|
2.5
|
|
Other
|
1.0
|
|
0.7
|
|
Total Licensing
|
47.4
|
|
36.8
|
|
|
|
|
|
|
Total net
revenues
|
$ 215.2
|
|
$ 240.4
|
|
|
|
|
|
|
Net loss
|
|
|
|
|
Entertainment
|
$ 5.1
|
|
$ 9.9
|
|
Print/Digital
|
0.5
|
|
1.6
|
|
Licensing
|
28.8
|
|
21.0
|
|
Corporate
|
(29.5)
|
|
(25.4)
|
|
|
|
|
|
|
Segment income
|
4.9
|
|
7.1
|
|
|
|
|
|
|
Restructuring expense
|
(3.1)
|
|
(19.2)
|
|
Impairment charges
|
(25.8)
|
|
(27.7)
|
|
Legal settlement
|
(12.5)
|
|
-
|
|
Gain on disposals
|
0.2
|
|
-
|
|
|
|
|
|
|
Operating loss
|
(36.3)
|
|
(39.8)
|
|
|
|
|
|
|
Investment income
|
-
|
|
0.8
|
|
Interest expense
|
(8.6)
|
|
(8.7)
|
|
Amortization of deferred
financing fees
|
(0.7)
|
|
(0.7)
|
|
Other, net
|
0.5
|
|
(0.2)
|
|
|
|
|
|
|
Loss before income
taxes
|
(45.1)
|
|
(48.6)
|
|
|
|
|
|
|
Income tax expense
|
(3.4)
|
|
(2.7)
|
|
|
|
|
|
|
Net loss
|
$ (48.5)
|
|
$ (51.3)
|
|
|
|
|
|
|
Weighted average number of
common shares outstanding
|
|
|
|
|
Basic and diluted
|
33,646
|
|
33,447
|
|
|
|
|
|
|
Basic and diluted loss per
common share
|
$ (1.44)
|
|
$ (1.53)
|
|
|
|
|
|
PLAYBOY ENTERPRISES,
INC.
|
|
Reconciliation of Non-GAAP
Financial Information (dollars in millions, except per share
amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter Ended December 31,
|
|
Twelve
Months Ended December 31,
|
|
EBITDA and Adjusted
EBITDA
|
2010
|
|
2009
|
|
|
% Inc/(Dec)
|
|
2010
|
|
2009
|
|
|
% Inc/(Dec)
|
|
|
Net Loss
|
$
(14.7)
|
|
$ (27.8)
|
|
|
(47.1)
|
|
$ (48.5)
|
|
$ (51.3)
|
|
|
(5.5)
|
|
|
Adjusted for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Expense
(Benefit)
|
0.7
|
|
(0.9)
|
|
|
-
|
|
3.4
|
|
2.7
|
|
|
25.9
|
|
|
|
Interest Expense
|
2.1
|
|
2.2
|
|
|
(4.5)
|
|
8.6
|
|
8.7
|
|
|
(1.1)
|
|
|
|
Amortization of Deferred
Financing Fees
|
0.2
|
|
0.2
|
|
|
-
|
|
0.7
|
|
0.7
|
|
|
-
|
|
|
|
Depreciation and
Amortization
|
7.9
|
|
8.6
|
|
|
(8.1)
|
|
30.2
|
|
36.1
|
|
|
(16.3)
|
|
|
EBITDA (1)
|
(3.8)
|
|
(17.7)
|
|
|
(78.5)
|
|
(5.6)
|
|
(3.1)
|
|
|
80.6
|
|
|
Adjusted for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring Expense
|
0.4
|
|
6.4
|
|
|
(93.8)
|
|
3.1
|
|
19.2
|
|
|
(83.9)
|
|
|
|
Stock Options and Restricted
Stock Awards
|
0.3
|
|
0.2
|
|
|
50.0
|
|
1.3
|
|
0.8
|
|
|
62.5
|
|
|
|
Equity in Operations of
Investments
|
(0.2)
|
|
(0.4)
|
|
|
(50.0)
|
|
(0.4)
|
|
(0.4)
|
|
|
-
|
|
|
|
Impairment Charges
|
-
|
|
22.2
|
|
|
(100.0)
|
|
25.8
|
|
27.7
|
|
|
(6.9)
|
|
|
|
Cash Investments in
Entertainment Programming
|
(8.1)
|
|
(6.5)
|
|
|
24.6
|
|
(26.3)
|
|
(24.9)
|
|
|
5.6
|
|
|
Adjusted EBITDA (2)
|
$
(11.4)
|
|
$ 4.2
|
|
|
-
|
|
$ (2.1)
|
|
$ 19.3
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) Before
Restructuring, Impairment
|
Fourth
Quarter Ended December 31,
|
|
Twelve
Months Ended December 31,
|
|
|
Charges, Legal Settlement and
Gain on Disposals (3)
|
2010
|
|
2009
|
|
|
%
Better/(Worse)
|
|
2010
|
|
2009
|
|
|
%
Better/(Worse)
|
|
|
Net Loss
|
$
(14.7)
|
|
$ (27.8)
|
|
|
47.1
|
|
$ (48.5)
|
|
$ (51.3)
|
|
|
5.5
|
|
|
Adjusted for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring Expense
|
0.4
|
|
6.4
|
|
|
93.8
|
|
3.1
|
|
19.2
|
|
|
83.9
|
|
|
|
Impairment Charges
|
-
|
|
22.2
|
|
|
100.0
|
|
25.8
|
|
27.7
|
|
|
6.9
|
|
|
|
Legal Settlement
|
12.5
|
|
-
|
|
|
-
|
|
12.5
|
|
-
|
|
|
-
|
|
|
|
Gain on Disposals
|
(0.2)
|
|
-
|
|
|
-
|
|
(0.2)
|
|
-
|
|
|
-
|
|
|
Net Income (Loss) Before
Restructuring, Impairment Charges,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legal Settlement and Gain on
Disposals
|
$
(2.0)
|
|
$ 0.8
|
|
|
-
|
|
$ (7.3)
|
|
$ (4.4)
|
|
|
(65.9)
|
|
|
Basic Earnings (Loss) Before
Restructuring, Impairment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charges, Legal Settlement and
Gain on Disposals Per
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Share
|
$
(0.06)
|
|
$ 0.03
|
|
|
-
|
|
$ (0.21)
|
|
$ (0.13)
|
|
|
(61.5)
|
|
|
Diluted Earnings (Loss) Before
Restructuring, Impairment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charges, Legal Settlement and
Gain on Disposals Per
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Share
|
$
(0.06)
|
|
$ 0.02
|
|
|
-
|
|
$ (0.21)
|
|
$ (0.13)
|
|
|
(61.5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter Ended December 31,
|
|
Twelve
Months Ended December 31,
|
|
Financial and Operating
Data
|
2010
|
|
2009
|
|
|
% Inc/(Dec)
|
|
2010
|
|
2009
|
|
|
% Inc/(Dec)
|
|
Entertainment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Investments in
Entertainment Programming
|
$
8.1
|
|
$ 6.5
|
|
|
24.6
|
|
$ 26.3
|
|
$ 24.9
|
|
|
5.6
|
|
|
Programming Amortization
Expense
|
$
6.4
|
|
$ 6.9
|
|
|
(7.2)
|
|
$ 24.0
|
|
$ 29.3
|
|
|
(18.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Print/Digital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising Sales
(Playboy-Branded)
|
$
3.3
|
|
$ 5.3
|
|
|
(37.7)
|
|
$ 11.2
|
|
$ 17.0
|
|
|
(34.1)
|
|
|
Digital Content
Expense
|
$
1.7
|
|
$ 1.4
|
|
|
21.4
|
|
$ 6.2
|
|
$ 6.3
|
|
|
(1.6)
|
|
|
Domestic Magazine Advertising
Pages
|
108.3
|
|
94.3
|
|
|
14.8
|
|
357.2
|
|
285.4
|
|
|
25.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, Cash Equivalents,
Marketable Securities and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term
Investments
|
$
25.5
|
|
$ 24.6
|
|
|
3.7
|
|
$ 25.5
|
|
$ 24.6
|
|
|
3.7
|
|
|
Long-Term Financing
Obligations
|
$
108.8
|
|
$ 104.1
|
|
|
4.5
|
|
$ 108.8
|
|
$ 104.1
|
|
|
4.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes on accompanying
page.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PLAYBOY ENTERPRISES,
INC.
|
|
Notes to Reconciliation of
Non-GAAP Financial Information and Financial and Operating
Data
|
|
|
|
1)
|
In order to fully assess our
financial results, management believes that EBITDA is an
appropriate measure for evaluating our operating performance and
liquidity, because it reflects the resources available for, among
other things, investments in entertainment programming. The
resources reflected in EBITDA are not necessarily available for our
discretionary use because of legal or functional requirements to
conserve funds for capital replacement and expansion, debt service
and other commitments and uncertainties. Investors should recognize
that EBITDA might not be comparable to similarly titled measures of
other companies. EBITDA should be considered in addition to, and
not as a substitute for or superior to, any measure of performance,
cash flows or liquidity prepared in accordance with generally
accepted accounting principles in the United States, or
GAAP.
|
|
|
|
|
2)
|
In order to fully assess our
financial results, management believes that Adjusted EBITDA is an
appropriate measure for evaluating our operating performance and
liquidity, because it reflects the resources available for
strategic opportunities including, among other things, to invest in
the business, make strategic acquisitions and strengthen the
balance sheet. Investors should recognize that Adjusted EBITDA
might not be comparable to similarly titled measures of other
companies. Adjusted EBITDA should be considered in addition to, and
not as a substitute for or superior to, any measure of performance,
cash flows or liquidity prepared in accordance with
GAAP.
|
|
|
|
|
3)
|
In order to fully assess our
financial results, management believes that Net Income (Loss)
Before Restructuring, Impairment Charges, Legal Settlement and Gain
on Disposals is an appropriate measure for evaluating our operating
performance and liquidity. Investors should recognize that Net
Income (Loss) Before Restructuring, Impairment Charges, Legal
Settlement and Gain on Disposals might not be comparable to
similarly titled measures of other companies. Net Income (Loss)
Before Restructuring, Impairment Charges, Legal Settlement and Gain
on Disposals should be considered in addition to, and not as a
substitute for or superior to, any measure of performance, cash
flows or liquidity prepared in accordance with GAAP.
|
|
|
|
SOURCE Playboy Enterprises, Inc.