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

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

Q2 2010 Earnings Conference Call

July 28, 2010 11:00 am ET

Executives

Katherine Nash - IR

Charles Koppelman - Executive Chairman

Robin Marino - President & CEO of Merchandising

Kelli Turner - EVP & CFO

Analysts

Michael Meltz - JPMorgan

Dave Kestenbaum - Morgan Joseph

Michael Kupinski - Noble Financials

David Bank - RBC Capital Markets

Operator

Good morning and welcome to the Martha Stewart Living Omnimedia second quarter 2010 earnings conference call and webcast. All participants will be in a listen-only mode until the question and answer session of the call. At the request of Martha Stewart Living Omnimedia this call is being recorded and anyone with objections should disconnect at this time.

At this time, it is my pleasure to introduce Katherine Nash, AVP Investor relations and Corporate Communications of Martha Stewart Living Omnimedia. Katherine, you may begin when ready.

Katherine Nash

Thank you and good morning, everyone. Welcome to Martha Stewart Living Omnimedia's 2010 second quarter earnings conference call.

Before we begin, let me remind you that our discussions will contain forward-looking statements, which are made pursuant to the Private Securities 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 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 at marthastewart.com.

Thank you, and now I'll turn the call over to Charles.

Charles Koppelman

Thank you and good morning. At the mid point of 2010, we are holding our own in the market place, as we continue to aggressively build out our merchandising and broadcasting businesses and grow our engineering business.

We look forward to the launch of our new block of programming on Hallmark Channel in September. This is a significant move for the company, allowing us to expand our media presence, while establishing and building our brands and talent.

In publishing, we are seeing ongoing stabilization in advertising revenue. Our flagship magazine Martha Stewart Living has solid quarter, which continue to add page growth into the third quarter where the August issue was up 29% year-over-year.

We are also getting terrific results with our forthcoming small issue of weddings which has already reached the 2008 levels. Martha recently traveled to Asia and Turkey for our television show. She was met with tremendous enthusiasm from international consumers who are familiar with Martha and our media offerings to our TV programming which airs in more than 70 countries from Australia to Yemen.

Also, when number of our international publishers are interested in bringing our magazine to their readers in fact, we recently announced plans to introduce Martha Stewart Living Magazine in the U.K. The first issue was expected to launch in September and was distributed on a monthly basis throughout the U.K., New Zealand and Australia.

We also expect to launch everyday food and Martha Stewart weddings in Dubai in the coming months. Both additions will be distributed in a number of Middle Eastern countries.

By October, we will have a total of eight international additions of our magazines in circulation in more than a dozen countries. These developments are not in an [and] of themselves game changing, but they signal our commitment to the international market place and the opportunity we see here for our company. As we often say, media lease and merchandising follows.

Other developments in the quarter include the publications of Chef Emeril Lagasse's Farm to Fork in both print and digital formats. And the recent launch of our first Martha Stewart e-book, the best selling everyday food, fresh flavor fest. Speaking of everyday food, our Martha Stewart's everyday food app for the iPhone and iPod touch has been downloaded over a 160,000 times, since it launched less than six months ago.

And 38% of our, iPhone app users have registered on our website to sync content with their shopping list. This indicates that our individual platforms are successfully driving engagement across our [immediate] assets.

Our internet business had a strong quarter, with total advertising revenue up 13% compared with last year. According to comScore panel data, unique visitors in the quarter increased 9% year-over-year.

Overall unique visitors are up 15% in the first half of 2010, compared to the prior year period. It's also worth mentioning that our brand shows great vitality as a destination online. One third of visitors are coming directly to martha stewart.com rather than discovering it through search engines.

We continue to make product enhancements to our site, that show real results. We refined and upgraded search based on relevance and consumer insights. And we've upgraded our news letter program, doubling the number of email registrations we receive daily. In fact, MediaPost online magazine recently named MSLO in the top 20 of its 100 most important online publishers.

Now onto broadcasting, the Martha Stewart showed fifth season in syndication is winding down. The season wrapped in May though the show will continue to air in re-runs through early September. We are now in a transition, as we prepare for our move to hold long channel which reaches 90 million households in the U.S. with a strong viewership of women ages 25 to 54. It's an attractive demographic that is right in our sweet spot.

Hallmark Channel had great success with a block of lifestyle programming at their upfront which is real testimony to the strength of our brands. Reduction is already underway and we are looking forward to the launch on September 13th. The line up will be anchored by the Martha Stewart show, which I'm happy to report, was recently honored with a Daytime Emmy Award, MSLO's 16th, this time for outstanding lifestyle program.

This series will be followed by Whatever with Alexis and Jennifer an hour long tropical talk show with our Whatever stars Alexis Stewart and Jennifer Hutt. Following their talk show will be a 30 minute cooking show called Mad Hungry with Lucinda Scala Quinn. Lucinda is our accomplished executive food editor, she is also the host of the Martha Stewart living radio show EatDrink, our co host of Everyday Food on PBS and the author of several popular cook books.

From 12.30 to 4 PM Hallmark Channel will air episodes from MSLO's extensive library of television content including seasons 1 to 4 of our Everyday Food series programming with MSLO Pet TV expert Marc Morrone and more. The block will conclude with on court airings of the Martha Stewart, in short our programming on Hallmark channel air from 10 AM to 6 PM every weekday ensuring that consumers will know exactly where they can find our unique lifestyle programming everyday.

In addition, Martha's prepared for two-hour long prime time specials, celebrating Halloween and Christmas on Hallmark channel, as well as two primetime interview shows with movers and shakers in the fields of fashion, entertainment, politics and culture. For the first special expected to air on September 19, Martha will be talking to some of the biggest female icons in the fashion world.

Emeril also continues to be a draw as a TV personality. He is helping to launch the Food Network's new cooking channel with his Fresh Food Fast show, which debuted on July 10. We continued to have interesting conversations about additional TV opportunities for Emeril, and we'll keep you posted on any new developments.

On that note, I'll turn the call over to Robin to discuss our results and initiatives in the merchandising business.

Robin Marino

Thank you Charles and good morning everyone. We had a strong second quarter in merchandising, which was marked by the expansion of our offerings at the Home Depot, solid performance at Macy's, and the launch of our new Martha Stewart Pet finding products, exclusively at PetSmart stores, and on petsmart.com.

Revenues were up 31% over the prior year's quarter. The quarter included an additional 2.2 million in revenue from the early termination of our agreement with 1-800-Flowers.com, excluding this revenue but including significant Kmart revenues in the prior year. Merchandizing revenue was up 7%.

Now for some highlights, our Martha Stewart leading line of home products at the Home Depot continues to perform well. Our patio furniture had a strong sell through. It also demonstrated very strong online penetration. In the second quarter, we completed the launch of our paint line and began rolling out a new carpet program.

Our Martha Stewart carpet program features 36 easy to clean, durable nylon styles in the range of colors that coordinate with other paint palette. We are pleased to be working with Shaw Industries, the largest flooring manufacturer in the world. We'll continue building on our offerings at the Home Depot with the introduction of the cabinetry program in the fall featuring customized counter tops and hardware followed by our holiday seasonal assortment.

Our Martha Stewart collection at Macy's remains a cornerstone of our merchandising business with a solid performance in the quarter. Macy's CEO Terry Lundgren recently described our brand of housewares as a home run. Top performers in the quarter included our moderate betting sets quilts 400 Thread-Count Percale Sheet, bedding basics, kitchen gadgets and food storage.

And this fall marks the debut of Martha Stewart Essentials. Our new lower price point programs for bedding, towels and cookware. In addition, following the success of the spring marketing campaign Macy's stepped up their marketing commitment for the fall. As part of this campaign, Martha will be featured in a new Macy's commercial premièring in September.

With the launch of Martha Stewart's pets line we now have a presence in all pets markets nearly 1200 stores in the US and Canada. The line features a wide range of high quality stylish products for pets including apparels, collars and leashes, bedding, feeding, grooming and bathing supplies and more than 50 toys. It also reflects Martha's well known dedication to pets and their care. She tested the products herself as demonstrated in the marketing campaign that launched this week.

Since the line was rolling out at the end of the quarter, we don't have a lot of color on performance but we are very excited to have a presence in this space. Pets is a thriving category in 2010 consumers are expected to spend an estimated $50 billion on pet related products. So there is clearly a lot of opportunities for us here. Martha Stewart class continues to perform well with double-digit growth in retail sales at Michael's and independent retailers led by core offerings such as craft tools, punches, glitter and embellishments.

In early June, our products were once again featured on QVC UK with terrific results. We had higher than expected sales surveys and orders per minute. Clearly, home shopping is a great form for our craft products and we are continuing to expand in this channel.

Just last week Martha made a debut at HSN at midnight kicking off a TS or Today's Special featuring four of our punches at 39, 99. The results were excellent, our TS sold out quickly and we exceeded HSNs plans for total craft sales for the day. Additional shows were already planned for this year and for 2011 when we expect to expand into other category beyond crafting.

And now on to Emeril during the quarter just in time for the grilling season Emeril launched its new line on red marble steaks with Allen brothers, which is available for purchase online, his coffee line with Timothy's delivering strong double-digit growth in retail sales at Macy's, Bed Bath & Beyond calls and on Amazon just to name a few.

Emeril's all clad cookware which is available at Macy's, Bed Bath & Beyond, HSN and other retailers also performed very well. All in all, it has been a strong quarter with solid performance from core programs and the launch of an exciting new partner set. And now Kelli will take you through our financials.

Kelli Turner

Thank you Robin, total revenue was 55.3 million in the second quarter of 2010, compared to 57 million in the prior year period. Adjusted EBITDA for the second quarter was 1.8 million, compared to 2.8 million in the prior year. Net loss per share was $0.02 in the second quarter, versus a loss of $0.12 a year ago included in the 2009 second quarter result was an impairment charge of $0.10 per share in the merchandizing segment. Now, for our performance on a segment basis.

Overall publishing revenue was 30.6 million, compared to 33.5 million in the prior year. Keep in mind that the second quarter last year included the spring issue of weddings, which was recorded in this year's first quarter. Excluding the weddings issue, advertising revenue was up 3% and circulation revenue was down 10%, compared to the prior year, publishing adjusted EBITDA was 2.3 million in the second quarter of 2010, compared to 2.9 million in the prior year.

Broadcasting revenue was 8.2 million compared to 10.3 million in the prior's quarter. The decrease was driven by lower revenue on the Martha Stewart shelf, lower radio revenue and the absence of TurboChef revenue. Broadcasting adjusted EBITDA was a loss at 1.3 million in this year's second quarter, compared to a positive 1.9 million last year, primarily due to lower revenue as well as expenses related to Emeril Lagasse show on ION.

Total internet revenue was 4.7 million in the quarter, up from 4.2 million in the prior year. Internet ad revenue increased 13%, internet adjusted EBITDA was breakeven, essentially flat compared to the prior year.

Merchandizing revenue for the quarter, totaled 11.8 million, compared to 9 million in the prior year. As Robin mentioned included in these results is an additional 2.2 million in revenue from the early termination of our relationship with 1-800-FLOWERS.com.

Merchandising adjusted EBITDA was 7.7 million, compared with 5.1 million in last year's second quarter. Adjusted EBITDA for corporate was negative 6.8 million in the quarter, improved from negative 7.1 million in the prior year due to lower facilities related expenses.

Our balance sheet remains healthy, we finished the period ended June 30th 2010 with 43.4 million in cash, cash equivalent and short term investments and 12 million in debt.

Looking ahead to the third quarter, we expect to see continued stabilization in print advertising. On an apples-to-apples basis, we expect advertising revenue to be about flat over the prior year. It's important to know that the fall issue of weddings will be recognized in this year's third quarter, but was recognized in last year's fourth quarter.

So internet in the third quarter, we anticipate strong, double-digit ad revenue growth compared to last year. Broadcasting revenue is expected to be down due to the absence of Turbochef which was in last year's third quarter.

Lower radio revenue as well as the timing of Whatever, Martha! As we continue to wind down this indication, revenue from the Martha Stewart show is expected to decline, but not as much as this year's second quarter. As we expect to start seeing the initial benefit of our partnership with Hallmark channel in the last three weeks of the quarter.

On our last call, we said we expect the growth in merchandising revenue and EBITDA including Kmart in the third quarter. Now, taking into account the early termination of our 1-800-FLOWERS program, we believe merchandising revenue in the third quarter will be flat to slightly down including Kmart and up in the double digits excluding Kmart.

We also discussed our 2011 EBITDA for merchandising same we believed it would be around 35 million. Obviously, there is less visibility today particularly in light of the recent weakness in consumer confidence and other economic indicators. However, assuming the economy cooperate we still believe that target is achievable.

In closing, we feel good about our position, as we begin the second half of 2010 or entering a new era in our broadcasting business with the upcoming launch on Hallmark Channel.

Our merchandising business is performing well, as we continue to build on our offering. We look forward to keeping you updated in the months ahead.

Thank you for joining us on our call today. We will now turn it back to the operator for Q&A.

Question-And-Answer Session

Operator

Thank you. The floor is now open for questions. (Operator Instructions). Our first question will come from the line of Michael Meltz with JPMorgan.

Michael Meltz - JPMorgan

Thank you, I think I have three questions. Kelli, can you give us, in the second quarter just a clean up. What were the actual dollars of the advertising in circulation revenues at publishing? And then I have two follow ups.

Kelli Turner

Sure, happy to do that. So, in publishing in the second quarter total circulation revenues were 11.2 million and total advertising revenues were 18.5 million.

Michael Meltz - JPMorgan

Okay. In the third quarter you said you will be flat apples-to-apples, what is the contribution from weddings and then secondly why would you only be flat if MSL, the August issue pages looked excellent, what are you incorporating there the rest of the quarter?

Kelli Turner

Sure, a couple of things, so we are not going to break out the exact contribution from weddings but as you know weddings will be a positive for us in the third quarter because we will have one issue of weddings in this year's third quarter and we had no issue of weddings in last year's third quarter. In terms of your question, August has been very strong at MSL; we had strength at Martha Stewart Living, our flagship magazine and the Weddings. We've experienced a little more difficulty in some of our other magazines and whereas paging has been strong there is still some pressure on pricing. So I think it's a couple of things, August was strong but one month, does that make a trend and I think we are seeing that we have a good issue and then we sometimes have less good issues. So it's been hard to really establish the right trend and again we hope to be what we are saying but we like to be conservative in giving forward-looking information.

Michael Meltz - JPMorgan

Okay. At the TV segment, your broadcasting segment, you have talked about a step down being; I don't think I understood whether you are talking about the third quarter, where should we be expecting revenues at that business from the third quarter?

Kelli Turner

Sure. So, what I said in terms of the end of the quarter as we will be launching on Hallmark, September 13 as you know. That will start positively impacting our financials a little bit in the third quarter and more in the fourth quarter. So for the third quarter in broadcasting as we said we expect revenues to be down due to several factors, one of which is TurboChef in last year which isn't there in this year. But as we move towards the fourth quarter next year, we expect Hallmark to begin to have a positive impact.

Michael Meltz - JPMorgan

You did 8 million of revenues in the second quarter, is it fair to say the September quarter will be below that number?

Kelli Turner

No, I don't think that's necessarily fair to say.

Michael Meltz - JPMorgan

Okay. And then last question, do you have a new flowers' partner, what's the background on that contract being terminated?

Robin Marino

This is Robin, Michael. After discussions regarding [renewal] we really couldn't come to terms and so we determined that it would be best to end really. And we are very excited about the flowers business. We think we have a lot of opportunity in this space and we're exploring new opportunities as we speak.

Michael Meltz - JPMorgan

Okay. Thank you Robin.

Operator

Our next question will come from the line of Dave Kestenbaum with Morgan Joseph.

Dave Kestenbaum - Morgan Joseph

Can you talk about your magazine, your international magazine deals? How are you structuring them? Is it going to be kind of a royalty or are you actually going to be responsible for it?

Kelli Turner

Sure. So our international magazines are on a license basis. So it's purely a royalty.

Dave Kestenbaum - Morgan Joseph

Okay. And then far as the merchandizing, can you talk about, give us a sense of what your organic growth was in that business? I mean if you, if you take out 1-800-Flowers so you did 9.6 million this year. If you take out the Kmart royalty last year you would have done 6.3 which is really good growth but what's organic, some of these new initiatives and what's from the past?

Kelli Turner

So I mean Marino I don't know if you want me to start here but I mean I think what I would say is we're very encouraged by, even with Kmart in we've still shown growth in taking out this one time payment. We're still showing growth. Obviously, there's a lot of it that's due to new business as you will expect it and so Home Depot is a big relationship that we launched. However with our current businesses we're seeing nice results at Macy's and in crafts and our other business. So I think it's obviously a lot related to new businesses as we have been telling you as Kmart winds down but the other businesses are performing quite well also.

Robin Marino

Yeah, I mean I think that we've been saying all along that we are really building a platform of diversification and moving into the product categories where we know we have very strong brand equity. The good news is on businesses that we are anniversarying, our comps are up strong single and double digits and our new businesses that we've been recently executing at the launch stage are performing in accordance with the retailer's expectations and beyond.

Dave Kestenbaum - Morgan Joseph

Okay, thanks. And can you just finally tell us what happened with Emeril on the Ion show and why there was no real contribution on revenue. Thanks.

Charles Koppelman

Well, I think the answer to that is, it was the wrong network for Emeril and, Emeril's new show on the food network is going to do quite well and we are exploring some new opportunities for Emeril. So you will see him with new shows coming New Year.

Dave Kestenbaum - Morgan Joseph

Okay, thanks.

Operator

Our next question will come from the Michael Kupinski with Noble Financials.

Michael Kupinski - Noble Financials

Thanks for taking questions, I just have a quick few here, in the publishing business can you talk about the outlook for operating expenses as you go into the third quarter.

Kelli Turner

Sure, so as we look at expenses in the third quarter and beyond actually as everybody knows there's been this proposed postage increase in January 2011. So the magazine industry is strongly lobbying against that and we will have to see what happens on that but obviously that's out there. The other thing that I think is important to consider as we move later in the year, into next year is paper prices which have started to go up. So that's something to consider. But I think for expenses that we can control, our expenses are relatively in line, there are some increased circulation expenses in the later part of the year. But in terms of staff and added costs you those are more stable.

Michael Kupinski - Noble Financials

In the merchandizing what was the year earlier benefit from 800 flowers in the third and fourth quarter? I mean just on a comp basis, how much revenues were you deriving from that business?

Kelli Turner

Yes, so we actually don't break out revenue by partner as you know. So unfortunately it's hard to comment on that.

Michael Kupinski - Noble Financials

Yes you know I mean as we look at the comp still going forward and merchandizing I mean if we were say, it's like in a 1 or 2 million range, I mean it certainly would be in the ball park?

Kelli Turner

On a quarterly basis I think that's high.

Michael Kupinski - Noble Financials

Okay and it seems like the outdoor furniture, obviously sold very, very well in our Home Depot stores, with most of that benefit in the second quarter, or will that kind of flow through into the third quarter?

Robin Marino

I think you can assume that they are pretty much sold out Michael. So it's going to be, it's a second quarter event.

Michael Kupinski - Noble Financials

And in the contribution from PetSmart relationship that I know those that was just kind of ramping in the second quarter, were those significant in terms of contributions in the second quarter, or should we start to see more significant impact from PetSmart in the third quarter?

Robin Marino

There was really no ramp in the second quarter at all. They were just setting stores, so they really only got their stores set on the very, very back end of the month of July.

Michael Kupinski - Noble Financials

Okay. And in terms of the revenue drivers in the internet, can you talk a little bit about the, add maybe a little bit more color in terms of the revenue expectations for the third quarter?

Kelli Turner

Sorry Mike can you repeat that please?

Michael Kupinski - Noble Financials

Yeah, if you could just talk, add a little bit more color about the internet growths that you are talking about in the third quarter?

Kelli Turner

Sure, we are just seeing sort of very strong demand out there right now are into rest of the third quarter as you know we try not to give information that we don't pretty much know. So our Internet for the third quarter already looks very strong and we feel good about that. So strong demand as just what we are seeing out there.

Michael Kupinski - Noble Financials

Is there any in terms of the internet I know that you have been kind of reinvesting that business to grow it. What are the thoughts in terms of making this a bit more profitable I guess contributed to the total company?

Kelli Turner

The thoughts are that we would like it to be more profitable. We have said obviously that we continue to invest this year but we are very focused going forward on how this can be a significant and profitable business.

Michael Kupinski - Noble Financials

Okay, great, thank you.

Operator

(Operator Instructions). Our next question will come from the line of David Bank with RBC Capital Markets.

David Bank - RBC Capital Markets

Thanks, good morning. Couple of follow-ups I think the first is can you just go over something I think you said with reference to magazine I just want to make sure I understand there is actually kind of a headwind in the third quarter, right? Where you have an additional, an year-over-year basis you have an additional issue of weddings that you didn't have a year ago. Right, so to make sure I heard that right?

Kelli Turner

Yes, so that would be a positive. So the numbers will look better as reported in the third quarter.

David Bank - RBC Capital Markets

Okay. And…

Kelli Turner

Just to make it clear. David just so everybody knows I think it might be helpful just quickly to explain this year we have an issue of weddings in every quarter. So, spring in the first quarter, summer was the second quarter, fall in the third quarter, winter in the fourth quarter. Last year there was nothing in the first quarter, spring and summer in the second quarter, nothing in the third quarter and fall and winter in the fourth quarter.

David Bank - RBC Capital Markets

In the modeling basis is it, should we assume that we are sort of back of the once a quarter run rate for weddings or could we see some probability in the publishing dates again.

Kelli Turner

I mean going forward I don't have that fact for 2011 right now, right here. But I may, I think every year on a annual basis the modeling shouldn't change on a quarterly basis I can't tell you that for certain right now.

David Bank - RBC Capital Markets

Okay, so I guess going forward and so if you think about a little about of a tailwind coming behind you and publishing and you got this data point of Martha Stewart Living up 28%, I am trying to make that jive with the kind of flattish directionality of magazine in the third quarter.

And what is the differential between surprising an, out pages right now. How do we think about then, and I realize that 28% is particularly strong. But you should have some pretty good visibility on September. Can you give you give us a sense of where September averages are and a little bit more perspective on pricing and I, then I have a follow-up.

Kelli Turner

So September out pages if I give you a sense they are not going to help, they are going to make your question more confusing because September out pages were still seeing strength at Martha Stewart Living. So overall there is a couple of things, one is we like to be conservative and we hope to beat what we said in terms of flat on an apple-to-apple basis. Two, is that we do have four magazines and we are seeing more strength at our flagship market store at living and at weddings.

So that is obviously figuring into it and then third as we mentioned there is real pricing pressure out there in the market. We are doing our backs to hold pricing but it is competitive and when our competitors lower prices we are forced to be more flexible and so there is some pricing pressure out there.

David Bank - RBC Capital Markets

Got it okay, and I guess started this year so far on the broadcasting things because you sort of hit it before but I think we understand the directionality and the revenue side, on the expense side I am still not quite sure some lumpiness from Emeril this quarter, can you give us directionality on a year-over-year basis on the expense side for broadcasting?

Kelli Turner

Going forward?

David Bank - RBC Capital Markets

Just for the third quarter?

Kelli Turner

For the third quarter in broadcasting on the expense side, we obviously are investing in new programming but that's more capitalized on the balance sheet and expenses the revenue comes in, so on the expense side, in this quarter there were something a little bit different with Emeril show on ION but in next quarter broadcasting expenses should be much more in line with normal.

David Bank - RBC Capital Markets

Okay and I am sorry, one last question I feel like Columbo, can you give us a sense of how much time which I say left on the original flowers arrangement?

Kelli Turner

Sure, yes, the deal was expected to end at the end of the first quarter 2011.

David Bank - RBC Capital Markets

Okay, thank you very much.

Kelli Turner

Thanks, David.

Operator

There are no further question at this time. I would like to conclude today's conference call. And thank you for everyone for joining Martha Stewart Living Omnimedia second quarter 2010 earning conference call and webcast. Have a good day.

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, Inc. Q2 2010 Earnings Call Transcript
This Transcript
All Transcripts