BOULDER, CO—In a late SEC filing, adult entertainment distributor New Frontier Media, which is traded on Nasdaq as NOOF, reported losses of $419,000 for the quarter ending June 30. Last year, the Boulder, Colorado-based company saw losses of $111,000 for the same period.
According to Boulder County Business Report, "New Frontier Media's loss comes despite a 12 percent increase in revenue from the same three month period in 2011, according to the report. New Frontier Media posted revenue of nearly $11.7 million, up from the $10.4 million it reported last year. The company reported a 3 cents per share loss."
In a separate filing, the company stated that despite receiving a letter from Nasdaq on Aug. 17 that alerted the company to the fact that it was "not in compliance with Nasdaq Listing Rule 5250(c)(1) for failure to file timely with the Securities and Exchange Commission its Quarterly Report on Form 10-Q for the quarterly period," the filing of the 10-Q on Aug. 23 meant "that it has regained compliance with the Nasdaq's continued listing standards and that it will not be required to submit any further plan of compliance to the Nasdaq."
Despite the losses, the company said it is sufficiently liquid and expressed optimism regarding the upcoming year. "We anticipate that our existing cash, cash equivalents and cash flows from operations will be sufficient during the next 12 months to satisfy our operating requirements," the report states. "We also anticipate that we will be able to fund our estimated outlay for capital expenditures, repayment of outstanding debt and other related purchases that may occur during the next 12 months through our available cash, cash equivalents, and our expected cash flows from operations during that period."
New Frontier is still considering two unsolicited offers to purchase the company, one by major shareholder Longkloof Limited, which has expressed a profound disdain for the company's board of directors, and the other by Manwin, which has called New Frontier Media’s business "a natural fit which should create synergies immediately benefiting both Manwin’s pay TV providers and their customers.”
NOOF opened the day trading at $1.54/share and closed at the same price.
More information about New Frontier Media can be found here.
