Private Media Group says they're back in the profit black, with a first-quarter 2004 showing of about $0.9 million, with about $11.8 million in sales in the quarter.
Private said the change - the company showed zero profit for the same quarter in 2003 - was attributable to jumps in DVD sales, magazines, and broadcast sales, all of which offset a dip in video sales and worked astride what Private called "stable" Internet sales.
"Our results for the first quarter confirm the successful implementation of the restructuring of operations to strengthen core businesses and reduce selling, general and administrative expenses," said president and chief executive Berth Milton. "The results also show the first signs of our expansion in the U.S. broadcasting market and we expect sales to continue to increase in this area in 2004."
Milton said the company sees improved sales in broadcasting and in general in the coming months.
"Our rollout of sales points in tax-free areas at airports commenced during the first quarter and we have also overhauled the outsourcing of our Internet services recently and we expect to see a positive impact on sales from both areas," he said. "Furthermore, with more than twenty agreements in place with (third-generation) service providers, we are well prepared for the worldwide rollout of this new technology."
Milton also said Private's sale of the ground floor of its building (for about $2.1 million) will "further improve" the company's working capital.
