Martha Stewart's losses narrow, but sales drop

Martha Stewart Living Omnimedia Inc. reported on Thursday a third-quarter loss that narrowed to $1.5 million, or 3 cents a share, from a loss of $11.1 million, or 19 cents a share, in the same period a year ago. Revenue fell to $17.5 million from $29.6 million. There were no analyst estimates for losses or revenue, according to FactSet. Among the lifestyle company's divisions, publishing revenue dropped 66% to $5.3 million and merchandising sales declined 15% to $11.7 million, while broadcasting revenue more than tripled to $468,000. The company said it is holding a special shareholder meeting on Dec. 2 to obtain shareholder approval of the company's plan to merge with Sequential Brands Group . The stock, which was still inactive in premarket trade, has climbed 42% year to date, while the S&P 500 has tacked on 2.1%. The stock remains a fraction of what it was in the company's heyday, when it closed at a record of $39.75 on Oct. 20, 1999, which was Martha Stewart's second day as a public company.

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