Playboy Enterprises Inc. said Monday it is considering reducing the circulation of its namesake magazine, cutting its frequency and raising prices as it copes with the erosion of its print audience and advertising dragging down the adult-entertainment company.

The possible moves come as Playboy posted a net loss of $13.7 million, or 41 cents per share, for the first quarter, compared to a net loss of $4.2 million, or 13 cents per share, a year earlier. The latest results included $8.7 million in impairment and restructuring charges.

Jerome Kern, Playboy’s interim chairman and chief executive officer since Christie Hefner stepped down at the end of last year, said in a conference call with analysts that while the magazine is important to the company’s image and brand, “it is clear that this company cannot continue to sustain significant losses in a business that now comprises less than one quarter of the company’s revenue base.”

Playboy is exploring what Mr. Kern described as “radical” changes to the magazine, including its 2.6 million guaranteed circulation. In addition, Playboy this summer will combine its July and August issues to save money on printing and distribution, a move it says could be a precursor to a permanent curtailing of frequency.

The recession has intensified problems at the Chicago company, which in recent years has seen its audience decline due to the proliferation of options for adult content. In response, the company has implemented extensive cost-cutting efforts, including closing its New York office and reducing headcount by 25% since October, saving about $18 million in personnel-related costs. Those efforts nearly offset declines in first-quarter revenue, which fell 21.5% to $61.6 million for the period.

The company reported sharp declines in revenue from entertainment and licensing units that traditionally have helped offset the diminishing print brand. The entertainment division, which includes Playboy TV, posted a nearly 20% decline in revenue to $26.2 million on lower pay-per-view sales. Licensing revenue, from slapping the bunny-silhouette logo on everything from energy drinks to resorts, fell 11.4% to $9.3 million in the quarter.

The company’s biggest concern, however, is at the magazine, where revenue fell 16% to $13.5 million in the first quarter on softer circulation and advertising. The company said it expects to report a 39% decline in magazine ad revenues in the second quarter compared to last year.