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Running out of STEAM.(Markets)(Playboy Enterprises Inc.)
Crain's Chicago Business, September, 2006 by Meyer, Gregory
Byline: GREGORY MEYER It's been a stressful year for the Playboy bunny. In December, Playboy Enterprises Inc. CEO Christie Hefner enticed investors with the promise of up to 25% profit growth. In July, the company reported a second-quarter loss and said it expects to lose more money this quarter.
Ms. Hef-ner has chopped her profit forecast to less than a fifth of last year's earnings per share. While she promises robust growth as the company expands its television, Internet and licensing businesses, many investors have bolted. Playboy's shares are down 32% this year, closing Friday at $9.45. They traded as high as $15.88 in November. "Their biggest businesses are the ones that are declining or having the slowest growth,'' says Michael Kelman, an...
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