from www.bloomberg.com – Playboy Enterprises Inc., the adult entertainment company that majority owner Hugh Hefner plans to take private, said Tuesday that it narrowed its loss in the fourth quarter, thanks largely to smaller one-time charges, as revenue fell.

The net loss in the three months that ended Dec. 31 came to $14.7 million, or 43 cents per share, compared with a loss of $27.8 million, or 83 cents per share, in the same period a year earlier. The latest quarter included a $12.5 million legal settlement charge, compared with a charge of $28.6 million a year ago due to restructuring and impairments.

Revenue fell 9 percent to $55 million from $60.6 million.

TV and magazine revenue fell, but licensing revenue grew. The company said that a distributor withheld payment for its TV programming, but that the dispute had been settled, resulting in the $12.5 million charge in the quarter.

CEO Scott Flanders said the company was making progress in its transition to become a brand management company. It outsourced major portions of its publishing and licensing businesses, accelerated efforts to reduce overhead and sold artwork. It also opened two new Playboy clubs and secured two more venues.

Last month, the company accepted a sweetened $6.15 per share offer from Hefner to buy the 30 percent of the voting shares that he doesn’t already own.

Shares fell 2 cents Tuesday, to close at $6.12 in regular trading.