The market didn't find PlayboyEnterprises' (NYSE:PLA) third-quarter numbers all that stimulating. In fact, the company's stock was down more than 10% during yesterday's trading.

Lackluster top-line growth was the biggest problem. Total net revenues were basically flat for the quarter ended Sept. 30. They inched up to $80.9 million compared with $80.2 million last year -- nothing to write home about.

The company's net income rose 68% to $3.2 million ($0.10 per share) vs. $1.9 million ($0.06 per share) one year ago, mostly due to the beneficial effect of some debt refinancing. Kudos to management for taking steps to manage its finances, but without the $1.5 million reduction in interest costs, net income would have fallen. Operating income for the quarter decreased from $6.7 million to $5.4 million.

To see where Playboy Enterprises struggled, let's go through the business units. The licensing business did well this quarter; sales rose 29% to $5.9 million, while operating income jumped 21% to $3.1 million. Licensing's continued performance testifies to the Playboy brand's enduring appeal, although most of this quarter's revenue growth skewed to the international arm of the operation, due to higher royalty payments. All other aspects of licensing were flat.

The publishing operation continues to flounder, reporting an 8% revenue decline to $27.3 million and an operating loss of $0.7 million. Perhaps a reduction in the circulation scheme and a focus on a digital version of the company's flagship Playboy magazine will finally improve the company's publishing fortunes. I wonder if the digital magazine might end up as one of the company's smartest experiments; it's cheaper to produce, easier and more efficient to distribute, and it might appeal to buyers who don't necessarily want their friends and neighbors to catch them with the printed version. (Even if they're only reading it for the articles.)

The entertainment segment, which includes the television and online businesses, saw sales increase 3% to $47.7 million, while operating income declined 7% to $7.3 million. (Note that Playboy now includes the online business in its entertainment segment; last year, the online results constituted an individual operating unit.)

Even though this quarter was a bit soft in overall revenue, I continue to remain positive on Playboy for the long term. It offers more risk than a dividend-friendly blue chip like Procter & Gamble (NYSE:PG), but it still might add a bit of naughty fun to an individual investor's portfolio. Going forward, this premiere adult brand should be able to exploit the growing interest in on-demand technologies to capture sales and profits from consumers. If you agree, then yesterday's volatility may seem like a gift. Adult entertainment will always be with us, and I believe there will always be rabbit-chasing opportunities in this industry.

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Fool contributor Steven Mallas owns none of the companies mentioned. The Fool has a disclosure policy.