Playboy Enterprises Inc. posted net income of $549,000, or 6 cents a share, in the fiscal first period, breaking a string of six consecutive unprofitable quarters.
The Chicago publishing, product licensing and video entertainment concern attributed the latest showing largely to improved results from its video group and a pretax gain of $1 million from a real estate transaction.
The first-period profit was in contrast to a net loss of $2 million in the year-earlier period ended Sept. 30. The year-earlier results included a loss of $1.2 million from discontinued operations.
Revenues fell 15 percent, to $40.3 million from $47.6 million.
The company said each of its three major business segments contributed to profits in the latest quarter. The latest results also were boosted by a tax loss carryforward credit of $285,000.
Playboy said its improved video results reflected a greater number of home videocassette releases than in the year-earlier period and the company`s assumption of the marketing and distribution of its pay television offerings. Playboy previously had contracted with an outside company for those services. During the latest period, the company posted a $1 million pretax gain on the sale of its mortgage position, held since 1981, in a Miami Beach hotel.
