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Playboy 1Q Earnings Back in Black

Playboy Enterprises Inc. posted first-quarter net income of $800,000, or $0.02 per basic and diluted share, compared with a net loss of $13.1 million ($0.39) in the previous-year period.

The adult programmer said the first-quarter-2005 figures included a debt-extinguishment charge of $19.3 million ($0.58).

Operating income fell to $3.5 million, including $700,000 for the expensing of stock options, versus $10.9 million in the year-ago quarter.

Revenue slipped 2% to $82.1 million.

“We expect a number of positive developments in the second half, including VOD-product [video-on-demand] launches, the opening of Playboy at the Palms and improved advertising sales,” chairman and CEO Christie Hefner said in a prepared statement.