With a loss in Internet operations but a gain in pay television, adult entertainment distributor New Frontier Media posted $1 million net revenue for the quarter ending in June, a $1.6 million drop (62 percent) from the same quarter in 2002, the company announced August 12.
New Frontier all around, however, reported total net revenue for the quarter at $10.1 million, up five percent from June 2002 when it reported $9.6 million net revenue.
The Internet group picture was attributed largely to moving its data center operations to Boulder from Los Angeles, New Frontier said in their financial announcement. "(Earnings before interest, taxes, depreciation, and non-content-related amortization) for the Internet Group was $0.3 million for both quarters ended June 2003 and 2002," New Frontier said. "EBITDA for the quarter ended June 2002 was determined before restructuring and impairment charges of $3.6 million."
New Frontier's pay television group showed a revenue increase of $9.1 million for the second quarter of 2003, compared to $7 million for the same quarter of 2002, which the company said was due to a hike in video-on-demand distribution and in partially edited pay per view services.
"We are very pleased with the Company's performance over the last two quarters," said New Frontier president Michael Weiner in a statement. "We are now experiencing the true scalability of this business as we see over 70 percent of our incremental Pay TV revenue dropping to the bottom line."
New Frontier said they continue expecting revenues of $35-40 million and net income of $5-7 million by March 31, 2004.
