Sales of Playboy Enterprises Inc.'s flagship magazine continue to sink.
Playboy's circulation dropped 34 percent for the year ending in June, according to the Audit Bureau of Circulations. Playboy's circulation, which included paid subscriptions and single-copy sales, totaled 1.63 million compared with 2.45 million the year before.
Magazine sales have dropped off as competition from other men's magazines like Maxim has heated up.
The Chicago-based company already stripped its staff and outsourced some tasks in an effort to get back in the black. It expects to post a profit by next year.