New Frontier Appoints Matthew Pullam New CFO

BOULDER, Colo. - Adult entertainment company New Frontier Media Inc. has named Matthew Pullam as its new Chief Financial Officer, effective September 5.

The company announced Pullam's appointment on Wednesday in a conference call with investors. Pullam replaces former CFO Karyn Miller, who announced her departure in May. Miller had held the position since 1999.

CEO Michael Weiner said of Pullam, "He has the technical expertise to assure the continued quality of our financial processes, controls and reporting, while also possessing a keen strategic sense which will assist us in guiding New Frontier Media to a new era of growth for our investors."

Pullam most recently served as CFO of software company Quovadx Inc. Prior to joining Quovadx in 2005, he was VP of finance at Colorado-based telecommunications firm Intrado, where he managed a 30-person team and played a key role in driving annual revenues up from $40 million to over $135 million.

Although the company experienced a drop in earnings for the first quarter 2007 compared to the same period last year, Weiner told investors, "This quarter's results were in line with our expectations."

New Frontier reported first-quarter revenues of $12.6 million (compared to $16.3 million in 2006) and net income of $1.5 million (compared to $3.5 million in 2006).

According to Weiner, New Frontier plans a move into the IPTV market to coincide with its recent content deal with Euro-porn giant Private Media Group.

"We believe we are seeing the beginning of a new trend and we see our company at the forefront of new technology," Weiner said. "[IPTV] facilitates a wide range of content, which we currently have."