Playboy Enterprises Inc. reported Tuesday that fourth-quarter earnings dropped nearly 20 percent, as revenue remained under pressure at the Chicago adult-entertainment company's broadcast and publishing operations.
For the quarter ended Dec. 31, Playboy had net income of $3.7 million, or 11 cents a diluted share, down from $4.6 million, or 14 cents a share, a year ago. Revenue declined 5.3 percent, to $86.2 million. The most recent earnings missed estimates by 1 cent a share.
In the latest period, Playboy noted, results were pulled down by a $1.8 million charge linked to a legal settlement, as well as $800,000 in additional expenses related to changes in the company's accounting for certain trademark costs and other contracts. But the drag of those items was essentially offset by a $2.6 million tax benefit.
Like other publishers and providers of broadcast material, Playboy has been hurt as readers, viewers and advertising dollars migrate to Internet-based platforms. Playboy faces special pressure because the Web has made adult-oriented entertainment easy and inexpensive to obtain.
At Playboy's publishing group, which owns Playboy magazine, revenue slipped to $25.2 million from $26.7 million in the year-ago period. In what the company called the result of cost-cutting measures, the publishing group's operating loss eased to $500,000 from a loss of $3.1 million a year earlier.
Revenue from licensing, a significant source of funds at Playboy, increased to $8.9 million from $7.5 million.
At the media company's entertainment group, which operates Playboy's domestic TV, international offerings and online subscriptions, revenue fell to $52.1 million from $56.8 million a year ago. Profits tumbled to $4.7 million from $12.3 million, mainly because of certain legal costs and what the company called "weakness in the domestic TV business.'
Playboy stock added 34 cents, to $11.21, on the New York Stock Exchange.
In other earnings news:
-KB Home reported its first quarterly loss in at least a decade after incurring $343 million in expenses to write down land and abandon property contracts.
The Los Angeles-based builder posted a fourth-quarter net loss of $49.6 million, or 64 cents a share, compared with net income of $304.4 million, or $3.44 a share, a year earlier. The latest result still beat estimates of a loss of $1.01 a share.
More Playboy News
Revenue rose 13 percent, to $3.55 billion, helped by an increase in the average selling price in the quarter, but orders for homes plunged 50 percent, to 3,763. The cancellation rate jumped to 48 percent from 31 percent a year ago.
"It's still pretty ugly out there," said James Wilson, an analyst with JMP Securities in San Francisco.
Shares of KB Home increased $1.49, to $53.43, on the NYSE.
-ServiceMaster Co. said fourth-quarter profit jumped 44 percent, to $38.9 million, or 13 cents a share, from $27 million, or 9 cents a share, a year earlier. Excluding non-recurring items, the Downers Grove-based lawn care and pest control company would have earned 11 cents a share, beating estimates by 1 cent a share. Revenue increased 7 percent, to $770.7 million.
Shares of ServiceMaster, which is moving its headquarters to the Memphis area, rose 50 cents, to $13.40, on the NYSE.
Saturday, February 24, 2007
Playboy Enterprises Fourth Quarter and Full Year 2006 Report
Playboy Enterprises, Inc. (PEI) (NYSE: PLA) today reported net income for the fourth quarter ending December 31, 2006, of $3.7 million, or $0.11 per basic and diluted share, in line with the company's 2006 financial guidance, compared to net income for the 2005 fourth quarter of $4.6 million, or $0.14 per basic and diluted share. The 2006 fourth quarter results included a $1.8 million charge related to a legal settlement; $0.8 million in additional expense due to modifications to how the company accounts for certain trademark costs and carriage agreements and a $2.6 million tax benefit related to the carriage agreement modification.
Fourth quarter operating income totaled $3.1 million in 2006 versus $7.3 million in 2005 on revenues of $86.2 million and $91.0 million, respectively. The Licensing and Publishing Groups showed improved operating results in the 2006 quarter compared to the prior year, but the gains were more than offset by lower Entertainment Group income due to weakness in the domestic TV business and a litigation settlement. The fourth quarter 2006 results also were positively affected by lower variable compensation expense compared to 2005.
The company said that, effective with the 2006 fourth quarter, it has begun expensing certain trademark costs, which were previously being capitalized, and has begun amortizing certain TV carriage agreements, which were previously determined to be indefinite lived. These modifications will result in higher recorded expenses for these items going forward and are expected to reduce future reported earnings by approximately $3.3 million, or $0.10 per basic and diluted share, in 2007.
For the year ended December 31, 2006, PEI reported net income of $2.3 million, or $0.07 per basic and diluted share, compared to a net loss in 2005 of $0.7 million, or $0.02 per basic and diluted share. Operating income in 2006 was $9.1 million, versus $30.9 million in the prior year, on a 2% decline in revenues to $331.1 million.
PEI Chairman and Chief Executive Officer Christie Hefner said: "Looking at the quarter, continued strong profit growth in Licensing and a significant improvement in Publishing results helped us deliver on our guidance for full year 2006. While the year clearly has been challenging for the domestic TV and magazine businesses, growth in our licensing, online, international TV and mobile initiatives support our belief that these businesses will drive the company's performance going forward.
"As we look at 2007, we expect the Licensing Group again to report revenue and profit growth of 15 - 20% year over year. In addition to our Palms Casino Resort agreement, we will benefit from continued growth of our merchandising business into new territories and categories as well as expansion of our retail stores.
"At the same time, it is clear that the publishing and domestic TV businesses will remain under pressure. Magazine trends, which include a weak newsstand market and competition for advertising from non-print media, are well documented. We are seeing a good start on the advertising side and the anticipated ad revenue growth, combined with the cost reductions initiatives we have taken, should allow us to keep the 2007 Publishing loss at recent levels. As we previously have discussed, domestic TV remains challenging, impacted by a number of factors including reduced market share resulting from the adoption of video-on-demand technology and the loss of exclusivity on one of the satellite services. As a consequence, although we do not yet have definitive data on the new networks launched in November, it appears likely that domestic TV revenues will be lower in 2007 versus 2006," Hefner said.
Entertainment
The Entertainment Group reported fourth quarter 2006 segment income of $4.7 million, down from $12.3 million in the prior year, primarily due to lower profits in the domestic TV business. Revenues were down 8% to $52.1 million.
Domestic TV revenues declined 18% in the 2006 fourth quarter. Revenues from video-on-demand and from Playboy TV subscriptions increased, but these gains were more than offset by lower satellite and cable pay-per-view revenues. Fourth quarter domestic TV profits also were negatively affected by a litigation settlement, which resulted in a $1.8 million charge, and by a $0.3 million charge related to a change in the estimated useful lives of certain carriage agreements.
In the 2006 fourth quarter, international revenues were off slightly compared to the prior year period due to lower third-party sales. In online, the growth in fourth quarter 2006 subscription revenues was more than offset by the decrease in e-commerce revenues resulting from our strategic decision to outsource our Spice catalog and website. Revenues from other businesses rose, reflecting the launch of Playboy Radio and higher online advertising revenues.
Publishing
The Publishing Group narrowed its segment loss to $0.5 million in the 2006 fourth quarter, a significant improvement from the $3.1 million loss in the 2005 fourth quarter, in spite of a $1.5 million decline in revenues to $25.2 million during the same time periods. Increased advertising revenues combined with lower editorial and marketing expenses at Playboy magazine primarily were responsible for the improved year-over-year results.
The company said that it expects advertising revenues to be up approximately 22% in the first quarter of 2007 compared to last year.
Licensing
The Licensing Group's fourth quarter 2006 segment income rose 16% to $5.9 million versus the prior year, as revenues were up 21% to $8.9 million. The first quarter of results from the Playboy venue at the Palms Casino Resort in Las Vegas drove the gains in quarterly revenues and profits.
Corporate Administration and Promotion and Other
Corporate Administration and Promotion fourth quarter 2006 expense was $7.0 million, essentially flat compared to the prior year. The 2006 quarterly results also included a $0.5 million charge related to expensing certain trademark costs, which were previously being capitalized.
PEI also recorded in the 2006 fourth quarter a tax benefit of $2.6 million, which was related to the modification to the way certain TV carriage agreements are amortized, which resulted in a reduction in the valuation allowance for deferred tax assets. As a result, fourth quarter 2006 taxes were a benefit of $1.8 million versus expense of $1.2 million in the prior year quarter.
Additional information regarding fourth quarter 2006 earnings will be available on the earnings release conference call, which is being held today, February 13, at 11:00 a.m. Eastern /10:00 a.m. Central. The call may be accessed by dialing 800-909-5202 (for domestic callers) or 1-785-830-7975 (for international callers) and using the password: Playboy. In addition, the call will be webcast. To listen to the call, please visit http://www.peiinvestor.com/ and select the Investor Relations section.
Playboy Enterprises is a brand-driven, international multimedia entertainment company that publishes editions of Playboy magazine around the world; operates television networks and distributes programming globally; owns Playboy.com, a leading men's lifestyle and entertainment website; and licenses the Playboy trademark internationally for a range of consumer products and services.
FORWARD-LOOKING STATEMENTS
This release contains "forward-looking statements," including 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. 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:
(1) Foreign, national, state and local government regulations, actions or
initiatives, including:
(a) attempts to limit or otherwise regulate the sale, distribution
or transmission of adult-oriented materials, including print,
television, video and online materials,
(b) limitations on the advertisement of tobacco, alcohol and other
products which are important sources of advertising revenue for
us, or
(c) substantive changes in postal regulations which could increase
our postage and distribution costs;
(2) Risks associated with our foreign operations, including market
acceptance and demand for our products and the products of our
licensees;
(3) Our ability to manage the risk associated with our exposure to
foreign currency exchange rate fluctuations;
(4) 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 revenues;
(5) Our ability to protect our trademarks, copyrights and other
intellectual property;
(6) 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;
(7) The risk our outstanding litigation could result in settlements or
judgments which are material to us;
(8) Dilution from any potential issuance of common stock or convertible
debt in connection with financings or acquisition activities;
(9) Competition for advertisers from other publications, media or online
providers or any decrease in spending by advertisers, either
generally or with respect to the adult male market;
(10) Competition in the television, men's magazine, Internet, new
electronic media and product licensing markets;
(11) Attempts by consumers or private advocacy groups to exclude our
programming or other products from distribution;
(12) Our television, Internet and wireless businesses' reliance on third
parties for technology and distribution, and any changes in that
technology and/or unforeseen delays in its implementation which might
affect our plans and assumptions;
(13) Risks associated with losing access to transponders or technical
failure of transponders or other transmitting or playback equipment
that is beyond our control and competition for channel space on
linear television platforms or video-on-demand platforms;
(14) Failure to maintain our agreements with multiple system operators and
direct-to-home operators on favorable terms, as well as any decline
in our access to, and acceptance by, direct-to-home and/or cable
systems and the possible resulting deterioration in the terms,
cancellation of fee arrangements or pressure on splits with operators
of these systems;
(15) Risks that we may not realize the expected increased sales and
profits and other benefits from acquisitions;
(16) Any charges or costs we incur in connection with restructuring
measures we may take in the future;
(17) Risks associated with the financial condition of Claxson Interactive
Group, Inc., our Playboy TV-Latin America, LLC, joint venture
partner;
(18) Increases in paper, printing or postage costs;
(19) Risks associated with certain minimum revenue amounts under our cable
distribution agreements;
(20) Effects of the national consolidation of the single-copy magazine
distribution system;
(21) Effects of the national consolidation of television distribution
companies (e.g. cable multiple system operators, satellite platforms
and telecommunications companies); and
(22) Risks associated with the viability of our subscription-, on demand-
and e-commerce-based Internet model.
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 in the Investor Relations section of our website. We undertake no obligation to publicly update any forward- looking statements, whether as a result of new information, future events or otherwise.
Playboy Enterprises, Inc.
Condensed Consolidated Statements of Operations (Unaudited)
(In millions, except per share amounts)
Quarters Ended
December 31,
2006 2005
Net revenues
Entertainment:
Domestic TV $18.8 $23.1
International 14.4 14.6
Online subscriptions and e-commerce 14.9 16.1
Other 4.0 3.0
Total Entertainment 52.1 56.8
Publishing:
Playboy magazine
Subscription 11.0 12.1
Newsstand 2.4 2.5
Advertising 8.2 7.3
Total Playboy magazine 21.6 21.9
Special editions and other 2.0 3.1
International 1.6 1.7
Total Publishing 25.2 26.7
Licensing:
International licensing 6.2 5.5
Domestic licensing 1.5 1.5
Marketing events 0.2 0.3
Other 1.0 0.2
Total Licensing 8.9 7.5
Total net revenues $86.2 $91.0
Net income
Entertainment $4.7 $12.3
Publishing (0.5) (3.1)
Licensing 5.9 5.1
Corporate Administration and Promotion (7.0) (6.9)
Segment income 3.1 7.4
Restructuring expenses - (0.1)
Operating income 3.1 7.3
Investment income 0.6 0.8
Interest expense (1.4) (1.5)
Amortization of deferred financing
fees (0.1) (0.1)
Minority interest - (0.5)
Other, net (0.3) (0.2)
Income before income taxes 1.9 5.8
Income tax benefit (expense) 1.8 (1.2)
Net income $3.7 $4.6
Weighted average number of common
shares outstanding
Basic 33,214 33,119
Diluted 33,268 33,451
Basic and diluted earnings per common
share $0.11 $0.14
Note: Certain reclassifications have been made to conform to the current
presentation.
Playboy Enterprises, Inc.
Condensed Consolidated Statements of Operations (Unaudited)
(In millions, except per share amounts)
Twelve Months Ended
December 31,
2006 2005
Net revenues
Entertainment:
Domestic TV $82.5 $98.6
International 55.7 52.1
Online subscriptions and e-commerce 52.1 46.9
Other 10.7 6.4
Total Entertainment 201.0 204.0
Publishing:
Playboy magazine
Subscription 45.4 49.4
Newsstand 9.8 10.5
Advertising 25.5 29.5
Total Playboy magazine 80.7 89.4
Special editions and other 9.8 10.5
International 6.6 6.6
Total Publishing 97.1 106.5
Licensing:
International licensing 22.8 19.0
Domestic licensing 5.4 5.2
Marketing events 3.0 3.0
Other 1.8 0.5
Total Licensing 33.0 27.7
Total net revenues $331.1 $338.2
Net income (loss)
Entertainment $23.3 $41.1
Publishing (5.4) (6.5)
Licensing 18.9 16.0
Corporate Administration and Promotion (25.7) (19.6)
Segment income 11.1 31.0
Restructuring expenses (2.0) (0.1)
Operating income 9.1 30.9
Investment income 2.4 2.2
Interest expense (5.6) (7.0)
Amortization of deferred financing
fees (0.5) (0.6)
Minority interest - (1.6)
Debt extinguishment expenses - (19.3)
Other, net (0.6) (1.3)
Income before income taxes 4.8 3.3
Income tax expense (2.5) (4.0)
Net income (loss) $2.3 $(0.7)
Weighted average number of common
shares outstanding
Basic 33,171 33,163
Diluted 33,276 33,163
Basic and diluted income (loss) per
common share $0.07 $(0.02)
Note: Certain reclassifications have been made to conform to the current
presentation.
PLAYBOY ENTERPRISES, INC.
Reconciliation of Non-GAAP Financial Information (in millions of
dollars)
Fourth Quarter Ended Twelve Months Ended
December 31, December 31,
% %
EBITDA and Adjusted Better/ Better/
EBITDA 2006 2005 (Worse) 2006 2005 (Worse)
Net Income (Loss) $3.7 $4.6 (19.6) $2.3 $(0.7) ---
Adjusted for:
Income Tax Expense
(Benefit) (1.8) 1.2 --- 2.5 4.0 37.5
Interest Expense 1.4 1.5 6.7 5.6 7.0 20.0
Amortization of
Deferred Financing
Fees 0.1 0.1 --- 0.5 0.6 16.7
Equity in Operations
of Investments 0.2 0.1 (100.0) 0.1 0.4 75.0
Depreciation and
Amortization 10.7 10.2 (4.9) 44.1 43.1 (2.3)
EBITDA (1) 14.3 17.7 (19.2) 55.1 54.4 1.3
Adjusted for:
Cash Investments in
Television
Programming (10.2) (8.8) (15.9) (38.5) (33.1) (16.3)
Adjusted EBITDA (2) $4.1 $8.9 (53.9) $16.6 $21.3 (22.1)
Fourth Quarter Ended Twelve Months Ended
December 31, December 31,
% %
Financial and Operating Inc/ Inc/
Data 2006 2005 (Dec) 2006 2005 (Dec)
Entertainment
Cash Investments in
Television
Programming $10.2 $8.8 15.9 $38.5 $33.1 16.3
Programming
Amortization and
Online Content
Expenses $11.2 $10.4 7.7 $41.8 $40.1 4.2
International TV
Household Units at
End of Period (in
millions) (3) 47.5 44.3 7.2 47.5 44.3 7.2
Domestic TV Household
Units at End of
Period (in millions)
(3):
Playboy TV:
Satellite 28.6 26.8 6.7 28.6 26.8 6.7
Cable 22.5 20.1 11.9 22.5 20.1 11.9
Movie Networks:
Satellite 40.8 53.0 (23.0) 40.8 53.0 (23.0)
Cable 42.3 43.8 (3.4) 42.3 43.8 (3.4)
On Demand Households:
VOD 19.5 8.6 126.7 19.5 8.6 126.7
SVOD 11.6 1.9 510.5 11.6 1.9 510.5
Publishing
Magazine Advertising
Pages 137.1 119.0 15.2 428.8 479.0 (10.5)
At December 31
Cash, Cash
Equivalents,
Marketable
Securities and
Short-Term
Investments $35.7 $52.1 (31.5) $35.7 $52.1 (31.5)
Long-Term Financing
Obligations $115.0 $115.0 --- $115.0 $115.0 ---
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 television content. 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 others, to
invest in the business, make strategic acquisitions and strengthen the
balance sheet. In addition, a comparable measure of Adjusted EBITDA
is used in our credit facility to, among other things, determine the
interest rate that we are charged on borrowings under the credit
facility. 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) Each household unit is defined as one household carrying one given
network per carriage platform. A single household can represent
multiple household units if two or more of our networks and/or
multiple distribution platforms (i.e. digital and analog) are
available to that household.
Fourth quarter operating income totaled $3.1 million in 2006 versus $7.3 million in 2005 on revenues of $86.2 million and $91.0 million, respectively. The Licensing and Publishing Groups showed improved operating results in the 2006 quarter compared to the prior year, but the gains were more than offset by lower Entertainment Group income due to weakness in the domestic TV business and a litigation settlement. The fourth quarter 2006 results also were positively affected by lower variable compensation expense compared to 2005.
The company said that, effective with the 2006 fourth quarter, it has begun expensing certain trademark costs, which were previously being capitalized, and has begun amortizing certain TV carriage agreements, which were previously determined to be indefinite lived. These modifications will result in higher recorded expenses for these items going forward and are expected to reduce future reported earnings by approximately $3.3 million, or $0.10 per basic and diluted share, in 2007.
For the year ended December 31, 2006, PEI reported net income of $2.3 million, or $0.07 per basic and diluted share, compared to a net loss in 2005 of $0.7 million, or $0.02 per basic and diluted share. Operating income in 2006 was $9.1 million, versus $30.9 million in the prior year, on a 2% decline in revenues to $331.1 million.
PEI Chairman and Chief Executive Officer Christie Hefner said: "Looking at the quarter, continued strong profit growth in Licensing and a significant improvement in Publishing results helped us deliver on our guidance for full year 2006. While the year clearly has been challenging for the domestic TV and magazine businesses, growth in our licensing, online, international TV and mobile initiatives support our belief that these businesses will drive the company's performance going forward.
"As we look at 2007, we expect the Licensing Group again to report revenue and profit growth of 15 - 20% year over year. In addition to our Palms Casino Resort agreement, we will benefit from continued growth of our merchandising business into new territories and categories as well as expansion of our retail stores.
"At the same time, it is clear that the publishing and domestic TV businesses will remain under pressure. Magazine trends, which include a weak newsstand market and competition for advertising from non-print media, are well documented. We are seeing a good start on the advertising side and the anticipated ad revenue growth, combined with the cost reductions initiatives we have taken, should allow us to keep the 2007 Publishing loss at recent levels. As we previously have discussed, domestic TV remains challenging, impacted by a number of factors including reduced market share resulting from the adoption of video-on-demand technology and the loss of exclusivity on one of the satellite services. As a consequence, although we do not yet have definitive data on the new networks launched in November, it appears likely that domestic TV revenues will be lower in 2007 versus 2006," Hefner said.
Entertainment
The Entertainment Group reported fourth quarter 2006 segment income of $4.7 million, down from $12.3 million in the prior year, primarily due to lower profits in the domestic TV business. Revenues were down 8% to $52.1 million.
Domestic TV revenues declined 18% in the 2006 fourth quarter. Revenues from video-on-demand and from Playboy TV subscriptions increased, but these gains were more than offset by lower satellite and cable pay-per-view revenues. Fourth quarter domestic TV profits also were negatively affected by a litigation settlement, which resulted in a $1.8 million charge, and by a $0.3 million charge related to a change in the estimated useful lives of certain carriage agreements.
In the 2006 fourth quarter, international revenues were off slightly compared to the prior year period due to lower third-party sales. In online, the growth in fourth quarter 2006 subscription revenues was more than offset by the decrease in e-commerce revenues resulting from our strategic decision to outsource our Spice catalog and website. Revenues from other businesses rose, reflecting the launch of Playboy Radio and higher online advertising revenues.
Publishing
The Publishing Group narrowed its segment loss to $0.5 million in the 2006 fourth quarter, a significant improvement from the $3.1 million loss in the 2005 fourth quarter, in spite of a $1.5 million decline in revenues to $25.2 million during the same time periods. Increased advertising revenues combined with lower editorial and marketing expenses at Playboy magazine primarily were responsible for the improved year-over-year results.
The company said that it expects advertising revenues to be up approximately 22% in the first quarter of 2007 compared to last year.
Licensing
The Licensing Group's fourth quarter 2006 segment income rose 16% to $5.9 million versus the prior year, as revenues were up 21% to $8.9 million. The first quarter of results from the Playboy venue at the Palms Casino Resort in Las Vegas drove the gains in quarterly revenues and profits.
Corporate Administration and Promotion and Other
Corporate Administration and Promotion fourth quarter 2006 expense was $7.0 million, essentially flat compared to the prior year. The 2006 quarterly results also included a $0.5 million charge related to expensing certain trademark costs, which were previously being capitalized.
PEI also recorded in the 2006 fourth quarter a tax benefit of $2.6 million, which was related to the modification to the way certain TV carriage agreements are amortized, which resulted in a reduction in the valuation allowance for deferred tax assets. As a result, fourth quarter 2006 taxes were a benefit of $1.8 million versus expense of $1.2 million in the prior year quarter.
Additional information regarding fourth quarter 2006 earnings will be available on the earnings release conference call, which is being held today, February 13, at 11:00 a.m. Eastern /10:00 a.m. Central. The call may be accessed by dialing 800-909-5202 (for domestic callers) or 1-785-830-7975 (for international callers) and using the password: Playboy. In addition, the call will be webcast. To listen to the call, please visit http://www.peiinvestor.com/ and select the Investor Relations section.
Playboy Enterprises is a brand-driven, international multimedia entertainment company that publishes editions of Playboy magazine around the world; operates television networks and distributes programming globally; owns Playboy.com, a leading men's lifestyle and entertainment website; and licenses the Playboy trademark internationally for a range of consumer products and services.
FORWARD-LOOKING STATEMENTS
This release contains "forward-looking statements," including 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. 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:
(1) Foreign, national, state and local government regulations, actions or
initiatives, including:
(a) attempts to limit or otherwise regulate the sale, distribution
or transmission of adult-oriented materials, including print,
television, video and online materials,
(b) limitations on the advertisement of tobacco, alcohol and other
products which are important sources of advertising revenue for
us, or
(c) substantive changes in postal regulations which could increase
our postage and distribution costs;
(2) Risks associated with our foreign operations, including market
acceptance and demand for our products and the products of our
licensees;
(3) Our ability to manage the risk associated with our exposure to
foreign currency exchange rate fluctuations;
(4) 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 revenues;
(5) Our ability to protect our trademarks, copyrights and other
intellectual property;
(6) 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;
(7) The risk our outstanding litigation could result in settlements or
judgments which are material to us;
(8) Dilution from any potential issuance of common stock or convertible
debt in connection with financings or acquisition activities;
(9) Competition for advertisers from other publications, media or online
providers or any decrease in spending by advertisers, either
generally or with respect to the adult male market;
(10) Competition in the television, men's magazine, Internet, new
electronic media and product licensing markets;
(11) Attempts by consumers or private advocacy groups to exclude our
programming or other products from distribution;
(12) Our television, Internet and wireless businesses' reliance on third
parties for technology and distribution, and any changes in that
technology and/or unforeseen delays in its implementation which might
affect our plans and assumptions;
(13) Risks associated with losing access to transponders or technical
failure of transponders or other transmitting or playback equipment
that is beyond our control and competition for channel space on
linear television platforms or video-on-demand platforms;
(14) Failure to maintain our agreements with multiple system operators and
direct-to-home operators on favorable terms, as well as any decline
in our access to, and acceptance by, direct-to-home and/or cable
systems and the possible resulting deterioration in the terms,
cancellation of fee arrangements or pressure on splits with operators
of these systems;
(15) Risks that we may not realize the expected increased sales and
profits and other benefits from acquisitions;
(16) Any charges or costs we incur in connection with restructuring
measures we may take in the future;
(17) Risks associated with the financial condition of Claxson Interactive
Group, Inc., our Playboy TV-Latin America, LLC, joint venture
partner;
(18) Increases in paper, printing or postage costs;
(19) Risks associated with certain minimum revenue amounts under our cable
distribution agreements;
(20) Effects of the national consolidation of the single-copy magazine
distribution system;
(21) Effects of the national consolidation of television distribution
companies (e.g. cable multiple system operators, satellite platforms
and telecommunications companies); and
(22) Risks associated with the viability of our subscription-, on demand-
and e-commerce-based Internet model.
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 in the Investor Relations section of our website. We undertake no obligation to publicly update any forward- looking statements, whether as a result of new information, future events or otherwise.
Playboy Enterprises, Inc.
Condensed Consolidated Statements of Operations (Unaudited)
(In millions, except per share amounts)
Quarters Ended
December 31,
2006 2005
Net revenues
Entertainment:
Domestic TV $18.8 $23.1
International 14.4 14.6
Online subscriptions and e-commerce 14.9 16.1
Other 4.0 3.0
Total Entertainment 52.1 56.8
Publishing:
Playboy magazine
Subscription 11.0 12.1
Newsstand 2.4 2.5
Advertising 8.2 7.3
Total Playboy magazine 21.6 21.9
Special editions and other 2.0 3.1
International 1.6 1.7
Total Publishing 25.2 26.7
Licensing:
International licensing 6.2 5.5
Domestic licensing 1.5 1.5
Marketing events 0.2 0.3
Other 1.0 0.2
Total Licensing 8.9 7.5
Total net revenues $86.2 $91.0
Net income
Entertainment $4.7 $12.3
Publishing (0.5) (3.1)
Licensing 5.9 5.1
Corporate Administration and Promotion (7.0) (6.9)
Segment income 3.1 7.4
Restructuring expenses - (0.1)
Operating income 3.1 7.3
Investment income 0.6 0.8
Interest expense (1.4) (1.5)
Amortization of deferred financing
fees (0.1) (0.1)
Minority interest - (0.5)
Other, net (0.3) (0.2)
Income before income taxes 1.9 5.8
Income tax benefit (expense) 1.8 (1.2)
Net income $3.7 $4.6
Weighted average number of common
shares outstanding
Basic 33,214 33,119
Diluted 33,268 33,451
Basic and diluted earnings per common
share $0.11 $0.14
Note: Certain reclassifications have been made to conform to the current
presentation.
Playboy Enterprises, Inc.
Condensed Consolidated Statements of Operations (Unaudited)
(In millions, except per share amounts)
Twelve Months Ended
December 31,
2006 2005
Net revenues
Entertainment:
Domestic TV $82.5 $98.6
International 55.7 52.1
Online subscriptions and e-commerce 52.1 46.9
Other 10.7 6.4
Total Entertainment 201.0 204.0
Publishing:
Playboy magazine
Subscription 45.4 49.4
Newsstand 9.8 10.5
Advertising 25.5 29.5
Total Playboy magazine 80.7 89.4
Special editions and other 9.8 10.5
International 6.6 6.6
Total Publishing 97.1 106.5
Licensing:
International licensing 22.8 19.0
Domestic licensing 5.4 5.2
Marketing events 3.0 3.0
Other 1.8 0.5
Total Licensing 33.0 27.7
Total net revenues $331.1 $338.2
Net income (loss)
Entertainment $23.3 $41.1
Publishing (5.4) (6.5)
Licensing 18.9 16.0
Corporate Administration and Promotion (25.7) (19.6)
Segment income 11.1 31.0
Restructuring expenses (2.0) (0.1)
Operating income 9.1 30.9
Investment income 2.4 2.2
Interest expense (5.6) (7.0)
Amortization of deferred financing
fees (0.5) (0.6)
Minority interest - (1.6)
Debt extinguishment expenses - (19.3)
Other, net (0.6) (1.3)
Income before income taxes 4.8 3.3
Income tax expense (2.5) (4.0)
Net income (loss) $2.3 $(0.7)
Weighted average number of common
shares outstanding
Basic 33,171 33,163
Diluted 33,276 33,163
Basic and diluted income (loss) per
common share $0.07 $(0.02)
Note: Certain reclassifications have been made to conform to the current
presentation.
PLAYBOY ENTERPRISES, INC.
Reconciliation of Non-GAAP Financial Information (in millions of
dollars)
Fourth Quarter Ended Twelve Months Ended
December 31, December 31,
% %
EBITDA and Adjusted Better/ Better/
EBITDA 2006 2005 (Worse) 2006 2005 (Worse)
Net Income (Loss) $3.7 $4.6 (19.6) $2.3 $(0.7) ---
Adjusted for:
Income Tax Expense
(Benefit) (1.8) 1.2 --- 2.5 4.0 37.5
Interest Expense 1.4 1.5 6.7 5.6 7.0 20.0
Amortization of
Deferred Financing
Fees 0.1 0.1 --- 0.5 0.6 16.7
Equity in Operations
of Investments 0.2 0.1 (100.0) 0.1 0.4 75.0
Depreciation and
Amortization 10.7 10.2 (4.9) 44.1 43.1 (2.3)
EBITDA (1) 14.3 17.7 (19.2) 55.1 54.4 1.3
Adjusted for:
Cash Investments in
Television
Programming (10.2) (8.8) (15.9) (38.5) (33.1) (16.3)
Adjusted EBITDA (2) $4.1 $8.9 (53.9) $16.6 $21.3 (22.1)
Fourth Quarter Ended Twelve Months Ended
December 31, December 31,
% %
Financial and Operating Inc/ Inc/
Data 2006 2005 (Dec) 2006 2005 (Dec)
Entertainment
Cash Investments in
Television
Programming $10.2 $8.8 15.9 $38.5 $33.1 16.3
Programming
Amortization and
Online Content
Expenses $11.2 $10.4 7.7 $41.8 $40.1 4.2
International TV
Household Units at
End of Period (in
millions) (3) 47.5 44.3 7.2 47.5 44.3 7.2
Domestic TV Household
Units at End of
Period (in millions)
(3):
Playboy TV:
Satellite 28.6 26.8 6.7 28.6 26.8 6.7
Cable 22.5 20.1 11.9 22.5 20.1 11.9
Movie Networks:
Satellite 40.8 53.0 (23.0) 40.8 53.0 (23.0)
Cable 42.3 43.8 (3.4) 42.3 43.8 (3.4)
On Demand Households:
VOD 19.5 8.6 126.7 19.5 8.6 126.7
SVOD 11.6 1.9 510.5 11.6 1.9 510.5
Publishing
Magazine Advertising
Pages 137.1 119.0 15.2 428.8 479.0 (10.5)
At December 31
Cash, Cash
Equivalents,
Marketable
Securities and
Short-Term
Investments $35.7 $52.1 (31.5) $35.7 $52.1 (31.5)
Long-Term Financing
Obligations $115.0 $115.0 --- $115.0 $115.0 ---
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 television content. 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 others, to
invest in the business, make strategic acquisitions and strengthen the
balance sheet. In addition, a comparable measure of Adjusted EBITDA
is used in our credit facility to, among other things, determine the
interest rate that we are charged on borrowings under the credit
facility. 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) Each household unit is defined as one household carrying one given
network per carriage platform. A single household can represent
multiple household units if two or more of our networks and/or
multiple distribution platforms (i.e. digital and analog) are
available to that household.
Playboy expand on the internet
Demandware (www.demandware.com) announced today that Playboy.com has expanded its eCommerce operations with the successful launch of ShoptheBunny.com and the relaunch of PlayboyStore.com on the Demandware eCommerce platform. The sites support Playboy.com's strategy to leverage the strength of the Playboy brand and extend the reach of its apparel and beauty merchandise to new target markets, especially women. ShoptheBunny.com features women's fashion, intimate apparel, accessories and beauty products, as well as men's apparel and lounge wear. PlayboyStore.com offers apparel, as well as home fashions, DVDs, magazines and books.
"We chose to launch ShoptheBunny.com and relaunch PlayboyStore.com on Demandware to help us create two new online stores in only a few months," said Danielle Savin, division vice president of eCommerce, Playboy.com. "There is a huge untapped customer base that has an affinity to the Rabbit Head and our goal for these sites is to capture that demand and grow our business by better serving our customers."
Following an extensive evaluation of eCommerce platforms, Playboy.com partnered with Demandware to deliver differentiated customer shopping experiences based on the strength of Demandware's merchandising capabilities, including:
AJAX shopping cart - The shopping cart allows customers to access and view their shopping basket at any time without having to click through to checkout, eliminating the disjointed steps of having to press "Add to Cart," and then "Continue Shopping" to get back to the previous page and main shopping area.
-- Ability to add entire outfits to shopping cart at once - Customers can now buy an entire outfit with ease and add multiple items to their cart at once. This feature was added to drive more items per order and ultimately drive-up the AOV (Average Order Value).
-- Checkout incentives and offers - Shoppers are informed at checkout how close they are to receiving an offer (e.g. free shipping over a certain amount) and whether they meet the minimum threshold before completing their order. Playboy.com can set different thresholds on the average order spend for these messages.
Playboy.com Leverages Demandware Platform to Launch Sites Within Weeks
More Playboy News
Following the launch of ShoptheBunny.com, Playboy.com was able to relaunch PlayboyStore.com in a matter of weeks. Using Demandware merchandising tools and User Experience (UX(TM)) Studio design environment, Playboy.com leveraged its initial Demandware eCommerce site architecture, product content, and price repositories to relaunch the new site quickly. And, as with all Demandware customers, Playboy.com expanded its eCommerce businesses without the hassle of buying additional software licenses.
"Playboy.com's success is part of a larger trend where major companies leverage their brand equity and the online channel to open new businesses," said Jamus Driscoll, vice president of marketing, Demandware. "Through the combination of its merchandising capabilities and platform extensibility, Demandware makes it easy for global brands like Playboy to target specific customer demographics with refined brand messages."
About Demandware, Inc.
Demandware delivers a flexible enterprise eCommerce platform, delivered on demand, to retailers that require best-in-class merchandising and continual platform innovation. Using Demandware, retailers differentiate their brand and improve the customer experience while maintaining merchandising control over promotions, pricing, content and site performance in multi-site and multi-brand environments. Customers include Playmobil, Bare Escentuals, Gardener's Supply Company and Sanrio (Hello Kitty). For more information about Demandware, visit www.demandware.com, call 888- 553 9216 or email info@demandware.com.
About Playboy Enterprises, Inc.
Playboy Enterprises is a brand-driven, international multimedia entertainment company that publishes editions of Playboy magazine around the world; operates television networks and distributes programming globally; owns Playboy.com, a leading men's lifestyle and entertainment web site; and licenses the Playboy trademark internationally for a range of consumer products and services.
"We chose to launch ShoptheBunny.com and relaunch PlayboyStore.com on Demandware to help us create two new online stores in only a few months," said Danielle Savin, division vice president of eCommerce, Playboy.com. "There is a huge untapped customer base that has an affinity to the Rabbit Head and our goal for these sites is to capture that demand and grow our business by better serving our customers."
Following an extensive evaluation of eCommerce platforms, Playboy.com partnered with Demandware to deliver differentiated customer shopping experiences based on the strength of Demandware's merchandising capabilities, including:
AJAX shopping cart - The shopping cart allows customers to access and view their shopping basket at any time without having to click through to checkout, eliminating the disjointed steps of having to press "Add to Cart," and then "Continue Shopping" to get back to the previous page and main shopping area.
-- Ability to add entire outfits to shopping cart at once - Customers can now buy an entire outfit with ease and add multiple items to their cart at once. This feature was added to drive more items per order and ultimately drive-up the AOV (Average Order Value).
-- Checkout incentives and offers - Shoppers are informed at checkout how close they are to receiving an offer (e.g. free shipping over a certain amount) and whether they meet the minimum threshold before completing their order. Playboy.com can set different thresholds on the average order spend for these messages.
Playboy.com Leverages Demandware Platform to Launch Sites Within Weeks
More Playboy News
Following the launch of ShoptheBunny.com, Playboy.com was able to relaunch PlayboyStore.com in a matter of weeks. Using Demandware merchandising tools and User Experience (UX(TM)) Studio design environment, Playboy.com leveraged its initial Demandware eCommerce site architecture, product content, and price repositories to relaunch the new site quickly. And, as with all Demandware customers, Playboy.com expanded its eCommerce businesses without the hassle of buying additional software licenses.
"Playboy.com's success is part of a larger trend where major companies leverage their brand equity and the online channel to open new businesses," said Jamus Driscoll, vice president of marketing, Demandware. "Through the combination of its merchandising capabilities and platform extensibility, Demandware makes it easy for global brands like Playboy to target specific customer demographics with refined brand messages."
About Demandware, Inc.
Demandware delivers a flexible enterprise eCommerce platform, delivered on demand, to retailers that require best-in-class merchandising and continual platform innovation. Using Demandware, retailers differentiate their brand and improve the customer experience while maintaining merchandising control over promotions, pricing, content and site performance in multi-site and multi-brand environments. Customers include Playmobil, Bare Escentuals, Gardener's Supply Company and Sanrio (Hello Kitty). For more information about Demandware, visit www.demandware.com, call 888- 553 9216 or email info@demandware.com.
About Playboy Enterprises, Inc.
Playboy Enterprises is a brand-driven, international multimedia entertainment company that publishes editions of Playboy magazine around the world; operates television networks and distributes programming globally; owns Playboy.com, a leading men's lifestyle and entertainment web site; and licenses the Playboy trademark internationally for a range of consumer products and services.
The Playboy Share
Playboy, the company known for its flagship magazine featuring a bunny logo and centerfolds of naked women, "adult entertainment" television programming and lavish parties at founder Hugh Hefner's mansion, hasn't been much of a turn-on on for Wall Street lately.
Playboy's magazine publishing division is struggling. Advertsing revenue is way down, and the publishing unit posted a net loss in the first nine months of 2006.
No hop for the Bunny: Shares of Playboy have taken a pounding during the past year, leading to some speculation that the company could look to go private.
Shares of Playboy (Charts) fell nearly 18 percent in 2006 and so far this year have dropped another 7 percent. It's enough to make Playboy investors want to hide beneath one of Hefner's trademark velvet smoking jacket robes.
And the stock's poor performance has some calling for Playboy to make some drastic moves, possibly even a sale of the company.
Mer Playboy Nyheter finner du her!
According to a report from Reuters, Playboy executives said during a conference call with analysts Tuesday morning that the company has no plans to go private.
Playboy released its fourth-quarter and full-year results on Tuesday and the numbers were disappointing. Revenue for the fourth quarter came in at $86.2 million, down 5 percent from a year ago, and below analysts' expectations of $93.1 million, according to estimates from Thomson First Call.
Earnings came in at 11 cents per share, 20 percent lower than a year ago and below Wall Street's consensus estimates of 12 cents per share.
Playboy's magazine publishing division is struggling. Advertsing revenue is way down, and the publishing unit posted a net loss in the first nine months of 2006.
No hop for the Bunny: Shares of Playboy have taken a pounding during the past year, leading to some speculation that the company could look to go private.
Shares of Playboy (Charts) fell nearly 18 percent in 2006 and so far this year have dropped another 7 percent. It's enough to make Playboy investors want to hide beneath one of Hefner's trademark velvet smoking jacket robes.
And the stock's poor performance has some calling for Playboy to make some drastic moves, possibly even a sale of the company.
Mer Playboy Nyheter finner du her!
According to a report from Reuters, Playboy executives said during a conference call with analysts Tuesday morning that the company has no plans to go private.
Playboy released its fourth-quarter and full-year results on Tuesday and the numbers were disappointing. Revenue for the fourth quarter came in at $86.2 million, down 5 percent from a year ago, and below analysts' expectations of $93.1 million, according to estimates from Thomson First Call.
Earnings came in at 11 cents per share, 20 percent lower than a year ago and below Wall Street's consensus estimates of 12 cents per share.
Playboy goes digital
Playboy on Friday unveiled its plans to digitally preserve its entire text and photo archives. All 636 editions of 53 years-old erotic monthly magazine will be available page-by-page on six discs, one for each decade.
The Bondi Digital Publishing will scan and re-type all 636 editions of the Playboy, which include a total of 115,800 printed pages and more than 93,000 photos.
Mer Playboy Nyheter finner du her!
In a press release, Playboy founder Hugh M. Hefner said: "This digital archive is a first in the mass consumer magazine and men's category."
"Playboy magazine has a tremendous legacy. With our loyal readership, which has always shown a real interest in our archival issues, we knew this would be the perfect opportunity to offer Playboy fans what they have wanted for years," Hefner said.
The Bondi Digital Publishing will scan and re-type all 636 editions of the Playboy, which include a total of 115,800 printed pages and more than 93,000 photos.
Mer Playboy Nyheter finner du her!
In a press release, Playboy founder Hugh M. Hefner said: "This digital archive is a first in the mass consumer magazine and men's category."
"Playboy magazine has a tremendous legacy. With our loyal readership, which has always shown a real interest in our archival issues, we knew this would be the perfect opportunity to offer Playboy fans what they have wanted for years," Hefner said.
Playboy Senior vice prisident retire
Senior Vice President and Art Director of Playboy magazine, Tom Staebler, today announced his plans to retire from the company after a highly successful and award-winning 39 years, 28 of those as art director. Staebler leaves his post to take on a consultant role with the company, passing on the position to Rob Wilson, currently Playboy's deputy art director.
Staebler joined Playboy in 1968 as a designer and has held positions of increasing responsibility during his employment. Within his first year he was promoted to assistant art director to Arthur Paul, the magazine's founding art director and creator of the Rabbit Head design. Staebler and Paul are the only two art directors in the magazine's 53-year history. In 1979, Staebler took on the responsibility of overseeing the magazine's visual look, was named vice president in 1980 and was awarded additional responsibilities in 1988, acquiring the title of president of Special Editions, Ltd. He was promoted to the position of senior vice president in 1997.
Under Staebler's leadership, Playboy has won gold and silver medals from the Society of Illustrators, the Society of Publication Designers, Graphis, Communication Arts and the Art Director's Club of New York. A University of Kansas graduate with bachelor's and master's degrees in fine art, Staebler has lectured on art direction and photography at university and art forums throughout the country.
"Tom Staebler's incredible art direction has been a crucial part of the mix that has made Playboy the best selling men's magazine for decades," said Hugh Hefner, Playboy's Editor-in-Chief and Chief Creative Officer. "We will miss him as the magazine's art director, but he will always be a part of the Playboy family. We are fortunate that Playboy magazine will continue to benefit from Tom's expertise through his new consulting role."
Said Staebler: "It has been an honor to work for Playboy for more than three decades. This has been my home, and I can't imagine having spent my career elsewhere. I look forward to continuing my work for Playboy magazine as a consultant. I know I leave my responsibilities in the very capable hands of Rob Wilson."
Wilson began working for Playboy's Special Editions in 1998, and for the Art Department of Playboy magazine in 2000. Wilson has a Bachelor's degree from the University of Kansas in fine arts. His work for Playboy magazine has been featured in Print, Communication Arts, Creativity, as well as other publications, and he has won a Gold and Silver medal from Creativity and a Gold from the Society of Illustrators.
Playboy Enterprises is a brand-driven, international multimedia entertainment company that publishes editions of Playboy magazine around the world; operates television networks and distributes programming globally; owns Playboy.com, a leading men's lifestyle and entertainment web site; and licenses the Playboy trademark internationally for a range of consumer products and services.
Staebler joined Playboy in 1968 as a designer and has held positions of increasing responsibility during his employment. Within his first year he was promoted to assistant art director to Arthur Paul, the magazine's founding art director and creator of the Rabbit Head design. Staebler and Paul are the only two art directors in the magazine's 53-year history. In 1979, Staebler took on the responsibility of overseeing the magazine's visual look, was named vice president in 1980 and was awarded additional responsibilities in 1988, acquiring the title of president of Special Editions, Ltd. He was promoted to the position of senior vice president in 1997.
Under Staebler's leadership, Playboy has won gold and silver medals from the Society of Illustrators, the Society of Publication Designers, Graphis, Communication Arts and the Art Director's Club of New York. A University of Kansas graduate with bachelor's and master's degrees in fine art, Staebler has lectured on art direction and photography at university and art forums throughout the country.
"Tom Staebler's incredible art direction has been a crucial part of the mix that has made Playboy the best selling men's magazine for decades," said Hugh Hefner, Playboy's Editor-in-Chief and Chief Creative Officer. "We will miss him as the magazine's art director, but he will always be a part of the Playboy family. We are fortunate that Playboy magazine will continue to benefit from Tom's expertise through his new consulting role."
Said Staebler: "It has been an honor to work for Playboy for more than three decades. This has been my home, and I can't imagine having spent my career elsewhere. I look forward to continuing my work for Playboy magazine as a consultant. I know I leave my responsibilities in the very capable hands of Rob Wilson."
Wilson began working for Playboy's Special Editions in 1998, and for the Art Department of Playboy magazine in 2000. Wilson has a Bachelor's degree from the University of Kansas in fine arts. His work for Playboy magazine has been featured in Print, Communication Arts, Creativity, as well as other publications, and he has won a Gold and Silver medal from Creativity and a Gold from the Society of Illustrators.
Playboy Enterprises is a brand-driven, international multimedia entertainment company that publishes editions of Playboy magazine around the world; operates television networks and distributes programming globally; owns Playboy.com, a leading men's lifestyle and entertainment web site; and licenses the Playboy trademark internationally for a range of consumer products and services.
Playboy Poker News
Playboy News:
PlayboyGaming.com is the new home of Playboy's online casino offerings, including a poker room that opened on January 22nd as part of the Cryptologic Network. The poker room also includes blackjack, and a separate casino module will launch in the next few months, though as one would expect, the real-cash offerings are not available to U.S. residents, despite Playboy's American roots.
PlayboyGaming spokesperson Lee Knott hinted at the promotional opportunities likely to be offered through the new poker site, saying this: "We're delighted to deliver the unique Playboy brand to an online gaming audience. Not only will players experience a quality poker offering, but
they will also have the opportunity to win once-in-a-lifetime,
priceless experiences that no other online gaming site can offer."
Among those experiences are likely to be trips to upcoming editions of the Playboy Poker Camp, which made its own debut last month with five days of festivities, featuring instruction from Chris Moneymaker and a phalanx of other well-known pros, including David Williams, Layne Flack, Antonio Esfandiari, Phil Laak and Jim 'Krazy Kanuck' Worth, all surrounded by the expected Playboy appeal and glamour. That camp included a trip to the Playboy Mansion and a night on the town, L.A. and Playboy style, and a second camp is tentatively scheduled to take place this coming fall. Campers anted up $5,000 for the right to attend, with additional seats given away through other channels, such as a drawing at the host Morongo Casino. The camp wrapped with a poker tourney with a $100,000 grand prize and other Playboy merchandise and prizes up for grabs.
The Playboy Poker Camp also marked the next step in the growing business relationship between Playboy and Moneymaker's own licensing arm, Moneymaker Gaming, following the launch of a line of high-end, co-branded products such as poker chips, chip sets, tables and other accessories. Future joint efforts may also involve selected NASCAR drivers and the WWE.
PlayboyGaming.com is the new home of Playboy's online casino offerings, including a poker room that opened on January 22nd as part of the Cryptologic Network. The poker room also includes blackjack, and a separate casino module will launch in the next few months, though as one would expect, the real-cash offerings are not available to U.S. residents, despite Playboy's American roots.
PlayboyGaming spokesperson Lee Knott hinted at the promotional opportunities likely to be offered through the new poker site, saying this: "We're delighted to deliver the unique Playboy brand to an online gaming audience. Not only will players experience a quality poker offering, but
they will also have the opportunity to win once-in-a-lifetime,
priceless experiences that no other online gaming site can offer."
Among those experiences are likely to be trips to upcoming editions of the Playboy Poker Camp, which made its own debut last month with five days of festivities, featuring instruction from Chris Moneymaker and a phalanx of other well-known pros, including David Williams, Layne Flack, Antonio Esfandiari, Phil Laak and Jim 'Krazy Kanuck' Worth, all surrounded by the expected Playboy appeal and glamour. That camp included a trip to the Playboy Mansion and a night on the town, L.A. and Playboy style, and a second camp is tentatively scheduled to take place this coming fall. Campers anted up $5,000 for the right to attend, with additional seats given away through other channels, such as a drawing at the host Morongo Casino. The camp wrapped with a poker tourney with a $100,000 grand prize and other Playboy merchandise and prizes up for grabs.
The Playboy Poker Camp also marked the next step in the growing business relationship between Playboy and Moneymaker's own licensing arm, Moneymaker Gaming, following the launch of a line of high-end, co-branded products such as poker chips, chip sets, tables and other accessories. Future joint efforts may also involve selected NASCAR drivers and the WWE.
Saturday, February 3, 2007
Historien til Playboy
Den første midtsidepiken i et Playboy var Marilyn Monroe. I reportasjen ble hun kalt «Sweetheart of the Month». Begrepet «Playmate» ble tatt i bruk fra det andre nummeret i januar 1954.
Den første utgaven, utgitt i desember 1953, var uten påtrykt dato, siden Hefner ikke var sikker på om det noen gang ville bli et blad nummer to. Det første bladet var en stor sensasjon og solgte ut hele opplaget på få uker. Det kjente opplaget var på hele 53 991 kopier (Kilde: Playboy Collector's Association Playboy Magazine Price Guide). Prisen var på 50 cent, mens nå er en perfekt kopi av det samme bladet verd over 5000 dollar.
Den kjente Playboy-logoen, som avbilder en kanin med sløyfe, var designet av kunstdesigner Art Paul for bladets andre nummer. Logoen har vært med på samtlige nummer siden, og en spøk i bladet involverer å gjemme logoen et sted på framsiden. Hefner sa at han valgte kaninen som en maskot på grunn av dens "Morsomme seksuelle oppførsel", og fordi logoen var frekk og leken.
Etter at bladet nådde sin topp på 1970-tallet, har Playboy sakte gått tilbake i sirkulasjon og suksess, som en følge av en rekke dårlige investeringer i herreklubber og kasinoer, og delvis på grunn av økt konkurranse i den magasinkategorien det selv grunnla.
Christie Hefner, Hugh Hefners datter, er nå administrerende direktør og styreformann i Playboy
6yShop.no - Den Ultimate Playboy Butikken
Kjøp Playboy Smykker
Mer Playboy Nyheter
Den første utgaven, utgitt i desember 1953, var uten påtrykt dato, siden Hefner ikke var sikker på om det noen gang ville bli et blad nummer to. Det første bladet var en stor sensasjon og solgte ut hele opplaget på få uker. Det kjente opplaget var på hele 53 991 kopier (Kilde: Playboy Collector's Association Playboy Magazine Price Guide). Prisen var på 50 cent, mens nå er en perfekt kopi av det samme bladet verd over 5000 dollar.
Den kjente Playboy-logoen, som avbilder en kanin med sløyfe, var designet av kunstdesigner Art Paul for bladets andre nummer. Logoen har vært med på samtlige nummer siden, og en spøk i bladet involverer å gjemme logoen et sted på framsiden. Hefner sa at han valgte kaninen som en maskot på grunn av dens "Morsomme seksuelle oppførsel", og fordi logoen var frekk og leken.
Etter at bladet nådde sin topp på 1970-tallet, har Playboy sakte gått tilbake i sirkulasjon og suksess, som en følge av en rekke dårlige investeringer i herreklubber og kasinoer, og delvis på grunn av økt konkurranse i den magasinkategorien det selv grunnla.
Christie Hefner, Hugh Hefners datter, er nå administrerende direktør og styreformann i Playboy
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Hva er Playboy Enterprises?
Playboy er et amerikansk erotisk magasin, eller pornoblad, som ble opprettet i 1953 av Hugh Hefner. Playboy har siden vokst seg til Playboy Enterprises, Inc., og har nådd alle former for media. Playboy er et av verdens mest kjente merkenavn. I tillegg til flaggskipet, som er den amerikanske utgaven av Playboy, har blader blitt lansert verden rundt på forskjellige språk.
Magasinet blir i USA gitt ut en gang i måneden, og inneholder fotografier av nakne kvinner, i tillegg til varierte artikler om mote, sport, kommersielle produkter og ofte korte noveller av kjente forfattere. Magasinet er kjent for å utrykke liberale holdninger til de fleste politiske standpunkt.
Playboys bruk av smakfulle nakenfoto er ofte klassifisert som «softcore» (‘mykporno’) pornografi. Mer «hardcore»-magasiner (‘hardporno’) dukket opp på markedet rundt 1960, som et resultat av suksessen magasinet Penthouse opplevde.
6yShop.no - Den Ultimate Playboy Butikken
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Mer Playboy Nyheter
Magasinet blir i USA gitt ut en gang i måneden, og inneholder fotografier av nakne kvinner, i tillegg til varierte artikler om mote, sport, kommersielle produkter og ofte korte noveller av kjente forfattere. Magasinet er kjent for å utrykke liberale holdninger til de fleste politiske standpunkt.
Playboys bruk av smakfulle nakenfoto er ofte klassifisert som «softcore» (‘mykporno’) pornografi. Mer «hardcore»-magasiner (‘hardporno’) dukket opp på markedet rundt 1960, som et resultat av suksessen magasinet Penthouse opplevde.
6yShop.no - Den Ultimate Playboy Butikken
Kjøp Playboy Smykker
Mer Playboy Nyheter
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