BOULDER, Colo. - New Frontier Media CEO Michael Weiner proclaimed the fiscal year 2007 "a success by any measure" in the company's year-end report to shareholders, despite a fourth-quarter performance that saw net income drop by nearly 50 percent compared to last year.
"Revenue and earnings were up materially versus 2006," said Weiner. "We enhanced earnings per share and shareholder value by repurchasing 250,000 shares of our stock and paying a 60 cent per share cash dividend in February. As a result of these initiatives, shareholders realized a 26% total return on their investment over fiscal year 2006."
For the full year ended March 31, 2007 the Company reported revenue of $63.3 million, as compared to $46.9 million for the year ended March 31, 2006, representing an increase of 35%. Net income for the 2007 fiscal year was $12.3 million as compared to $11.3 million for the 2006 fiscal year. The Company reported earnings per fully diluted share of $0.51 for the year ended March 31, 2007, as compared to $0.48 per fully diluted share for the year ended March 31, 2006.
Net income for the current year quarter was $1.7 million compared to $3.3 million for the same quarter a year ago. The company reported a 10% increase in fourth quarter revenue to $14.2 million from $12.9 million for the same quarter a year ago.
Weiner attributed the fourth-quarter slippage to legal, accounting and stock-compensation costs, adding that he expects New Frontier to benefit from "an expected competitive shakeout" with regard to Playboy TV over the next two years.
The Company's Pay TV Group reported revenue of $11.2 million for the fiscal fourth quarter 2007, as compared to $11.1 million for the fiscal fourth quarter 2006, representing an increase of 1%. Of this, revenue from the Pay TV Group's pay-per-view ("PPV") services declined 4% to $5.5 million for the quarter, though VOD revenues increased 10% to $5.3 million.
One low point in the fourth quarter report concerned the Company's Internet Group which reported net revenue of $0.5 million for the fiscal fourth quarter, 2007 as compared to net revenue of $0.6 million for the quarter ended March 31, 2006, representing a decrease of 17%.
Entertainment
- By
