Martha Stewart Living Omnimedia reported a net loss of $6.3 million in the second quarter of 2009, but saw a sharp increase in digital ad revenue as marketers looked to fund better targeted marketing programs. The company's loss was attributed to an industry wide decline in print advertising and also to a write down on an equity investment, which was not detailed.
Overall revenue fell in the quarter ended June 30 to $57 million, while the company's broadcasting unit which produces the NBC Universal distributed Martha Stewart Show recorded an increase in operating income to $1.7 million, up from $850,000 in the previous year's quarter. Second quarter broadcasting revenue of $10.3 million was slightly down on last year's $11.35 million.
In a press statement Charles Koppelman, executive chairman and principal executive officer, said, "MSLO is executing its business plan well in a tough economic environment. That is evidenced by 28% growth in Internet advertising revenue in the quarter compared to the same period last year as marketers respond to our popular online properties."
Internet segment revenue was $4.2 million up from $3.2 million in the year ago period, while the operating loss was $470,000, a smaller figure than the $1.7 million loss in the same period last year.
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