MARTHA STEWART LIVING OMNIMEDIA INC

CIK:0001091801|SEC Filings

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
REVENUES
Revenues	$ 17,460	$ 29,611	$ 52,756	$ 100,499
Production, distribution and editorial	(7,271)	(13,988)	(22,104)	(44,697)
Selling and promotion	(1,327)	(9,081)	(3,586)	(27,343)
General and administrative	(8,532)	(9,259)	(27,559)	(27,254)
Depreciation and amortization	(550)	(783)	(1,458)	(4,651)
Impairment of trademark and goodwill	0	(11,350)	0	(11,350)
Merger transaction costs	(1,059)	0	(4,129)	0
OPERATING LOSS	(1,279)	(14,850)	(6,080)	(14,796)
Interest income / (expense) and other, net	110	52	167	(513)
LOSS BEFORE INCOME TAXES	(1,169)	(14,798)	(5,913)	(15,309)
Income tax (provision) / benefit	(310)	3,733	(885)	3,408
NET LOSS	$ (1,479)	$ (11,065)	$ (6,798)	$ (11,901)
LOSS PER SHARE – BASIC AND DILUTED
Net Loss Per Share, Basic and Diluted	$ (0.03)	$ (0.19)	$ (0.12)	$ (0.21)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Weighted Average Common Shares Outstanding, Basic and Diluted	57,476,330	57,074,872	57,365,909	56,908,036
Publishing
REVENUES
Revenues	$ 5,323	$ 15,781	$ 17,176	$ 57,516
Depreciation and amortization	(130)	(135)	(248)	(458)
OPERATING LOSS	(2,404)	(6,246)	(6,160)	(10,746)
Merchandising
REVENUES
Revenues	11,669	13,691	34,650	41,494
Depreciation and amortization	(14)	(11)	(27)	(40)
Impairment of trademark and goodwill		(11,350)		(11,350)
OPERATING LOSS	8,298	(1,548)	24,433	18,747
Broadcasting
REVENUES
Revenues	468	139	930	1,489
Depreciation and amortization	0	(1)	0	(3)
OPERATING LOSS	$ 305	$ (36)	$ 186	$ 26

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (6,798)	$ (11,901)
Adjustments to reconcile net loss to net cash (used in) / provided by operating activities:
Non-cash revenue	(5,035)	(5,311)
Depreciation and amortization	1,458	4,651
Impairment of trademark and goodwill	0	11,350
Non-cash equity compensation	1,499	1,513
Deferred income tax expense / (benefit)	857	(3,534)
Other non-cash charges, net	(184)	1,209
Changes in operating assets and liabilities
Accounts receivable, net	15,971	19,203
Accounts payable and accrued liabilities and other	(9,188)	(749)
Accrued payroll and related costs	(3,929)	(4,687)
Deferred revenue	728	(5,868)
Other changes	298	1,642
Total changes in operating assets and liabilities	3,880	9,541
Net cash (used in) / provided by operating activities	(4,323)	7,518
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(797)	(624)
Purchases of short-term investments	(31,867)	(41,569)
Sales of short-term investments	31,223	17,337
Net cash used in investing activities	(1,441)	(24,856)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds received from stock option exercises	92	910
Shares withheld in payment of employee tax obligations	(1,087)	(286)
Change in restricted cash	0	577
Net cash (used in) / provided by financing activities	(995)	1,201
Net decrease in cash and cash equivalents	(6,759)	(16,137)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	11,439	21,884
CASH AND CASH EQUIVALENTS, END OF PERIOD	$ 4,680	$ 5,747

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
CURRENT ASSETS
Cash and cash equivalents	$ 4,680	$ 11,439
Short-term investments	37,152	36,816
Accounts receivable, net	14,348	30,319
Other current assets	2,766	3,108
Total current assets	58,946	81,682
PROPERTY AND EQUIPMENT, net	3,898	4,106
INTANGIBLE ASSETS - TRADEMARKS	34,700	34,700
OTHER NONCURRENT ASSETS	976	991
Total assets	98,520	121,479
CURRENT LIABILITIES
Accounts payable and accrued liabilities	6,018	14,753
Accrued payroll and related costs	1,777	5,706
Current portion of deferred revenue	16,515	16,090
Total current liabilities	24,310	36,549
DEFERRED REVENUE	5,387	10,119
DEFERRED INCOME TAX LIABILITY	4,612	3,755
OTHER NONCURRENT LIABILITIES	1,812	2,371
Total liabilities	$ 36,121	$ 52,794
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY
Capital in excess of par value	$ 345,522	$ 345,021
Accumulated deficit	(282,907)	(276,109)
Accumulated other comprehensive loss	(16)	(24)
Shareholders' equity before treasury stock	63,174	69,460
Less: Class A treasury stock – 59,400 shares at cost	(775)	(775)
Total shareholders’ equity	62,399	68,685
Total liabilities and shareholders’ equity	98,520	121,479
Class A Common Stock
SHAREHOLDERS’ EQUITY
Common Stock	325	322
Class B Common Stock
SHAREHOLDERS’ EQUITY
Common Stock	$ 250	$ 250