Private Media Group Inc. announced revenues of $10.4 million for the three months ended March 31, 2003. Reported net income for this period was a gain of $281,000 compared to a loss for the comparable period last year.
For the three months ended March 31, 2003, sales rose 4% to $10.4 million. Gross profit margins for the first quarter of 2003 were 55% of net sales compared to 62% of net sales for the three months ended March 31, 2002 reflecting a higher mix of physical goods sales.
Charles Prast, President and CEO of Private, highlighted the improved performance from 2002. A failed equity offering and investments in technology had a negative impact on the adult companies market performance. Prast is hoping that the tech investments will begin impacting revenue in a positive manner this year, with an expected revenue increase from the DVD Rental service, their new e-store, and their new member site among other new technology driven plays. "Our results for the first quarter confirm our expectations of a strong 2003 for Private," he said.
