Investor/Media Contact:
Martha Lindeman


Fourth Quarter Segment Income Up Over Prior Year
Restructuring and Impairment Charges Reflected in Net Loss

CHICAGO, Wednesday, February 18, 2009 – Playboy Enterprises, Inc. (PEI) (NYSE: PLA, PLAA) today reported a net loss for the 2008 fourth quarter ended Dec. 31 of $145.7 million, or $4.37 per basic and diluted share, which included impairment, restructuring and other charges totaling $157.2 million.  This compares to a net loss in the 2007 fourth quarter of $1.1 million, or $0.03 per share, which included a $1.9 million charge primarily related to the sale of the company’s television studio and a $2.6 million tax benefit.

Fourth quarter 2008 segment income was $1.1 million versus $0.0 million in the prior year quarter.  The improvement reflected higher Entertainment profits and reduced Corporate Administration and Promotion expense, partially offset by lower Licensing profits resulting from weak consumer demand globally.  Revenues declined to $69.8 million from $85.9 million in the 2007 fourth quarter, in part related to the television studio sale and the outsourcing of the company’s e-commerce business.

PEI Interim Chairman and Chief Executive Officer Jerome Kern said: “Playboy continues to enjoy a unique, globally popular brand.  However, our financial performance is not reflective of its potential.  Over the past several months, the company has accelerated the pace of expense reductions designed to bring our cost structure in line with current market realities and the positioning of our businesses going forward.  The results of our efforts to date should be meaningful, but in the face of current economic conditions, it is clear that our streamlining initiatives need to continue.

“At the same time, we are focused on profitable revenue growth,” Kern said.  “We believe that our licensing business will continue to be a long-term growth engine for the company, in spite of the pressure on consumer spending that affected fourth quarter results.  We also have signed two entertainment venue deals, one of which could open even before Playboy

The following information was filed by Playboy Enterprises Inc on Wednesday, February 18, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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