Martha Stewart Earnings Go to Hell, New CEO Needed

24/7 Wall St.

Blueberry PieThe first-quarter results for Martha Stewart Living Omnimedia Inc. (NYSE: MSO) could not have been worse. The company desperately needs a new chief executive to take both the firm and Martha Stewart herself in hand. Stewart controls the public corporation, so she would have to agree with the board to act in what is clearly her own best interests. Without a new leader, her share in Martha Stewart Living Omnimedia will be worthless.

The company reported that revenue fell from $49.8 million to $37.2 million. The quarter saw a net loss of $3.3 million, or $0.05 a share, the same as in the year-ago period. The worst numbers were for publishing, the largest division. Revenue fell from $30.8 million to $24.5 million. Revenue in the broadcasting operation was also pound down from $5.4 million to $1.2 million. Some of the drop in revenue had to do with a…

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