Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)  

Martha Stewart Living Omnimedia, Inc. (NYSE:MSO)

Q2 2009 Earnings Call

July 29, 2009 10:00 am ET

Executives

Dan Weinstein - Investor Relations

Charles A. Koppelman - Chairman of the Board

Robin Marino - Co-Chief Executive Officer

Kelli Turner - Chief Financial Officer, Executive Vice President

Analysts

Richard Ingrassia - Roth Capital Partners

Michael Kupinski - Noble Financial

David Bank - RBC Capital Markets

Michael Meltz - J.P. Morgan

Operator

Good morning and welcome to the Martha Stewart Living Omnimedia second quarter 2009 earnings conference call and webcast. (Operator Instructions) At this time, it is my pleasure to introduce Dan Weinstein, Director of Financial Reporting and Planning of Martha Stewart Living Omnimedia. Dan, you may begin when ready.

Dan Weinstein

Thank you and good morning, everyone. Welcome to Martha Stewart Living Omnimedia’s 2009 second quarter earnings conference call.

Before we begin, let me remind you that our discussions will contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict. Actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors, many of which are described in our SEC filings.

Also, non-GAAP numbers are reconciled to GAAP in an attachment to our press release which appears on our website, www.marthastewart.com.

Thank you and now I will turn the call over to Charles.

Charles A. Koppelman

Thank you all for joining us this morning. Our second quarter results were in line with expectations and reflect the broader economic environment. Despite the challenging economy, we remain well-positioned with our core audiences and we continue to benefit from our diversity, our creativity, our great partners, and from our Omnimedia platforms, which help support the visibility and sales of our products.

As indicated by our Sandals announcement on Monday, we are continuing to pursue new opportunities and we still have more to come, including plans for food partnerships and a large scale retail partnership. We look forward to sharing more about these initiatives in the coming months.

Now on to our media business. The print advertising market continues to be challenging but there are several positive items across our media platforms that speak to the strength and stability of our brands, including subscriber loyalty across all of our titles, solid growth in Internet ad sales [tagged] with impressive user metrics, improved profitability in our broadcasting business, ongoing strength in cross-platform marketing programs, and continued success with new book titles.

Both Martha Stewart's cupcakes and Emeril at the Grill, a cookbook for all seasons, launched in the quarter and became bestsellers shortly after their publication. We are looking forward to the launch of Martha Stewart's dinner at home which is due out in October, and Emeril’s new book, 20-40-60 Fresh Food Fast, slated for November.

Internet had a strong quarter with total advertising revenue up 28% compared with last year. Demonstrating that our investments and ongoing development of the sites are bearing fruit.

Consumers are taking notice of our offerings and user metrics are up across the board. Page views increased 59% in the second quarter, driven by an up-tick in unique visitors and increased engagement as measured by page views per unique visitor.

One recent initiative driving engagement is the launch of our do-it-yourself weddings crafts contest, in collaboration with etsy.com. Users are invited to submit their best wedding crafts, from save the dates through wedding day attire. The launch of this program generated the highest traffic day ever to our wedding site and the highest level of engagement with 40 page views per visitor.

We have many more programs like these on tap for the months ahead.

Our broadcast segment showed improved profitability with adjusted EBITDA, posting a significant 37% gain compared to last year’s quarter. The second season of Emeril Green recently started airing on Discovery’s Planet Green network and viewer and advertiser response has been positive.

The fifth season of the Martha Stewart Show will kick off on September 14th, and it has already been sold to local broadcast stations covering more than 95% of the U.S. While household ratings are down somewhat, placing some pressure on revenue, we continue to resonate with our core demographic of women aged 25 to 49.

I am also pleased to note that the show is nominated for four daytime Emmy awards. Congratulations, Martha, and everyone who works at television, and good luck at the awards ceremony in August.

I am also pleased to report that we’ve extended our contract with Sirius XM to continue providing original around-the-clock programming on Martha Stewart Living radio. Radio is a terrific platform for us and it has also served as a launching pad for our Whatever Girls brand, which has drawn a real following on both the radio and more recently on TV where the new season of Whatever Martha returns to Fine Living Network in September.

Of course, we also work to tie our media platforms together to provide marketers a true multi-platform offering, reaching a very targeted and loyal audience. Our innovative, multimedia programs differentiate MSLO in the eyes of advertisers at a time when they are seeking out new and more powerful ways to reach consumers.

We’ve really distinguished ourselves in this area with many great programs like Purina, which we talked about on our last call. Already this year, we have secured 44% more ad revenue for Omnimedia programs compared to all of 2008.

Industry experts are taking notice too. I am proud to say that earlier this month, we were nominated for MIN Integrated Marketing Awards in three categories -- print and mobile, merchandising tie-in, and total integrated program.

And just yesterday, we announced a terrific new hire -- Janet Balis is joining us as EVP of sales and marketing. Janet is an innovative media sales professional who has held leadership positions at AOL and Time Inc. She has significant experience developing cross-platform programs for premium brands. We are excited to have her leading our team.

Now I’ll turn the call over to Robin Marino to discuss our results and initiatives in the merchandising business.

Robin Marino

Thank you, Charles, and good morning, everyone. It goes without saying that the retail environment is challenging right now and we are not immune. However, especially in these difficult economic times, we are focused on providing consumers quality and affordable luxury. That proposition is helping us hold the line on sales with many of our key partners.

Our merchandising performance in the quarter reflected a number of factors, including lower royalty revenue from K-Mart, which was expected as the relationship continues to wind down; a significant decline in near zero margin creative services revenue; an Emeril endorsement deal in the prior year; and a tough year-over-year comp in crafts since the second quarter of last year is the period when Walmart loaded initial shipments into its stores.

Despite the expected year-over-year revenue decline of 45%, our adjusted EBITDA margin in merchandising for the quarter was 56%, an improvement from 54% in the prior year quarter, showing the results from the expense reduction initiatives we previously implemented.

We continue to execute on our diversification strategy, focusing on new areas where we have strong brand equity and expertise, like weddings, cleaning products, food, and pets. Our weddings franchise is a great example of this. We started 15 years ago with our Martha Stewart Weddings magazine, which developed a passionate following and established us as the creative leader in this space.

The Martha Stewart collection of home products exclusively at Macy’s is the number one brand on Macy’s bridal registry. We further extended our weddings franchise with investments in wedding wire and pingg.com.

In May, we launched a line of co-branded social stationary products with Crane & Company, beginning with a beautiful assortment of wedding invitation suites.

And early this week, we announced an agreement to create branded destination weddings and crafts classes and camps at Sandals & Beaches Resorts throughout the Caribbean. We see a great amount of opportunity in the wedding space as we integrate all of these wonderful assets, and I look forward to keeping you posted on future calls.

The development of the Martha Stewart clean product line with Hain Celestial is complete. It encompasses 10 SKUs of all-natural cleaning products derived primarily from plants and minerals, including laundry detergent, liquid dish and hand soap, tub and tile cleaner, and more. We expect to have product on store shelves in early 2010. I am very excited about this entry into a completely new product category, a category where consumers have asked to find us. We look forward to updating you on our progress.

As I said on our last call, food is another important opportunity. We have tremendous brand equity in the space and valuable learnings from our relationship with Costco. We see great prospects for Martha Stewart food line and you can expect to hear more from us about new manufacturing partners in the months ahead.

Our pets franchise continues to gain traction with the launch last quarter of our pets channel on marthastewart.com. As I always say, media leads and merchandising follows. We expect to have news on a new partnership in this category very soon. Stay tuned.

Now I would like to provide a quick update on a few of our businesses. The Martha Stewart Collection continues to be a top performer at Macy’s. Consumers are returning to home and cocooning, as evidenced by the popularity of our cookware, enamel cast iron, bakeware, bath towels, and moderate bedding programs.

In addition to the Martha Stewart collection, Emeril’s updated line of high quality stainless steel cookware created in conjunction with all-clad relaunched at Macy’s this month. It’s also worth noting that just last week, Emeril joined Macy’s esteemed culinary council, an initiative created to impact the way consumers shop, cook, and eat at home. It’s an honor for him to be a member of this influential group of top chefs.

Sales of our core Martha Stewart crafts products remain very strong at Michael’s and Walmart. Our specialty and independent craft business is also generating strong retail results and great feedback from craft bloggers. We’ve begun expanding internationally and preliminary results in the U.K. and Japan are very positive.

We are optimistic about our new seasonal products that we will be shipping to stores in Q3 and Q4.

Total orders for our Martha Stewart for 1-800-FLOWERS program increased by approximately 5% this year during the week of Mother’s Day compared to the same period last year.

While the near-term environment is challenging, we feel very good about our merchandising strategy, our terrific partners, and our future prospects. New and expanded business opportunities, including plans for a new, large scale retail partnership, are well underway. We look forward to sharing more about them with you in the second half of the year as we position ourselves for 2010 and beyond.

Now I will turn the call over to Kelly to take you through the financials.

Kelli Turner

Thank you, Robin and thank you all for joining us this morning. Total revenues were $57 million in the second quarter of 2009 compared to $77.1 million in the prior year. The year-over-year decrease was largely due to lower magazine and merchandising revenue, as Charles and Robin have outlined.

Adjusted EBITDA for the second quarter was $2.8 million, compared to $5.3 million into the prior year quarter.

Net loss per share was $0.12 in the second quarter, versus net income of $0.01 a year ago. Included in the results is an impairment charge of $5.5 million, or $0.10 per share for the second quarter, related to the same cost base equity investment on which we took a charge last quarter. When excluding the impairment charge recorded in the quarter, net loss per share was $0.02.

Now for our performance on a segment basis.

Overall, publishing revenue was down 28% versus the prior year’s quarter. On a year-over-year basis, we continue to see the impact of the downturn in print advertising and soft newsstand. Print advertising revenue decreased 33% from last year’s quarter, due to lower ad pages and somewhat lower rates.

Circulation revenue declined 22%. Newsstand was impacted by two special issues in last year’s second quarter that we did not publish this year. Publishing adjusted EBITDA was $2.9 million, compared to $8 million in 2008.

Our Internet business had a great quarter, with revenue of $4.2 million, up 28% from $3.2 million in the prior year second quarter. Internet adjusted EBITDA was slightly positive in the quarter compared to a loss of $1.4 million in the prior year quarter.

Broadcasting revenue came in at $10.3 million, down from $11.4 million in the 2008 quarter due to softer ratings. However, broadcasting EBITDA was $1.9 million, up 37% from $1.4 million in last year’s second quarter due to lower production costs on the Martha Stewart show and lower staffing expenses.

Merchandising revenue was $9 million in the quarter, down from $15.2 million a year ago. As expected, the largest contributor to the decline in the quarter was lower royalty revenue from K-Mart as the relationship winds down, as well as a significant decline in near-zero margin creative services revenue.

In addition, the prior year quarter benefited from an Emeril endorsement program, as well as initial shipments of craft product into Walmart stores nationwide.

Merchandising adjusted EBITDA was $5.1 million in the quarter, compared to $8.8 million in the prior year’s quarter. Excluding K-Mart, adjusted EBITDA was down around 10%.

Adjusted EBITDA loss at corporate was $7.1 million in the quarter, an improvement of 38% from $11.6 million last year. Of note, the 2008 quarter included $1.5 million of certain non-recurring costs. We also saw the benefit of our expense savings initiative in this year’s quarter, including a decline in compensation accrual and costs, facility related charges, and insurance and professional fee savings.

Our balance sheet remains healthy with a net cash and short-term investment position of $36.3 million at the end of the second quarter. We finished the quarter with $53.8 million in total cash, cash equivalents, and short-term investments, and $17.5 million in debt.

We continue to manage expenses carefully and with a focus on preserving cash while making strategic investments in growth.

As we look at the third quarter, we see continued challenges in print advertising combined with softness at newsstand. We believe Internet advertising will grow nicely for the year but given some quarterly timing issues, the third quarter is not expected to show the same growth as the other quarters of the year.

We also expect additional operational investment in the second half of the year as we further enhance our website and product offerings.

In broadcasting, our core business is strong but keep in mind that Emeril’s television programming had a significant impact on last year’s quarter. And merchandising will continue to see the effects of the wind-down of our K-Mart relationship and a soft consumer spending environment.

In addition, last year’s third quarter also benefited from a one-time payment related to our program with Sears Canada, which ended in the 2008 third quarter.

As a positive contributor to second half year-over-year growth, we’ve accelerated the conclusion of our relationship with [Turbo Shout], now [Middle B], and we’ll be receiving $2 million in the third quarter and we will be recognizing the remaining revenue in the third and fourth quarters in broadcasting and merchandising.

Overall, our bottom line results will continue to show the benefit from the cost cutting actions we have taken to best manage our business through a challenging economic period.

To sum up, the near-term environment continues to be challenging for media, with limited visibility, and we continue to be impacted by the wind-down of our K-Mart relationship. We cannot control the timing of economic recovery but we are executing on the factors within our control.

We are hard at work on developing new partnerships. We have made significant reductions in our cost base and our business continues to reach consumers across our content categories and in retail stores.

All of these execution points give us confidence that we are well-positioned for a very successful future.

Thank you for joining us on our call today and we will not turn it back to the Operator for Q&A.

Question-and-Answer Session

Operator

(Operator Instructions) Our first question will come from the line of Richard Ingrassia with Roth Capital Partners.

Richard Ingrassia - Roth Capital Partners

Charles, the Meredith call just wrapped up and they are claiming market share gains in the women’s services magazine segment. Is it possible at all that their gain is your loss in this more frugal consumer environment?

Kelli Turner

I’ll take that question. You know, I think we view ourselves as in the women’s lifestyle category, not the women’s services category so we also saw Meredith’s results this morning but I think our performance is in line with who we view as our core competitive set in the women’s lifestyle category. So I think we would just say that we distinguish ourselves somewhat but we are obviously aiming for similar performance but not seeing it yet.

Richard Ingrassia - Roth Capital Partners

Okay, fair enough. I’ll stay with you then, Kelli -- I know you mentioned a few efforts already to reduce corporate overhead but you are at almost $10 million a quarter, which is 17%-ish of revenue, which is quite a bit higher than your peers. I mean, anything more to be done there, you think?

Kelli Turner

Well, I mean this quarter we were at $7.1 million, which was a reduction of 38% from almost $12 million last year, so I think we’ve been doing a lot. We did most of it in the third quarter and a little bit in the fourth quarter of last year, so I think you will continue to see a lot in the third quarter of this year. In the fourth quarter we will lap some of that but we are always very focused on costs and constantly evaluating that.

Richard Ingrassia - Roth Capital Partners

Okay, thanks. And then a question for Robin -- you mentioned some valuable learnings from your relationship with Costco. Can you say what some of those lessons were?

Robin Marino

You know, we learned how to scale recipes for really large quantity and we learned what the consumer wants from us and so as we move forward, we expect to have food available everywhere our customer shops and we are really certain about how to do it and what she wants.

Richard Ingrassia - Roth Capital Partners

Does it mean that the relationship with Costco winds down then or does it expand? Is it more important then to find other food partners to expand that business?

Robin Marino

We will have many -- you know, a diversified portfolio of manufacturing partnerships across the food product categories. That’s our plan. And we expect that Costco will buy into those food properties wherever they choose.

Richard Ingrassia - Roth Capital Partners

Okay, and last question -- it looks like you are pretty close on your tangible net worth covenant, Kelli, if I have the right definition there. Maybe you can clarify that, if I’m wrong, and do you think you will need any further relief on the covenants to stay compliant here in the second half?

Kelli Turner

Sure. Well, in the second quarter I think you saw that we amended our covenants, so our tangible net worth covenant was reduced from the $40 million to $35 million, but we are watching that very carefully. Obviously we have plenty of cash so we’re not that concerned but we are working through that.

Richard Ingrassia - Roth Capital Partners

Okay. Thank you.

Operator

Your next question comes from the line of Michael Kupinski with Noble Financial.

Michael Kupinski - Noble Financial

Can you provide a little bit more color on your international expansion in your merchandising business? How are you proceeding with the international expansion at this time?

Robin Marino

We’ve expanded crafts. Right now we’re in about seven countries. You know, it’s very easy for us to do with wholesale partnerships because it’s much easier, actually, than a retail partnership so we are in Australia, Japan, U.K., Brazil, Germany, Netherlands, and Singapore for our craft product and we’ve got some preliminary feedback from Japan and U.K. that the product is performing well, so that’s the current status. And we are working on expanding other product categories as we’ve said to you in the past.

Michael Kupinski - Noble Financial

Yeah, I remember that and I was wondering if you were actually looking for a retail partner over there or just -- or how are you looking at further prospects of additional product lines and so forth? Because I kind of thought that you were looking at a much broader retail distribution partnership.

Robin Marino

We are looking at -- you know, it varies by country because each country is different and so what we seek to find is a partner in each country that can facilitate the larger segment of our business that we currently have at a Macy’s or a K-Mart. And that -- those discussions and negotiations are underway in a number of different countries, so we are optimistic about future expansion internationally for products -- you know, further than just crafts.

Michael Kupinski - Noble Financial

Okay, and for Kelli, I was wondering, the G&A expenses were actually lower than what I was looking for so -- related to the previous question, I was just wondering, if the G&A expenses in that quarter, is that a good run-rate for the balance of the year?

Kelli Turner

So as I said on the last question, in the third quarter I think that’s fair but we did make a lot of these changes in the third quarter so some of them will begin to lap in the fourth quarter, so on a growth perspective in terms of run-rate, I think it’s relatively fair, within reason.

Michael Kupinski - Noble Financial

Okay, and the depreciation had a little step up. Is that related to the office space build-out?

Kelli Turner

Exactly.

Michael Kupinski - Noble Financial

And is that a good run-rate then for the year as well?

Kelli Turner

There is one sort of one-time charge in it this quarter, so it’s probably not a great run-rate. It’s probably a little bit lower than that, and the one-time charge is just related to some facilities expenses.

Michael Kupinski - Noble Financial

Okay. And in the publishing segment, how much of the expenses are attributed to paper cost? And if you can just talk about a little bit what the paper costs were in the quarter -- I assume they were up in the range of about 10% but --

Kelli Turner

Paper costs are actually going down and obviously given the fewer ad pages, that helps also so --

Michael Kupinski - Noble Financial

Were they down in the last quarter?

Kelli Turner

What was that?

Michael Kupinski - Noble Financial

Were they down in the last quarter?

Kelli Turner

Yes, they were.

Michael Kupinski - Noble Financial

Okay. All right. Perfect. Thank you very much. That’s what I needed.

Operator

Your next question comes from the line of David Bank with RBC Capital Markets.

David Bank - RBC Capital Markets

Thank you. Good morning. I’ve got a handful of questions here, first on the publishing side, just to clarify -- I wasn’t sure if I heard that circ revs were down 22% or circ was down 20%. Can you just clarify?

Kelli Turner

Circ revenue was down 22%.

David Bank - RBC Capital Markets

Circ revs were down 22%?

Kelli Turner

Yes.

David Bank - RBC Capital Markets

Okay.

Kelli Turner

Keep in mind though on the newsstand side of that, these two special issues did impact that -- the two special issues in last year.

David Bank - RBC Capital Markets

Okay. I guess you should have some pretty decent visibility in terms of the July book and even the August book. Could you give us a little color around that, what you are seeing in terms of trends? Maybe --

Kelli Turner

I think what we said is that we are still seeing softness in the advertising on publishing. You know, it’s Everyday Food and Body+Soul are actually showing some slightly better trends. We in the fourth quarter get to some easier comps, so we are hoping for better but the rate of decline there is definitely stabilizing but obviously we’d certainly like to see more improvement.

David Bank - RBC Capital Markets

Okay, so 3Q in terms of sequential change, not very much, is that a fair way to characterize it?

Kelli Turner

I think that’s a fair way to characterize it.

David Bank - RBC Capital Markets

Okay. Charles, could you give a little more color on the Sirius deal? Congratulations on extending the deal. Can you give us some sense of terms? Because previously we had --

Charles A. Koppelman

We will -- first of all, we are happy and excited about extending with Sirius and over the next week, we will be issuing a joint release with Sirius and you will have more clarity. But we are quite excited and happy about it.

David Bank - RBC Capital Markets

Okay. And two more questions, sorry -- the first is an easy one. The one-time payment for Sears Canada, how much was that payment for? Wouldn’t you guys --

Kelli Turner

We actually haven’t broken out the amount but I think it’s fair to say that it’s in the sort of low couple of million dollars.

David Bank - RBC Capital Markets

Okay, and then the last question, sort of bear with me on this, so my understanding would be that if you -- you know, we don’t know how soft the K-Mart sales were, you know, what the impact was kind of just general softness in retail versus the deal winding down. Is it fair to say that if you didn’t -- could you tell us if the K-Mart revenue in this quarter hit the minimum level? And if it didn’t, would you get that back in the true-up in the fourth quarter or would you actually have gotten the guarantee during the second quarter?

Robin Marino

The answer to that is that no, we didn’t hit the minimum because they are liquidating inventory, so our business is affected by getting out of inventory in anticipation of the wind-down of our agreement and we recognize that revenue in a true-up at the end of the fourth quarter.

David Bank - RBC Capital Markets

Okay, terrific. Thank you very much.

Operator

(Operator Instructions) Your next question comes from the line of Michael Meltz with J.P. Morgan.

Michael Meltz - J.P. Morgan

Thank you. I actually jumped on late, so I apologize if you covered this but the last question there on K-Mart sales, can you -- they are liquidating. The first quarter I think the number was down 55% or so year over year. Was it comparable in the second quarter, please?

Kelli Turner

Yes, absolutely.

Michael Meltz - J.P. Morgan

Okay, and so you would certainly be -- I mean, your minimum this year including the recoupment is what, low 20s million dollars?

Kelli Turner

That’s fair, and we’ll see that in the fourth quarter.

Michael Meltz - J.P. Morgan

Right, so you are doing what, $3 million a quarter right now and then you should certainly get a good nice pick-up in the fourth quarter, I would think. Is that fair?

Kelli Turner

Yes, so it was $2.7 million this quarter. I think you should expect it to be less than that next quarter and then the nice pick-up in the fourth quarter.

Michael Meltz - J.P. Morgan

And Q1 was what, 3.5 or something?

Kelli Turner

Yes.

Michael Meltz - J.P. Morgan

Okay. And you might have touched on it, I assume you touched on this in the opening -- give us an update more on what you are doing to replace that contract when -- I mean, now we are in the second half of the year and it is certainly being liquidated there. When should we expect to hear about an announcement of some sort, or announcements?

Robin Marino

Michael, as we have said on all of the other calls that you have been on that we fully expect a seamless transition here and we look forward to an announcement about it and other partnerships as well in the second half of this year.

Michael Meltz - J.P. Morgan

Okay. And then last question for me -- Kelli, I have seen the ad page data as well but in terms of what you are saying about the third quarter, I don’t think I understood the answer to the prior question. I mean, your comps are a lot easier in the third quarter than in the second quarter. Are you expecting absolute ad -- maybe that’s the question. Do you expect absolute ad revenues to be much different in the third quarter than the June quarter?

Kelli Turner

I would say --

Michael Meltz - J.P. Morgan

As opposed to -- I mean, year over year declines will certainly be a lot less.

Kelli Turner

Well, no, here’s the way to think about it -- I mean, actually the percentage, the rate of decline is similar in the third quarter to what we saw in the second quarter.

Michael Meltz - J.P. Morgan

Okay. Even though the comps, you were down --

Kelli Turner

So I understand that the expectation was that we had easier comp. You know, we are still seeing similar rates of decline. They are not getting worse but we are still seeing similar rates of decline in the third quarter. We are obviously hoping that those easier comps help more as the year progresses.

Michael Meltz - J.P. Morgan

Okay. All right, thanks for your time.

Operator

We have no further questions at this time. Are there any closing remarks?

Kelli Turner

No. Thank you for joining us.

Operator

Ladies and gentlemen, this does conclude today’s teleconference. You may all disconnect.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: Martha Stewart Living Omnimedia Q2 2009 Earnings Call Transcript
This Transcript
All Transcripts