,- With revenue from DVD sales up 30% from last year to $16.91 million dollars, or ¤15.5 million, DVDs led the way to Private Media Group Inc.'s record annual revenue of $43 million, or ¤39.4 million for the year ending December 31, 2002.
Broadcast sales are the fastest growing segment of Private's portfolio, up 45% from 2001, bringing in revenue of $4.47 million, or ¤4.1 million.
VHS revenues were down 15% compared to the previous year, bringing in $15 million, or ¤13.8 million. Internet sales were also down, falling 22% to $6.66 million, or ¤6.1 million, in 2002 compared to the year 2001.
Net income for the year was $0.33 million, or ¤0.3 million including a charge of $1.75 million, or ¤1.6 million, related to the postponed equity offering in January of 2002.
While noting that Private was actually profitable in each division of the company, Charles Prast, president and CEO of Private, pointed to investments in a number of new adventures including mobile content and services, at home DVD rental, PDA content creation, and e-commerce businesses as the cause of the low income figure.
“We are very excited about the potential for bottom-line contribution from all of these new projects in 2003 and expect continued high growth in DVD and broadcast sales as we enter new markets," said Prast. "The bulk of our restructuring efforts in New Media are over and we have already started to see the benefits through a sharp rise in e-commerce receipts and lower SG&A. "
