Martha Stewart Living Omnimedia, Inc. Announces Second Quarter 2007 Revenue Up 7.7%
Martha Stewart Living Omnimedia, Inc. Announces Second Quarter 2007 Revenue Up 7.7%
Advertising Revenue in the Publishing Group Grew 23%; Merchandising Initiatives on Track for Strong Second Half 2007
NEW YORK, Aug. 1 /PRNewswire-FirstCall/ -- Martha Stewart Living Omnimedia, Inc. (NYSE:MSO) today announced its results for the second quarter, showing revenue up 7.7% to $73.4 million, including 23.1% growth in ad revenue for the company's Publishing segment. Excluding non-recurring items, the loss was $(0.09) in the current period compared to a $(0.07) loss in the prior year period.
President and Chief Executive Officer Susan Lyne said: "In the second quarter of 2007, we continued to deliver solid, near-term gains and made strategic adjustments to accelerate the company's long-term expansion. We're on track to return to profitability this year and foresee a strong second half. Advertising sales are thriving and our Martha Stewart Collection exclusively at Macy's is currently rolling into stores. To improve our long- term adjusted EBITDA performance, we are reallocating some of our investment in Publishing to Internet.
"Advertising revenue is growing across our business segments. Publishing was particularly strong with a 23% increase; advertising revenue growth exceeded page growth, a significant trend that continues from previous quarters. We also struck an agreement to publish 10 books over the next five years with Clarkson Potter/Publishers, a deal that is already contributing to our financial performance.
"Our Merchandising initiatives are all moving along well. In the second quarter, we launched our Martha Stewart Crafts line at more than 900 Michaels arts and crafts stores and on marthastewartcrafts.com. The initial performance of the line has been solid, and we will be broadening our distribution to independent retailers this fall.
"We recruited Wenda Harris Millard, former Chief Sales Officer of Yahoo! and a founder of DoubleClick, to leverage our media assets in the newly created position of President, Media. We now have in place the right people and the right strategy to achieve our near and long-term objectives."
Second Quarter 2007 Summary
Revenues rose 7.7% to $73.4 million, compared to $68.2 million for the second quarter of 2006. The second-quarter results benefited from ad revenue growth and the Clarkson Potter deal.
Operating loss for the second quarter was $(7.8) million, compared to $(1.8) million for the second quarter of 2006, due to previously discussed investments in the Internet and Merchandising segments and a decline in sales at Kmart. The Merchandising group is now fully staffed in advance of new product launches in the second half. The results for the current period include $2.2 million ($0.04) of non-recurring separation costs (cash and non- cash equity compensation); the prior year included a one-time newsstand expense reduction adjustment of $3.2 million ($0.06 per share) related to the settlement of certain newsstand-related fees. Excluding these items, operating loss would have been a loss of $(5.5) million compared to a loss of $(5.0) million in the prior year period.
Adjusted EBITDA loss for the second quarter of 2007 was a loss of $(0.8) million, including non-recurring cash separation costs of $1.3 million. This compares to adjusted EBITDA of $3.2 million in the prior year period. Excluding $1.3 million of non-recurring cash employee separation costs in the current period and the $3.2 million reduction in newsstand-related fees in the prior year period, adjusted EBITDA would have been $0.6 million in the current period compared to breakeven in the prior year period.
Loss per share from continuing operations was $(0.13) for the second quarter of 2007, compared to $(0.01) for the second quarter of 2006. Excluding non-recurring items, the loss was $(0.09) in the current period compared to a $(0.07) loss in the prior year period.
Second Quarter 2007 Results by Segment Publishing
Revenues in the second quarter of 2007 rose 16% to $47.5 million from $40.9 million, driven by ongoing growth in advertising revenue due to a greater number of ad pages at higher rates. Pages increased 12% at Martha Stewart Living and 22% at Everyday Food, while total ad revenue rose 23% in the quarter. The Clarkson Potter agreement also contributed to results for the quarter.
Operating income was $5.1 million for the second quarter of 2007, compared to $6.1 million in the second quarter of 2006.
Adjusted EBITDA was $6.8 million, compared to an adjusted EBITDA of $6.9 million in the second quarter of 2006. The results for the current period included $1.0 million of non-recurring cash separation costs for a senior executive. The prior year included a one-time newsstand expense reduction adjustment of $3.2 million related to the settlement of certain newsstand- related fees. Excluding these items, adjusted EBITDA would have been $7.8 million in the current period and $3.7 million in the prior year period, an increase of $4.1 million. This increase is driven by growth in ad pages and rates in Living, Everyday Food and a new book deal with Clarkson Potter. The current period included an investment of $2.0 million in Blueprint magazine.
Highlights -- Publishing remains a key growth category. Advertising revenue rose 23.1% to $27.8 million. Ad revenue growth continues to exceed page growth, a strong and consistent trend from last year that is continuing through 2007. The March, June, August and September issues of Living, the company's flagship magazine, are the largest issues for those months since 2002. -- The company announced an agreement with Clarkson Potter/Publishers to publish 10 books over a five-year period, beginning this fall with Martha Stewart Living Cookbook Volume I: The Original Classics and Martha Stewart Living Cookbook Volume II: The New Classics. This important deal helps MSO achieve near- and long-term margin objectives. The leading lifestyle and cookbook publisher, Clarkson Potter has been publishing best-selling Martha Stewart books since Entertaining in 1982. Merchandising
Revenues were $10.4 million for the second quarter of 2007, as compared to $10.9 million in the prior year's second quarter. The current quarter included revenue from new partnerships, including the Martha Stewart Crafts line at Michaels and on marthastewartcrafts.com, the Martha Stewart Colors paint palette at Lowe's, and the Martha Stewart Rugs program with Safavieh. The increases were offset by declining sales of Martha Stewart Everyday product at Kmart.
Operating income was $3.5 million for the second quarter of 2007, compared to $5.1 million in the second quarter of 2006. The reduction in operating income was due largely to the decline in sales of product at Kmart and an anticipated investment in staff. The company is now fully staffed for second- half launches.
Adjusted EBITDA was $3.9 million for the second quarter of 2007, compared to $5.6 million in the prior year's second quarter.
Highlights -- The company launched its introductory Martha Stewart Crafts line of paper-based crafting and storage products on May 1, which is delivering solid results. The line, which features more than 650 SKUs, is available exclusively in more than 900 Michaels arts and crafts stores in the United States and Canada and on marthastewartcrafts.com. The line will be rolling out to independent craft retailers this fall, and more broadly in 2008. -- The Martha Stewart Collection exclusively at Macy's is rolling into stores and will officially launch with an extensive marketing campaign on September 10. The line encompasses a broad range of home goods- including bed and bath textiles, housewares, casual dinnerware, flatware and glassware, cookware, holiday decorating, and tree-trimming items. -- The company continues to expand its home decorating portfolio with the launch of Martha Stewart Floor Designs(TM) with FLOR(TM) on July 15, followed by Martha Stewart Rugs, and the portable lighting component of the Martha Stewart Lighting line in fall 2007. The rugs and lighting products will be available at Macy's, as well as at independent retailers. The carpet tiles are available online at flor.com. Internet
Revenues rose 12% year-over-year to $5.2 million in the second quarter of 2007 from $4.6 million in the second quarter of 2006, driven by 17% growth in ad revenue.
Operating loss was $(2.1) million in the second quarter of 2007, compared with breakeven in the second quarter of 2006. Increased revenue was more than offset by higher expenses associated with the new platform, including higher technology and staffing costs.
Adjusted EBITDA loss was $(1.7) million in the second quarter of 2007, compared to adjusted EBITDA income of $0.1 million in the second quarter of 2006.
Highlights -- Traffic on the new website increased modestly, from 36.5 million page views/month in prior year to 38.0 million page views/month this quarter. To ramp traffic, the company is focusing on two key initiatives: significantly increasing the amount of content on the site; and focusing on search engine optimization. -- One of the priorities is to reset the development road map to take advantage of the company's assets-brand awareness, unique content and engaged consumer base-to build a significant digital business. Broadcasting
Revenues in the second quarter of 2007 were $10.4 million, down from $11.8 million in the second quarter of 2006. The prior year's quarter included revenue from the cable distribution of the show. The conclusion of a cable agreement along with the erosion of the daytime television audience were partially offset by high-margin product integration revenue.
Operating loss was $(0.9) million for the second quarter of 2007, compared to operating income of $0.4 million in the second quarter of 2006. Results included a $0.9 million ($0.02 per share) non-cash compensation expense associated with the amortization of the last tranche of a warrant granted in connection with the production of a syndicated TV program.
Adjusted EBITDA was $1.1 million for the second quarter of 2007, compared to $1.2 million in the prior year's second quarter. The decline in revenue was partially offset by an increase in high-margin product integrations which, combined with cost controls, allowed the segment to deliver approximately flat adjusted EBITDA.
Highlights -- The second season of The Martha Stewart Show wrapped in June and preparations are underway for the third season, which begins in September and will be broadcast in more than 95 percent of the United States. -- The company announced a distribution deal with the DIY Network for a new half-hour series. The Martha Stewart Crafts TV show is a "best of" compilation of "how-to" segments about scrapbooking, handmade gifts, paper cards, decoupage, glittering, framing, rubber-stamping and more. Set to premiere on Thanksgiving Day, the initial 39 episodes will be culled from MSO's original lifestyles series, Martha Stewart Living. Corporate Expenses
Corporate expenses, including depreciation and amortization and non-cash equity compensation were $(13.3) million, compared to $(13.4) million in the prior year's quarter. Adjusted EBITDA was a loss of $(10.9) in the current period, compared to a loss of $(10.7) million in the prior year period. The current period includes $0.4 million of cash and $0.4 of non-cash separation costs related to the departure of a corporate employee. Excluding the current period cost, adjusted EBITDA would have been $(10.5) in the current period, compared to $(10.7) million in the prior year period.
Trends and Outlook
Howard Hochhauser, Chief Financial Officer, commented: "We are well- positioned at the close of the second quarter, and highly encouraged that ad revenue growth across our media business segments continues to be strong.
"We have returned to growth armed with a strong balance sheet, and are actively evaluating how best to deploy our capital. To this end, we anticipate moving certain spending from Publishing to Internet. Our financial strength, marked by our substantial free cash flow-generating characteristic and our strong balance sheet, gives us the flexibility to execute on our strategy.
"As we look ahead to the coming quarters, we are maintaining our full-year revenue guidance in the range of $330.0 - $340.0 million, operating income guidance in the range of $9.5 - $12.5 million and adjusted EBITDA guidance in the range of $34.0 - $37.0 million.
"For the third quarter of 2007, we are expecting revenue in the range of $68.0 - $70.5 million, operating loss in the range of $(7.5) - $(8.5) million and adjusted EBITDA loss in the range of $(2.5) - $(3.5) million, including an investment of $2.0 million in Blueprint magazine."
Use of Non-GAAP Financial Information
In addition to using net income to assess the organization's overall financial health, Company management uses net income before interest, taxes, depreciation, amortization and non-cash equity compensation ("adjusted EBITDA"), a non-GAAP financial measure, to evaluate the performance of our businesses on a real-time basis. Adjusted EBITDA is considered an important indicator of operational strength, is a direct component of the Company's annual compensation program, and is a significant factor in helping our management determine how to allocate resources and capital. Adjusted EBITDA is used in addition to and in conjunction with results presented in accordance with GAAP. Management considers adjusted EBITDA to be a critical measure of operational health because it captures all of the revenue and ongoing operating expenses of our businesses without the influence of (i) interest charges, which result from our capital structure, not our ongoing business efforts, (ii) taxes, which relate to the overall organizational financial return, not that of any one business, (iii) the capital expenditure costs associated with depreciation and amortization, which are a function of historical decisions on infrastructure and capacity, and (iv) the cost of non- cash equity compensation which, as a function of our stock price, can be highly variable, is not necessarily an indicator of current operating performance for any individual business unit, and is amortized over the appropriate period.
Adjusted EBITDA provides a means to directly evaluate the ability of our business operations to generate returns on a real-time basis. We provide disclosure of adjusted EBITDA because we believe it is useful for investors to have means to assess our performance as we do. While adjusted EBITDA is a customized non-GAAP measure, it also provides a means to analyze, value and compare our operating capabilities to those of companies with whom we compete, many of which have different compensation plans, depreciation and amortization costs, capital structures and tax burdens. But please note that our non-GAAP results may differ from similar measures used by other companies, even if similar terms are used to identify such measures.
A limitation of adjusted EBITDA is that it does not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues for our overall organization. Management evaluates the costs of such tangible and intangible assets through other financial measures such as capital expenditures. Management also evaluates the cost of capitalized tangible and intangible assets by analyzing returns provided on the capital dollars deployed. A further limitation of adjusted EBITDA is that it does not include stock compensation expense related to our workforce. Adjusted EBITDA should be considered in addition to, and not as a substitute for, net income or other measures of financial performance reported in accordance with GAAP.
Martha Stewart Living Omnimedia, Inc. (MSLO) is a leading provider of original "how-to" information, inspiring and engaging consumers with unique lifestyle content and high-quality products. MSLO is organized into four business segments: Publishing, Broadcasting, Merchandising, and Internet. Martha Stewart Living Omnimedia, Inc. is listed on the New York Stock Exchange under the ticker symbol MSO.
The Company will host a conference call with analysts and investors on August 1st, at 10:00 a.m. ET that will be broadcast live over the Internet at www.marthastewart.com/ir.
We have included in this press release certain "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not historical facts but instead represent only our current beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of our control. These statements can be identified by terminology such as "may," "will," "should," "could," "expects," "intends," "plans," "anticipates," "believes," "estimates," "potential" or "continue" or the negative of these terms or other comparable terminology. The Company's actual results may differ materially from those projected in these statements, and factors that could cause such differences include: adverse reactions to publicity relating to Martha Stewart by consumers, advertisers and business partners; downturns in national and/or local economies; shifts in our business strategies; a loss of the services of Ms. Stewart; a loss of the services of other key personnel; a softening of the domestic advertising market; changes in consumer reading, purchasing and/or television viewing patterns; unanticipated increases in paper, postage or printing costs; operational or financial problems at any of our contractual business partners; the receptivity of consumers to our new product introductions; and changes in government regulations affecting the Company's industries. Certain of these and other factors are discussed in more detail in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission, especially under the heading "Risk Factors", which may be accessed through the SEC's World Wide Web site at http://www.sec.gov/. The Company is under no obligation to update any forward- looking statements after the date of this release.
Martha Stewart Living Omnimedia, Inc. Consolidated Statements of Operations Three Months Ended, June 30, (unaudited, in thousands, except per share amounts) 2007 2006 % change REVENUES Publishing $47,478 $40,888 16.1% Merchandising 10,352 10,891 -4.9% Internet 5,183 4,634 11.8% Broadcasting 10,433 11,757 -11.3% Total revenues 73,446 68,170 7.7% OPERATING COSTS AND EXPENSES Production, distribution and editorial 38,881 35,498 -9.5% Selling and promotion 22,172 14,787 -49.9% General and administrative 17,920 17,447 -2.7% Depreciation and amortization 2,263 2,236 -1.2% Total operating costs and expenses 81,236 69,968 -16.1% OPERATING LOSS (7,790) (1,798) nm Interest income, net 775 1,356 -42.8% Legal settlement 432 - nm LOSS BEFORE INCOME TAXES (6,583) (442) nm Income tax provision (154) (229) nm LOSS FROM CONTINUING OPERATIONS BEFORE LOSS FROM DISCONTINUED OPERATIONS (6,737) (671) nm Loss from discontinued operations - (499) nm NET LOSS $(6,737) $(1,170) nm LOSS PER SHARE - BASIC AND DILUTED Loss from continuing operations $(0.13) $(0.01) Loss from discontinued operations (0.00) (0.01) Net loss $(0.13) $(0.02) WEIGHTED AVERAGE COMMON SHARES OUTSTANDING Basic and Diluted 52,386 51,176 Martha Stewart Living Omnimedia, Inc. Consolidated Statements of Operations Six Months Ended June 30, (unaudited, in thousands, except per share amounts) 2007 2006 % change REVENUES Publishing $88,096 $77,176 14.1% Merchandising 23,952 22,418 6.8% Internet 8,713 7,582 14.9% Broadcasting 19,389 23,077 -16.0% Total revenues 140,150 130,253 7.6% OPERATING COSTS AND EXPENSES Production, distribution and editorial 78,609 68,247 -15.2% Selling and promotion 42,403 31,781 -33.4% General and administrative 35,239 35,269 0.1% Depreciation and amortization 4,241 4,444 4.6% Total operating costs and expenses 160,492 139,741 -14.8% OPERATING LOSS (20,342) (9,488) nm Interest income, net 1,547 2,402 -35.6% Legal settlement 432 - nm LOSS BEFORE INCOME TAXES (18,363) (7,086) nm Income tax provision (243) (296) nm LOSS FROM CONTINUING OPERATIONS BEFORE LOSS FROM DISCONTINUED OPERATIONS (18,606) (7,382) nm Loss from discontinued operations - (622) nm NET LOSS $(18,606) $(8,004) nm LOSS PER SHARE - BASIC AND DILUTED Loss from continuing operations $(0.36) $(0.14) Loss from discontinued operations - (0.01) Net loss $(0.36) $(0.16) WEIGHTED AVERAGE COMMON SHARES OUTSTANDING Basic and Diluted 52,382 51,192 Martha Stewart Living Omnimedia, Inc. Consolidated Balance Sheets (in thousands, except per share amounts) June 30, December 31, 2007 2006 (unaudited) ASSETS CURRENT ASSETS Cash and cash equivalents $ 36,571 $28,528 Short-term investments 45,304 35,321 Accounts receivable, net 45,007 70,319 Inventories, net 5,114 4,448 Deferred television production costs 4,844 4,609 Income taxes receivable 482 482 Other current assets 2,592 3,857 Total current assets 139,914 147,564 PROPERTY, PLANT AND EQUIPMENT, net 18,055 19,616 INTANGIBLE ASSETS, net 53,605 53,605 OTHER NONCURRENT ASSETS 8,401 7,262 Total assets $219,975 $228,047 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and accrued liabilities $ 23,702 $28,053 Accrued payroll and related costs 13,882 13,646 Income taxes payable 1,946 1,011 Current portion of deferred subscription income 26,687 28,884 Current portion of deferred royalty revenue 7,245 3,159 Total current liabilities 73,462 74,753 DEFERRED SUBSCRIPTION REVENUE 9,124 10,032 DEFERRED REVENUE 13,163 9,845 OTHER NONCURRENT LIABILITIES 2,244 2,460 Total liabilities 97,993 97,090 COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' EQUITY Class A common stock, $0.01 par value, 350,000 shares authorized: 26,608 and 26,109 shares issued in 2007 and 2006, respectively 266 261 Class B common stock, $0.01 par value, 150,000 shares authorized: 26,722 and 26,791 shares outstanding in 2007 and 2006, respectively 268 268 Capital in excess of par value 267,479 257,014 Accumulated deficit (145,256) (125,811) 122,757 131,732 Less class A treasury stock - 59 shares at cost (775) (775) Total shareholders' equity 121,982 130,957 Total liabilities and shareholders' equity $219,975 $228,047 Martha Stewart Living Omnimedia, Inc. Supplemental Disclosures Regarding Non-GAAP Financial Information Three Months Ended June 30, (unaudited, in thousands) The following table presents segment and consolidated financial information, including a reconciliation of operating income/(loss), a GAAP measure, and adjusted EBITDA, a non-GAAP measure. In order to reconcile
adjusted EBITDA to operating income, depreciation and amortization and non-
cash equity compensation are added back to operating income/(loss). 2007 2006 ADJUSTED EBITDA Publishing $6,779 $6,905 Merchandising 3,902 5,610 Internet (1,705) 110 Broadcasting 1,126 1,238 Adjusted EBITDA before Corporate Expenses 10,102 13,863 Corporate Expenses (10,889) (10,690) Adjusted EBITDA (787) 3,173 NON-CASH EQUITY COMPENSATION Publishing 1,434 708 Merchandising 355 238 Internet 90 36 Broadcasting 1,160 59 Corporate Expenses 1,701 1,694 Total Non-Cash Equity Compensation 4,740 2,735 DEPRECIATION AND AMORTIZATION Publishing 295 135 Merchandising 97 254 Internet 349 68 Broadcasting 837 755 Corporate Expenses 685 1,024 Total Depreciation and Amortization 2,263 2,236 OPERATING INCOME (LOSS) Publishing 5,050 6,062 Merchandising 3,450 5,118 Internet (2,144) 6 Broadcasting (871) 424 Operating Income before Corporate Expenses 5,485 11,610 Corporate Expenses (13,275) (13,408) Total Operating Loss (7,790) (1,798) Interest income, net 775 1,356 Legal settlement 432 - LOSS BEFORE INCOME TAXES (6,583) (442) Income tax provision (154) (229) LOSS FROM CONTINUING OPERATIONS BEFORE LOSS FROM DISCONTINUED OPERATIONS (6,737) (671) Loss from discontinued operations - (499) NET LOSS $(6,737) $(1,170) Martha Stewart Living Omnimedia, Inc. Supplemental Disclosures Regarding Non-GAAP Financial Information Six Months Ended June 30, (unaudited, in thousands)
The following table presents segment and consolidated financial information, including a reconciliation of operating income/(loss), a GAAP measure, and adjusted EBITDA, a non-GAAP measure. In order to reconcile adjusted EBITDA to operating income, depreciation and amortization and non- cash equity compensation are added back to operating income/(loss).
2007 2006 ADJUSTED EBITDA Publishing $9,157 $7,746 Merchandising 11,134 12,334 Internet (3,978) 159 Broadcasting 1,776 1,886 Adjusted EBITDA before Corporate Expenses 18,089 22,125 Corporate Expenses (21,318) (21,462) Adjusted EBITDA (3,229) 663 NON-CASH EQUITY COMPENSATION Publishing 2,219 1,418 Merchandising 715 515 Internet 164 53 Broadcasting 7,046 279 Corporate Expenses 2,728 3,442 Total Non-Cash Equity Compensation 12,872 5,707 DEPRECIATION AND AMORTIZATION Publishing 588 319 Merchandising 193 508 Internet 505 103 Broadcasting 1,699 1,500 Corporate Expenses 1,256 2,014 Total Depreciation and Amortization 4,241 4,444 OPERATING INCOME (LOSS) Publishing 6,350 6,009 Merchandising 10,226 11,311 Internet (4,647) 3 Broadcasting (6,969) 107 Operating Income before Corporate Expenses 4,960 17,430 Corporate Expenses (25,302) (26,918) Total Operating Loss (20,342) (9,488) Interest income, net 1,547 2,402 Legal settlement 432 - LOSS BEFORE INCOME TAXES (18,363) (7,086) Income tax provision (243) (296) LOSS FROM CONTINUING OPERATIONS BEFORE LOSS FROM DISCONTINUED OPERATIONS (18,606) (7,382) Loss from discontinued operations - (622) NET LOSS $(18,606) $(8,004) Martha Stewart Living Omnimedia, Inc. Supplemental Disclosures Regarding Non-GAAP Financial Information Guidance Reconciliation (in millions)
The following table presents segment and consolidated financial information, including a reconciliation of operating income/(loss), a GAAP measure, and adjusted EBITDA, a non-GAAP measure. In order to reconcile adjusted EBITDA to operating income, depreciation and amortization and non- cash equity compensation are added back to operating income/(loss).
Third Quarter Guidance Reconciliation Guidance Range Adjusted EBITDA $(3.5) - $(2.5) Depreciation and Amortization (1.5) (1.5) Non-Cash Equity Compensation (3.5) (3.5) Operating Loss (8.5) - (7.5) Interest Income 1.0 1.0 Pre-tax Loss (7.5) - (6.5) Income Taxes -- - -- Net Loss (7.5) - (6.5) Loss Per Share $(0.14) - $(0.13) Avg. Diluted Shares Outstanding 52.0 52.0 Full Year 2007 Guidance Reconciliation Guidance Range Adjusted EBITDA $34.0 - $37.0 Depreciation and Amortization (6.5) (6.5) Non-Cash Equity Compensation (18.0) (18.0) Operating Income 9.5 - 12.5 Interest Income 4.0 4.0 Pre-tax Income 13.5 - 16.5 Income Taxes -- - -- Net Income 13.5 - 16.5 Earnings Per Share $0.26 - $0.32 Avg. Diluted Shares Outstanding 52.0 52.0
First Call Analyst:
FCMN Contact: EGryska@marthastewart.com
Source: Martha Stewart Living Omnimedia, Inc.
CONTACT: Investors, Howard Hochhauser, Chief Financial Officer, of
Martha Stewart Living Omnimedia, Inc., +1-212-827-8530; Media, Diana Pearson,
SVP, Corporate Communications and Media Relations, of Martha Stewart Living
Omnimedia, Inc., +1-212-827-8915
Web site: http://www.marthastewart.com/
Profile: International Entertainment
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