Playboy Enterprises, Inc. and Subsidiaries
Condensed Statements of Consolidated Operations
(In millions, except per share amounts)

	(unaudited) 1st Quarter Ended 3/31/04			(unaudited) 2nd Quarter Ended 6/30/04			(unaudited) 3rd Quarter Ended 9/30/04			(unaudited) 4th Quarter Ended 12/31/04			Twelve Months Ended 12/31/04
Net Revenues
Entertainment:
Domestic TV networks	$	24	.4	$	22	.5	$	24	.5	$	25	.5	$	96	.9
International		10	.5		10	.4		11	.3		13	.1		45	.3
Online subscriptions		5	.2		4	.9		5	.3		6	.1		21	.5
E-Commerce		4	.8		3	.8		3	.4		6	.7		18	.7
Other		1	.6		1	.8		1	.6		1	.8		6	.8
Total Entertainment		46	.5		43	.4		46	.1		53	.2		189	.2
Publishing:
Playboy magazine
Subscription		13	.4		12	.7		12	.5		12	.5		51	.1
Newsstand		4	.3		2	.6		2	.7		4	.5		14	.1
Advertising		7	.7		9	.5		9	.4		9	.7		36	.3
Total Playboy magazine		25	.4		24	.8		24	.6		26	.7		101	.5
Other Domestic publishing		2	.7		2	.8		3	.4		3	.0		11	.9
International publishing		1	.6		1	.5		1	.5		1	.8		6	.4
Total Publishing		29	.7		29	.1		29	.5		31	.5		119	.8
Licensing:
International licensing		3	.2		2	.6		3	.1		3	.2		12	.1
Domestic licensing		0	.8		0	.7		0	.7		0	.8		3	.0
Entertainment licensing		0	.5		0	.5		0	.5		0	.5		2	.0
Marketing events		0	.2		2	.3		0	.2		0	.3		3	.0
Other		0	.0		0	.1		0	.1		0	.1		0	.3
Total Licensing		4	.7		6	.2		4	.6		4	.9		20	.4
Total net revenues	$	80	.9	$	78	.7	$	80	.2	$	89	.6	$	329	.4
Results of Operations
Entertainment		7	.6		3	.0		7	.9	$	14	.6		33	.1
Publishing		1	.9		2	.1		1	.2		1	.0		6	.2
Licensing		2	.6		2	.4		2	.6		2	.9		10	.5
Corporate Administration & Promotion		(4	.6)		(4	.4)		(5	.0)		(4	.2)		(18	.2)
Segment income		7	.5		3	.1		6	.7		14	.3		31	.6
Restructuring expenses		0	.0		0	.0		0	.0		(0	.7)		(0	.7)
Operating income		7	.5		3	.1		6	.7		13	.6		30	.9
Investment income		0	.1		0	.1		0	.1		0	.3		0	.6
Interest expense		(4	.2)		(3	.6)		(2	.9)		(3	.0)		(13	.7)
Amortization of deferred financing fees		(0	.4)		(0	.3)		(0	.3)		(0	.3)		(1	.3)
Minority interest		(0	.4)		(0	.3)		(0	.4)		(0	.3)		(1	.4)
Equity in operations of investments		0	.0		0	.0		0	.0		(0	.1)		(0	.1)
Litigation settlement		0	.0		0	.0		0	.0		5	.6		5	.6
Debt extinguishment expense		0	.0		(5	.9)		0	.0		0	.0		(5	.9)
Other, net		(0	.4)		(0	.3)		(0	.1)		(0	.1)		(0	.9)
Income (loss) before income taxes		2	.2		(7	.2)		3	.1		15	.7		13	.8
Income tax expense		(0	.3)		(1	.1)		(1	.2)		(1	.2)		(3	.8)
Net income (loss)		1	.9		(8	.3)		1	.9		14	.5		10	.0
Dividend requirements of preferred stock		(0	.3)		(0	.1)		0	.0		0	.0		(0	.4)
Net income (loss) applicable to common shareholders	$	1	.6	$	(8	.4)	$	1	.9	$	14	.5	$	9	.6

Playboy Enterprises, Inc. and Subsidiaries
Condensed Statements of Consolidated Operations
(In millions, except per share amounts)

	Twelve Months Ended December 31,
	2004			2003			2002
Net Revenues
Entertainment:
Domestic TV networks	$	96	.9	$	95	.3	$	94	.4
International		45	.3		37	.9		19	.1
Online subscriptions		21	.5		18	.2		11	.0
E-Commerce		18	.7		16	.8		14	.4
Other		6	.8		7	.5		13	.7
Total Entertainment		189	.2		175	.7		152	.6
Publishing:
Playboy magazine
Subscription		51	.1		50	.1		50	.6
Newsstand		14	.1		15	.8		11	.7
Advertising		36	.3		36	.1		32	.4
Total Playboy magazine		101	.5		102	.0		94	.7
Other Domestic publishing		11	.9		13	.0		11	.7
International publishing		6	.4		5	.7		5	.4
Total Publishing		119	.8		120	.7		111	.8
Licensing:
International licensing		12	.1		8	.0		5	.6
Domestic licensing		3	.0		3	.2		3	.3
Entertainment licensing		2	.0		1	.4		0	.5
Marketing events		3	.0		2	.9		2	.8
Other		0	.3		3	.9		1	.0
Total Licensing		20	.4		19	.4		13	.2
Total net revenues	$	329	.4	$	315	.8	$	277	.6
Results of Operations
Entertainment	$	33	.1	$	30	.9	$	23	.4
Publishing		6	.2		5	.2		2	.7
Licensing		10	.5		10	.3		4	.6
Corporate Administration & Promotion		(18	.2)		(16	.6)		(15	.8)
Segment income		31	.6		29	.8		14	.9
Restructuring expenses		(0	.7)		(0	.3)		(6	.6)
Gain on disposal		-			-			0	.4
Operating income		30	.9		29	.5		8	.7
Investment income		0	.6		0	.4		0	.1
Interest expense		(13	.7)		(16	.3)		(15	.1)
Amortization of deferred financing fees		(1	.3)		(1	.4)		(1	.0)
Minority interest		(1	.4)		(1	.7)		(1	.7)
Equity in operations of investments		(0	.1)		(0	.1)		0	.3
Litigation settlement		5	.6		(8	.5)		-
Debt extinguishment expenses		(5	.9)		(3	.3)		-
Vendor settlement		-			-			0	.7
Other, net		(0	.9)		(1	.2)		(0	.6)
Income (loss) before income taxes		13	.8		(2	.6)		(8	.6)
Income tax expense		(3	.8)		(5	.0)		(8	.5)
Net income (loss)		10	.0		(7	.6)		(17	.1)
Dividend requirements of preferred stock		(0	.4)		(0	.9)		-
Net income (loss) applicable to common shareholders	$	9	.6	$	(8	.5)	$	(17	.1)