June 28, 2006 | SmartMoney | SEX MIGHT SELL, but it doesn’t sell stocks. Consider the abysmal performance of Playboy Enterprises (PLA: 9.52, -0.02, -0.2%), whose shares fetch 9 apiece, just as they did in 1992. In fact, they’ve lost ground since founder, controlling shareholder and “chief creative officer” Hugh Hefner, now 80, took the company public in 1971.Playboy lately has been bedeviled by losses at its once-profitable magazine, competitive pressures in the U.S. television business and the proliferation of soft and hard-core pornography on TV and the Internet.
The company last month warned Wall Street that its 2006 profits would be sharply below estimates, which sent the stock skidding from 13. Wall Street now looks for profits of about 25 cents a share, compared with prior projections of 65 to 70 cents, and earnings of 56 cents in 2005.
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