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 NEW YORK (AP) - Martha Stewart Living Omnimedia Inc. on Wednesday posted a fourth-quarter profit, boosted by a sharp rebound in advertising revenue at its flagship Martha Stewart Living magazine.
The results beat Wall Street estimates and signaled that the brand's turnaround was in full swing. Investors were pleased, and shares rose $2.39, or 14 percent, to close at $18.88 on the New York Stock Exchange, where they have traded in a 52-week range of $16.28 to $37.45.
For the three-month period ended Dec. 31, the New York-based multimedia company posted net income of $2.95 million, or 6 cents per share. That compares with a loss of $7.33 million, or 15 cents a share, in the year-ago period when its namesake founder was serving a five-month prison sentence for lying about a stock sale.
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