Losses at Playboy Enterprises Inc. narrowed significantly in the third quarter from year-ago results that were heavily impacted by restructuring charges, but revenues fell 20 percent across the Chicago-based media and lifestyle company’s major divisions.

Playboy’s net loss in the quarter ended Sept. 30 narrowed 82 percent to $1.1 million, or 3 cents per diluted share, from $6.2 million, or 19 cents per diluted share, a year ago. The result beat a lone analyst’s estimate by 3 cents.

Much of the improvement came from fewer one-time restructuring charges. The company only recorded $500,000 in such charges in the quarter, significantly less than the $6.3 million spent in restructuring and other charges related to receivable and archived materials in the third quarter of 2008.

Playboy recorded net revenue of $56 million during the quarter, down from $76 million in the prior year. Management employed cost-cutting measures across the company, but these were overwhelmed by shrinking revenues in Playboy’s entertainment, print and digital, and licensing divisions.

“I thought things were generally better than I expected from a profitability perspective,” said David Bank, a securities analyst with RBC Capital Markets, “but generally worse from a revenue perspective.”

Bank said he is looking forward to seeing what Scott Flanders, who became the company’s CEO on July 1, does in the coming quarters. “There’s a new sheriff in town,” Bank said.

Flanders said in a statement he expects year-over-year profit growth in Playboy’s licensing division in the fourth quarter but “on the media side, we believe that industry trends will contribute to lower fourth quarter results,”

In the nine months ended Sept. 30, Playboy’s net loss was $23.5 million, or 70 cents per diluted share, compared with $13.6 million, or 41 cents per diluted share, during the first nine months of 2008.

The stock closed $2.87 Thursday, up 3 cents or 1.06 percent.