Playboy (NYSE: PLA) published its Q1 results today. Any longtime follower of the company will note that things haven't changed. We're still talking about revenue declines and losses. When will the Bunny finally hop back into reliable profitability? No one really knows when (if) that will happen.

On a reported basis, Playboy said it lost $0.41 per share. If you strip out charges, you get a loss of $0.15 per share. This number was a few cents better than the expectations of analysts according to this source. Be that as it may, they certainly don't meet my expectations. The adjusted loss is essentially the same as last year's number. I suppose we have to give the interim CEO Jerome Kern a chance. As you'll recall, Christie Hefner finally gave up her throne earlier in the year (thankfully).

Christie Hefner became the CEO of the company her father started in 1988, and it's been what could charitably be called a disaster for shareholders. Shares of Playboy Enterprises Inc. (NYSE: PLA) closed on Friday at $1.75. The stock traded at more than 5 times that price in the early nineties, impressive given that the company doesn't even pay dividends.

In a press release announcing her departure there was, of course, no mention of that: Hugh noted that " Of course, as her father, my first priority is Christie's happiness. While I will miss her leadership here, I believe that she will go on to achieve even greater personal success."

Awww. Ms. Hefner will remain as CEO until January 31st of 2009, and will stay on the board of directors until a replacement is found.

That a CEO could remain at the helm of a company for 20 years even as shareholder value evaporates is a testament to the power of nepotism in corporate America, and the unwillingness of independent directors to stand up and make changes.

The message for investors is this: Always be skeptical of a CEO who isn't the founder of the company but shares the same last name. It's possible that they really do deserve their title and are brilliant leaders but more likely, the monarchical rule will be to the detriment of long-term shareholders.

I get depressed whenever I read a Playboy Enterprises (NYSE: PLA) earnings report these days (see more of today's earnings news). I mean, sex sells, right? And one has to assume that Playboy has the best brand equity when it comes to selling sex, correct? Apparently not. Playboy's situation seems to be getting worse. The magazine is no longer the cool taboo it once was, the internet is killing it, and subscriptions and newsstand sales are fading. The magazine is arguably the driving heart of the brand. Without it, things will be rough. The numbers tell the tale.

For the second quarter, revenues declined over 14% to $73.4 million. The net loss was 6 cents per share. In the year-ago period, Playboy booked a 6 cents per-share profit. According to Briefing.com, revenue estimates were missed, as were expectations for earnings. In fact, Playboy missed by 11 cents! Not sexy at all.

All of the major operating segments saw declines in their top lines. Licensing increased its operating income by 9%. Publishing, believe it or not, actually narrowed its operating loss. Neither of these two positives is worth much in the grand scheme of things.

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.

Playboy Enterprises, Inc. (NYSE: PLA) may not be doing so well, but it's still one of my favorite companies -- I'm a guy, so this makes sense. The company reported Q4 and full-year earnings today -- losses have widened, and I'm sure not a few investors out there are questioning the value of the brand.

Total net revenues saw a slight decline for the quarter, coming in at roughly $86 million. The company lost 3 cents per share on these revenues; in the previous year's quarter, Playboy actually booked a much more pulchritudinous 11 cents per share of positive net income. For the year, total net revenues didn't jump like a bunny -- $340 million versus $331 million. Net income, however, was much better, doubling to 15 cents per share. The company's year-end results benefited from a decline in interest expense, income tax obligations, and other costs. Sales of artwork were also cited by CEO Christie Hefner in the release.

The licensing operations are performing, but domestic TV and publishing are very weak. In fact, it is the publishing segment that really needs attention. It's been needing attention for a long time now -- for the year, subscription sales were down, newsstand sales were down, and advertising revenues rose by the smallest bit.

Long-term, I still have hope for Hugh Hefner's Playboy. It is an American icon, and its logo continues to propel licensing; plus, the company does have a nice presence in Vegas at the Palms Casino Resort. As Jonathan Berr reported back in November, you may want to remember that sex does indeed sell, and one has to assume that Playboy will be supplying that demand for years to come.