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Martha Stewart Living Omnimedia Inc. (MSO)

Q2 2006 Earnings Conference Call

July 26, 2006 10:00 am ET

Executives

Howard Hochhauser – Acting Chief Financial Officer

Richard Lindner – Chief Financial Officer

Analysts

Michael Meltz – Bear Stearns

Robert Ross –Jeffries and Company

Dennis McAlpine – McAlpine Associates

Ben Barrett – AIG Sun America

Presentation

Operator

Good morning and welcome to the Martha Stewart Living Omnimedia Second Quarter 2006 Earnings Conference Call and Webcast. (Operator Instructions) The conference is being recorded. Anyone who objects should disconnect at this time. At this time it is my pleasure to introduce Howard Hochhauser, acting Chief Financial Officer of Martha Steward Living Omnimedia. Sir, you may begin when ready.

Howard Hochhauser

Thank you very much and good morning everyone. Welcome to our conference call to review second quarter 2006 results. Susan Lyne, our President and CEO will speak about some of recent initiatives and I will talk about our recent performance and our guidance for the third quarter of 2006. Our prepared remarks will take about 20 minutes and then we'll open it up for your questions. Before turning the call over to Susan, I'll remind you that our discussions will contain forward-looking statements, which are made pursuant to the Private Securities and Litigation Reform Act of 1995 as amended. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Actual future results and trends can differ materially from what is forecast in these forward-looking statements due to a variety of factors. Now let me turn things over to Susan.

Susan Lyne

Thank you Howard. Good morning and thanks to all of you for joining us on the conference call. It's truly a good morning for all of us at Martha Stewart because we can finally share with you the results of what has been a very strong quarter. As expected, we outperformed last year's Q2. We also significantly exceeded guidance with very positive results with each of our four business segments. Revenues rose 47% to $67.4 million compared to $46 million for the second quarter of 2005 driven by strong performances in our publishing and Internet segments, along with solid results in broadcasting.

Operating loss for the second quarter decreased to $1.8 million from $34.2 million in the second quarter of 2005 due principally to improved ad sales. Adjusted EBITDA was $3.2 million compared to adjusted EBITDA loss of $11.2 million in the second quarter of 2005. Loss per share from continuing operations was $0.01 ahead of a prior year second quarter loss of $0.65 and street consensus of $0.16.

This has been an extremely active quarter for us as we continue to strategically expand merchandising partnerships that broaden our demographic reach to further develop our highly promising business. We know these three areas can be very significant revenue drivers and as our numbers for the quarter show, we are already seeing real and encouraging results. To maximize this potential we have also filled new and key positions on Internet, publishing, and broadcasting teams with talented and experienced professionals to help take our business to the next levels.

I'd like to address each of our four segments beginning with our publishing division, which is enjoying very robust gains. Our flagship magazine, Martha Stewart Living, clearly a bell weather for our business is registering very impressive growth in advertising revenue. A 47% increase in ad pages at a time when ad sales are notably lackluster at many magazines. Every Day Foods is showing similar strengths with a 22% increase in ad pages. Revenue per page continues to outpace growth at both publications. For the second time this year Body and Soul increased it's rate base to 350 from 270, that's thousands obviously. Attracting new advertisers, including Mercury, Volnek (ph) and Motts. We currently expect the strong growth in ad pages to continue in the third quarter with Martha Stewart Living pages increasing 45% and Everyday Food pages increasing 60% for significant year-over-year improvement in the segment.

This quarter saw the introduction of BluePrint our much-anticipated magazine aimed at women age 25-45. BluePrint extends and expands Martha Stewart Living's central areas of expertise with coverage of fashion, beauty, fitness, travel, technology and culture broadening our reach into the marketplace to a new and younger demographic. The first test issue with an initial rate base of 250,000 was favorably received by both readers and advertisers with very strong preliminary results and advanced subscription sales well in advance of forecast we anticipate delivering a sizable bonus to advertisers.

Earlier this month Sara Humphries joined us from TiMink signing on as BluePrint's first Chief. The second test issue will hit newsstands in August with the schedule going to six issues in 2007. We are very optimistic about BluePrint's prospects and believe it has the potential to be a prominent and even defining voice in publishing, much like Martha Stewart Living when it appeared 15 years ago and essentially created the lifestyle magazine category.

Our broadcasting business experienced impressive growth driven by revenue from Martha Stewart Living radio on Sirius Satellite Radio and Martha, our new hour long syndicated show. We're very pleased with the show, which was distinguished by six daytime Emmy nominations and one win for outstanding achievement in art direction, set direction, scenic design. In what is an otherwise sluggish upfront market the show is registering low single-digit gains and it continues to drive consumer demand for our products. While we do not have a cable partner for and day and day rebroadcasts this fall we are exploring a broadband play to further monetize the show and make it available for viewers who can't watch in daytime. Our Everyday Food Program on CBS is in the midst of sponsorship renewals for 2007 and sales are similarly going well.

We recently announced three significant broadcasting hires. Richard Claflin joined the Company as Vice President of Programming. He is a highly experienced creative executive and will oversee the development of original programming and provide creative oversight on current programming. Jill Boulet, the new Vice President of Marketing brings a strong background in media and entertainment marketing to her role overseeing all marketing, promotion, and creative services for television and radio. Elizabeth Aiello is the new Vice President, General Manager of Martha Steward Living Radio.

Merchandising has been a particularly active segment of our business as we continue to forge agreements that will expand our portfolio of branded products and bring them to new markets. Yesterday marked the grand opening of the second community in our groundbreaking collaboration with KB Homes. Hampton Oaks in Atlanta Georgia is part of our expanded partnership with KB to create communities of Martha Stewart designed homes across the country. We expect it to be received just as enthusiastically as our first Martha Stewart KB Home community in Cary, North Carolina where the initial release of lots sold out in only a few weeks. We anticipate opening up another three, possibly four communities by yearend. This is turning out to be a very positive collaboration for both partners. In a softening market the beautiful design and relative affordability of these homes, along with the strength of the brand has made them a destination for home buyers and KB's strategic vision and experienced regional teams are driving expansion of this initiative that will bring significant revenues to MSLO.

Moving forward we anticipate another revenue stream from Martha's Choices, a line of interior and exterior home products including floor coverings, lighting fixtures, bathroom fixtures, kitchen cabinets, hardware, window treatments, doors, and closet organizers that we expect to make available next year in KB Studios nationwide. We are planning a broader future rollout of this home décor portfolio of products and to that end have forged new licensing partnerships this quarter, including an agreement with Quality Home Brands, the manufacturer aligned of Martha Steward branded lighting and ceiling fans. We also struck an agreement with Floor, an eco-friendly manufacturer of residential high style modular floor coverings, the manufactured line of Martha Steward branded carpet tiles. As with all of our licensing deals we will no inventory or capital costs. Our principle investment is our design staff, which we have been augmenting to deliver our new product line, including our forthcoming Martha Stewart Collection at Macy's. Those start up costs resulted in a slightly lower EBITDA this quarter in support initiatives we expect will return 70% margins in line with our K-Mart margins.

The Internet is a vital part of our strategic plans. With our rich media libraries, an archive of more than 4500 recipes, unparallel creative teams, and our passionate consumer connections we are uniquely positioned to be a significant presence in the new media landscape. To give you a sense of our potential reach on line, if just 25% of our 12 million living readers turned to our Website we're talking about 3 million users. 25% of our weekly television audience would translate to another 2.5 million. If we can draw 10% of the 70 million who say they buy Martha Stewart products we're talking 7 million users and we're determined to give those customers in every channel a multitude of reasons to visit our Website with alerts in our packaging and in pages; and by offering television viewers recipes and instructions for the projects they see on Martha's show.

Our mission is to create a Website that is both a natural extension of our brand and a go-to destination where users are empowered to find, learn, create, and share on-line. We won't be satisfied with simply offering an easier way to access information but want to use all the functionality of the Web to create a new and unique experience for users. To that end we are in the process of augmenting our Internet team with accomplished and forward-thinking talent. Earlier this week we announced the appointment of Holly Brown and President of our Internet Segment. Holly spent seven years as Yahoo, most recently as Chief of Staff to CLO Dan Rosensweig. She has actually been working with us as a consultant on the roadmap for our relaunch and played a key road in forging a new high marketing licensing agreement with Kodak to develop a line of branded Martha Stewart personalized photoproducts. This is a burgeoning market as the number of digital prints has increased from 1 billion in 2001 to a projected 11 billion in 2006 and personalize digital products are a growing piece of this business. We are really excited about this venture. It will create a new potentially very significant revenue stream for the Company and will give people another reason to spend more time on our site using their photographs and our templates to create unique cards, albums, calendars, recipe cards, stickers and lots more. These products and ideas will be available on the Kodak Easy Share Gallery Website as well as at www.marthastewart.com. We plan to launch in late September with a large selection of holiday offerings including 50% of the Kodak's holiday card selection, as well as photo books. Additional products and new categories will be introduced at the end of the year and throughout 2007.

We realize full well that our Internet business can only be as strong as the people behind it. In addition to naming Holly Brown our Internet President we recently added three enormously accomplished and talented new members to the management team. Award-winning designer Thomas Mueller joins us as Creative Director for the Internet having held the same position at Razor Fish and Arnold Wann. Christine Cook, our new Vice President Interactive Sales comes to us from IAC and Robert Kiernan our new AVP and Director of Product Management joins from A&E Broadband Interactive and Advanced Television Product. As these new hires suggest, we see tremendous opportunity in the space and I'm very encouraged by the results thus far. This quarter, for the first time in years, we experienced significant growth evidence that our transition from a commerce-based site to a free content advertiser supported site is a success. We will continue to pursue new initiatives including the distribution of Martha Stewart Assets across the Web and digital devices and to offer new tools and templates as we prepare to relaunch in first quarter 2007 setting the stage for www.marthastewart.com to become the essential lifestyle destination we know it can be.

Now I will turn the call back to Howard who will walk you through a more detailed financial review and our guidance for Q3 and the year.

Howard Hochhauser

Thank you Susan. As Susan stated, this was an excellent quarter for us as our business continues to strengthen. Total revenue in the quarter rose 47% or $21.5 million to $67 million while our adjusted EBITDA increased $14.4 million to $3.2 million. Excluding the benefit from our newsstand adjustment our EBIDTA would have been break even, well ahead of our guidance of a $4 to $5 million EBITDA loss. Our performance was chiefly a function of very robust ad rate and ad page gain in publishing aided by strong results at our Internet Division.

I'd like to touch on some of the financial highlights from the second quarter. In publishing advertising pages in Martha Stewart living increased approximately 47% and advertising pages in Everyday Food increased 22%. Advertising revenue increasing ahead of pages for both magazines; particular categories of strength included food, toiletries and cosmetics and drugs and revenues.

Publishing benefited from improvements of Body and Soul Magazine where advertising revenue grew 33%.

The quarter included an investment in BluePrint of approximately $1.7 million.

In Broadcasting results included both our Martha television show and our Martha Stewart Living radio channel on Sirius Satellite Radio.

In Merchandising Home Store Sales are a product of K-Mart decreased 4.6% in the period while year-to-date sales are down less than 1%.

Our Internet Segment reflects advertising revenue of $2.1 million well ahead of $200,000 in the prior year quarter. Given a high margin nature of advertising revenue along with better margin at our Flowers business and continued disciplined investment spending we were able to report a profitable quarter as well as a first quarter of revenue growth since 2001.

Corporate expenses decreased largely due to lower professional fees and employee-related costs. In the second quarter a charge related to stock-based compensation was $2.7 million as compared to $21.3 million in the prior year period.

We finished the quarter with $116 million in cash and short-term investments, which equates to more than $2.00 per share.

Turning to the third quarter we expect to report meaningful year-over-year improvements. This will occur during a seasonally slow quarter, one, which this year will also be impacted by spending on new initiatives. Given the renewed health and vigor of the business we believe that it is important to invest in the long-term and we are executing our new initiatives in publishing, merchandising and Internet. We also remain active in seeking prudent acquisitions for the Company.

Let me now provide you with third quarter guidance on both a consolidated and segment basis. For the third quarter of 2006 we are expecting revenue in a range of $55 to $57 million, operating loss in the range of $10.5 to $11.5 million, and an adjusted EBITDA loss in the range of $5.5 to $6.5 million. We will be investing some of the gains from the second quarter to support the rollout of our new initiatives such as Kodak, accelerate our investment in BluePrint, which has met with strong newsstands sales and test certain categories for our merchandising segment. Combining the second quarter upside with our additional investments we expect to report full year operating loss in the range of $6 to $8 million with adjusted EBITDA in the range of $12 to $14 million up from our initial full year adjusted EBITDA guidance of $10 to $12 million. Since providing initial guidance in February we had increased our investment spending in BluePrint by $1 million bringing the total 2006 investment to $6 million, added one million of cost to support the launch of Macy's and modestly increased our investment in the Internet business bringing the total Internet spending closer to $4 million. We have also added approximately half a million in marketing costs to support the launch of season two of the Martha Show.

For publishing third quarter revenues are expected to be approximately $35 million while adjusted EBITDA is expected to be $3 million including a $1.3 million investment in BluePrint an improvement of approximately $5 year-over-year.

Broadcasting revenues are expected to be $10 million as we launch our second season of Martha, our syndicated daily TV show and approach the first anniversary of our 24-hour radio channel on Sirius Satellite Radio. Adjusted EBITDA loss for the quarter will approximate half million as we spend approximately one million in costs to promote the show for season two launch.

Merchandising revenues for the third quarter are expected to be $8 to $8.5 million while adjusted EBITDA will be in the range of $3 to $3.5 million. Our expenses will be about $1 million higher year-over-year as we invest in staff to support some of our new initiatives, including our Martha Stewart Collection for Macy's and develop new product ideas.

We expect Internet revenues to be $3 to $3.5 million for the quarter with an adjusted EBITDA loss of $1 to $1.5 million as we continue to invest in people and technology in preparation of the relaunch of our www.marthastewart.com Website in early 2007. Operating expenses will be approximately $10.5 million.

Even with our investment we remain on track with our commitment to deliver free cash flow in 2006.

This concludes the formal part of our presentation. I would now like to turn the call back over to our conference operator for Q&A.

Question-and-Answer Session

Operator

Thank you. (Operator Instructions) Thank you. Our first question is coming from Michael Meltz from Bear Stearns.

Michael Meltz – Bear Stearns

Great. Thank you. I have, I think, three questions. You threw out a few numbers on the publishing segment. Can you just tell us what total advertising and total circ were in the quarter as well as MSL, what advertising and circ were? Then you gave us the K-Mart comp store number. What was the K-mart total store? And I have a follow-up.

Howard Hochhauser

Okay, and Michael congratulations to you.

Michael Meltz – Bear Stearns

Thank you. Thank you. How about yourself?

Howard Hochhauser

I am still waiting to give birth to a son any minute.

Michael Meltz – Bear Stearns

Good.

Howard Hochhauser

Susan Lyne

We are very grateful that he waited until our earnings call was over.

Michael Meltz – Bear Stearns

I don't know if his wife is happy.

Howard Hochhauser

She's not. Consolidated ad revenue is up 66% of $9 million. Total circ revenue was affectively flat in the quarter. Let me just give you some detail on that. Martha Stewart Living is actually up in units and subscription. Last year we had that special wedding bookazine, which was a high cover price newsstand only magazine. So MSL when the ADC numbers come out is going to be up in the low single digits. Now you wanted MSL numbers. So MSL is up about $7 million in ad revenue and low single-digit in terms of circulation revenue. Then you had a question regarding…

Michael Meltz – Bear Stearns

Howard what's the $7 million percentage?

Howard Hochhauser

It's close to 90%.

Michael Meltz – Bear Stearns

Yeah, okay. And the K-mart total sales?

Howard Hochhauser

That's relative to the 47% pay through so what you're seeing is gains in CPMs across all advertising categories. So it went soft about November. Now you want the total sales?

Michael Meltz – Bear Stearns

Yep.

Howard Hochhauser

So total sales for the second quarter were down 8.6% and year-to-date are down 4.9%.

Michael Meltz – Bear Stearns

Okay. One follow up. You had -- you mentioned in the press release the cable deal. I would presume that's pretty high margin. Can you just give us more specifics on that and when the broadband opportunity, are there revenues attached for that or is that just to get more eyeballs on the show?

Susan Lyne

No the broadband opportunity is real. What we have discovered is that we are selling out our inventory for video on-line very quickly so we know there's an appetite for video among advertisers. So we are looking at a number of different ways to do this and it might include more sites than just our own; and yes, the cable revenue was very high margin. It was low single-digit millions not to our Company.

Michael Meltz – Bear Stearns

Okay. All right, and sorry, one last question. On the dividend what's the total dollar? Actually broadly speaking can you talk about the rationale for that and what the total dollar amount is going to be?

Susan Lyne

Sure. Let me talk about the reason for it and then Howard can fill in some details. Now we have the good fortune of operating a low capital-intensive business and during normal times we generate meaningful free cash flow. We are now back in those normal times. We are generating cash flow again and certainly will for the year and believed we should address the access cash on our balance sheet. You know, we have questions and everybody else about that cash all the time. After this dividend we still expect to have around $75 million of cash at year-end so we will be able to aggressively invest in our businesses and also look for non-organic growth opportunities; but this is a way for us to give shareholders a tax efficient short-term value and we think it's the right thing to do.

Michael Meltz – Bear Stearns

Okay, and that total number, so that's $26 million or so?

Susan Lyne

Yes, that sounds about right.

Michael Meltz – Bear Stearns

Okay, thank you.

Operator

Thank you. Our next question is coming from Robert Ross from Jeffries and Company.

Robert Ross – Jeffries and Company

Yeah, good morning; great quarter guys. A couple of quick questions, first I was wondering if you could comment at all on the terms related to the lighting deal that you signed and give us any more color on the Kodak Easy Share deal in terms of is it a higher/lower royalty rate than you normally get with the margins may or may not be for those particular deals? Second, I was wondering if you could comment a little bit on, following Michael's question, the dividend? Are there any plans going forward to at some point in the future possibly have a regular dividend program in place or is that something that's not even being considered at this stage of the game? Then I have one follow up after that.

Susan Lyne

Okay. Let's start with the lighting. Actually the terms of our licensing agreements are confidential but I think you can assume that it is in line with our other non

K-Mart deals, you know a lower licensing deal across the board. So these are higher than K-Mart, you know, mid, high single digits. The Kodak deal is obviously significantly higher than that. This is a very margin business. Multiples of what our other licensing agreements are but, again, we're not going to be discussing the specifics of it.

The dividend I think that's a little premature. Now this is a, as we said, a one time dividend. We will obviously look at those things year by year as we go forward.

Robert Ross – Jeffries and Company

Okay, great and just one last question. You mentioned you're going to be free cash flow positive for the full year. I'm wondering if you could give us any sense as to what you degree you expect to generate free cash flow in '06 and if you can even hint at what it may be or what you think it could possibly be in '07? That would be great but if you can't I understand.

Howard Hochhauser

On the free cash flow our free cash will actually closely approximate our EBITDA this year. It will be $1 to $2 million dollars lower and I don't think we want to start talking about '07 except we expect the business to accelerate. Actually our Cap Ex. will decrease. This year we have a site rebuild. We don't have that next year so Cap Ex. coming down and the acceleration of the rest of our businesses.

Robert Ross – Jeffries and Company

Okay, great. Thank you very much.

Operator

Thank you. Our next question is coming from Dennis McAlpine from McAlpine Associates.

Dennis McAlpine – McAlpine Associates

Well thank you and good morning. Howard congratulations on your appointment.

Howard Hochhauser

Thank you Dennis.

Dennis McAlpine – McAlpine Associates

Can you talk about the TV show as to what it's making in terms of money and how you plan on improving that or what has to be done to improve that? Then could you also elaborate some more on the acquisition fund? You've talked about -- in the past you've acquired relatively small things in the publishing area as far as I remember. Is there some new area that you're going after or are you looking at bigger things? What are your general requirements for that area?

Susan Lyne

Let me start with television. We're currently projecting the TV show to have a small loss for second season of a couple million dollars. Although we are looking at ways to close that gap and clearly one of the reasons we are doing this broadband play is to do exactly that. We do think there are additional ways to monetize the show and at the same time to create value in our other businesses; and clearly a broadband play would get more users on the site for longer periods of time. So it's got a multiplier affect. In the long run we would expect and hope for that to be at least a break even business.

Your second question was acquisitions. Yes, we look at properties all the time certainly in that publishing arena if there is anything were we think there is both a branch and a larger opportunity for us and where we think we could make significant improvements to the property as we believe we have with Body and Soul and turn it into a profitable venture for the Company; but we've also looked a number of other things. You know, Internet companies -- Internet content companies and we look at things in the merchandising arena too. You know, we're going to be very cautious about acquisitions. We think we have a very strong organic business and also a very strong development team internally. So we will only buy something if we believe that it is going to allow us to grow the company faster and return to value to shareholders faster.

Dennis McAlpine – McAlpine Associates

One additional question; is there any chance of any changes coming up in the

K-Mart agreement as you go into the Macy's agreement?

Susan Lyne

We have no expectation of that. Our K-Mart business is moving a pace and I think we are working well with their team. Robin Moreno, our President of Merchandising has made a lot of very effective changes within that division and I think everybody is working extremely well together.

Dennis McAlpine – McAlpine Associates

Good, thank you.

Operator

Thank you. (Operator Instructions) Our next question is coming from Ben Barrett AIG Sun America.

Ben Barrett – AIG Sun America

Hey guys, good quarter. I just wanted to check on the new EBITDA guidance. It looks like you've got some additional investments coming in with the BluePrint magazine and the Internet. Can you just talk about what those increase investments really are?

Susan Lyne

I can probably address that and Howard can fill in. With BluePrint we are really accelerating some of the development spending largely because of the positive response we've had to the first issue. On the Internet side we are doing a combination of things. One is beefing up some of our team more quickly, certainly on the sales end and also investing some more dollars in some functionality that we think is going to ultimately benefit the site.

On the merchandising side this is really a function of our having signed more new deals than we expected at the start of the year and ultimately is just good news, particularly the Kodak deal, which we had no anticipation of; but these are very high margin businesses and there's obviously going to be some investment then to get them up and running but the benefit will start coming back to us next year.

Ben Barrett – AIG Sun America

Okay, and then just a follow up. In the publishing you had a one-time newsstand expense reduction adjustment? Can you just walk me through exactly what that was?

Howard Hochhauser

Yes, that's a $3.2 million one-time adjustment. Basically it's a 90-day. It's related to handling and promotion fees related to the magazine and it's something that we discovered jointly with our partner and resolved it and received the money right after the quarter ended.

Ben Barrett – AIG Sun America

Okay. Great, thanks.

Operator

Thank you. Now I'd like to send the floor back over to management for any closing remarks.

Howard Hochhauser

I know today is a busy day for earnings so everyone is probably tied up on other calls. We thank you for your participation and look forward to speaking with you next quarter. Thank you.

Operator

Thank you. This concludes today's Martha Stewart Living Omnimedia Conference Call. You may now disconnect the lines at this time and have a wonderful day.

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