Posted on: Wednesday, May 11, 2005
Shareholders greet Stewart warmly
Advertiser News Services
NEW YORK — Martha Stewart had a coming-out party of sorts yesterday — her company's first annual meeting since her release from prison. Cookies were served.
Looking trim in a taupe pantsuit and pastel blue blouse, Stewart, 63, got warm applause as she thanked shareholders at the Equitable Auditorium in midtown Manhattan for their support "during our personal difficulties."
Associated Press "It won't happen overnight, but we are encouraged" about the warm reception from customers and advertisers since Stewart's return, said Lyne, who replaced longtime executive Sharon Patrick in November in a management shake-up.
The mood at this year's shareholders' meeting was clearly more upbeat than a year ago, when Stewart was awaiting prison sentencing. Stewart, who completed a five-month prison sentence in March for lying about a stock sale, is now serving five months of house arrest.
Company officials are counting on a revival of Stewart's TV career, spearheaded by two deals struck with reality TV guru Mark Burnett. One is a revision of her daily homemaking show, set to air Sept. 12; the other will have Stewart star in her own version of Donald Trump's "The Apprentice."
No date has been set for Stewart's version of "The Apprentice," though Stewart said she has begun filming the show.
Linda Cullinane of Long Island, one of about 150 shareholders on hand, said she bought shares of Martha Stewart Living Omnimedia Inc. at $12 two years ago, just before Stewart was hit by a federal indictment.
Cullinane, a longtime fan who subscribes to Stewart's magazines, said the purchase was less an investment and "more a moral support thing."
The shares closed yesterday at $25.20, up 9 cents.
Stewart told shareholders during the hourlong meeting that the multimedia company's turnaround is being positioned for September, when her revised daily TV show and 24-hour radio program will begin airing. But President and CEO Susan Lyne cautioned that returning to profitability will take time.
Martha Stewart said yesterday that her company's turnaround is targeted for September.
