Playboy posted a net loss of $13.7 million in the first three months of the year, with annual revenues at its glossy men's entertainment magazine down 16 percent, the Chicago Tribune reported Thursday.
Playboy Enterprises said it expected print advertising revenues to decline 39 percent in the second quarter, compared to the second quarter of 2008.
Combining two months editions into one magazine fueled worry that readers would have only 11 centerfolds by year's end. To get through the possible debacle, Playboy will feature twin centerfolds for the July/August edition, Crain's Chicago Business reported.
Interim Chief Executive Officer Jerome Kern said, "I envision having a magazine, but I don't want a magazine that's in the ICU all the time."
Kern replaced Christie Hefner, company founder Hugh Hefner's daughter, who resigned as CEO earlier this year. The company is currently looking for a permanent replacement.