Martha Stewart Living Omnimedia today posted a wider quarterly loss amid an advertising drop-off at its media properties during its high-profile founder's criminal trial.
Martha Stewart Living, whose founder was convicted in March of lying to investigators about a personal stock sale, also said it was reviewing all of its operating assets and forecast another loss for the current second quarter.
The company also said it foresees "evolutionary changes" ahead. It said it would retain Stewart's name on her flagship Martha Stewart Livingmagazine but place "greater emphasis on the name Livingas the brand label."
The company recorded a first-quarter net loss of $20.3 million, or 41 cents a share, compared with a loss of $4.5 million, or 9 cents a share, a year ago.
Stewart resigned as an officer and board member of her namesake company after her criminal conviction, but she remains founding editorial director. She also is the company's controlling shareholder.
Stewart is scheduled to be sentenced in June and faces a possible prison term.
