Martha Stewart Living Omnimedia Inc. reported a much wider quarterly loss Thursday as its founder’s criminal conviction on charges of lying to investigators continued to weigh on the business.
But the company, founded by homemaking icon Martha Stewart, said it is “increasingly optimistic” about an advertising recovery next year and is preparing for the return of Stewart in spring 2005, after her release from prison.
Stewart, who began serving a five-month prison term this month, will be featured in a prime-time network television show to debut in fall 2005, the company said.
The media and merchandising company recorded a net loss of $15 million, or 30 cents a share, in the third quarter, compared with a loss of $3.9 million, or 8 cents a share, a year earlier.
Revenue fell to $38.7 million from $51.2 million.
The new TV show featuring Stewart is being developed and produced by Mark Burnett Productions, the company said.
Stewart was convicted in March of lying to federal investigators probing a suspicious stock sale.