Playboy Enterprises, the target of competing takeover bids from founder Hugh Hefner and the owner of Penthouse magazine, posted a smaller quarterly loss than analysts projected after lower restructuring costs.

The Chicago company had a second-quarter loss excluding items of $3.8 million, or 11 cents a share. Analysts expected Playboy to lose $4.95 million, or 15 cents.

Playboy reported a restructuring charge of $1.6 million linked mostly to staff reductions, less than the $3 million predicted in June.

The company earlier this week said its board has formed a special committee to evaluate Hefner’s offer of $123 million, or $5.50 a share, to acquire all the shares he doesn’t already own.

Hefner, 84, controls 70 percent of the Class A voting stock.