Playboy's (NYSE: PLA) shares are hovering near a 52-week low as I write this. The catalyst, you ask? The sexy company reported some dismal earnings this week. Net sales decreased 8%. The net loss came in at $0.09 per diluted share versus positive net income of $0.04 per diluted share in the previous year's quarter.

Even if you look at some of the adjustments, the Playboy story just isn't a seductive one. And according to a Reuters article, expectations were for a profit of $0.06 per share after adjustments. The net income of each Playboy operating division headed in a downward direction. And publishing, well -- that's been the saddest segment of all for a while now.

I have a question for Christie Hefner: Are you serious about turning your father's company around? Seriously. I've been giving Playboy the benefit of the doubt now for quite some time, and I'm not sure I can do that anymore. I want to, believe me; I'm a guy who has always been in love with the Playboy lifestyle. And, remember, the invitation is always open if you need me to come over to the Mansion to help you generate some new marketing strategies.

I actually do have one suggestion you might be interested in -- ever think of branching out and investing in the mainstream movie business like World Wrestling Entertainment (NYSE: WWE) does? That may sound crazy, and I'm not sure the company is ready to go up against studios such as Time Warner (NYSE: TWX) and Viacom (NYSE: VIA), but maybe Playboy needs to shake things up a bit, create youth-targeted films featuring cameos from its Playmate stable to promote the magazine. It's a thought, anyway.

Christie Hefner has done a poor job of keeping his father's brand alive. Yes, I know licensing has done well over the years, but I'm sick of these losses. I'm sure a lot of shareholders out there are growing impatient. As for the stock, I'll say this: it could be a trade if it stays above the 52-week low for a bit. As for fundamentals, I'm not sure Playboy makes the cut.

Disclosure: I don't own shares in any company mentioned here; positions can change at any time.