March 31, 2000 05:53am
Playboy changes accounting for TV venture
(CHICAGO, IL) -- Adult entertainment media company Playboy Enterprises Inc. (NYSE:PLA - news) has changed its accounting for an international television venture formed last year and has changed its 1999 third quarter results to reflect a loss instead of a profit.
Under the new accounting treatment, Playboy has taken an additional nonoperating loss of $11.5 million related to the formation of its Playboy International TV joint venture, the company said.
Playboy has revised its results for the third quarter ended Sept. 30, 1999 to show a net loss of $1.1 million, or 5 cents a diluted share instead of a profit of $5.3 million, or 24 cents per basic and diluted share.
Net losses for the fourth quarter and year now total $200,000 and $5.3 million, or nil and 23 cents a basic and diluted share, respectively, the company said.