BARCELONA — Private Media Group has been delisted from the Nasdaq Stock Market after trading on the securities exchange was suspended.
News of the delisting comes concurrently with a company statement to federal regulators that it expects better financial results in its last quarter compared to year-ago figures, but that it still swung to a net loss.
Private's receiver, Eric Johnson, did not immediately respond to XBIZ on the latest news, but the company said in a statement that it won't appeal the Nasdaq's Listing and Hearing Review Panel's decision.
Private has resumed trading on Over-the-Counter Markets.
Private, which has been embattled with a shareholder battle for control of the company in Nevada, said in a statement to regulators that it expects the company to report a net loss for the three-month period ending Sept. 30 of approximately $1.75 million compared to a reported net loss of $3.5 million for the same three-month period ending in 2010.
But Private's management, led by receiver Johnson, said that the company expects a wider net loss for the previous nine months of about $4.6 million compared to net losses of $3.9 million in 2010.
The Barcelona adult entertainment company made the statements to regulators while notifying them that it couldn't file quarterly financial statements on time.
Private, founded in 1965, is a brand-driven leader in adult entertainment, operating a global content distribution network with a wide range of platforms including over the web; broadcasting via cable, satellite, digital TV and IPTV on 194 platforms in 42 countries; mobile content delivery via 114 network operators in 37 countries; and retail sale of DVDs and magazines.
The company operates 20 divisions, including Cine Craft Ltd. of Gibralter, Coldfair Holdings Ltd of Cyprus, Fraserside Holdings Ltd. of Cyprus, Peach Entertainment Distribution AB of Sweden, Milcap Media Group S.L.U. of Spain, Private Media Group Services S.L. of Spain, Private Benelux B.V. of The Netherlands, Private France SAS of France, Private North America Ltd. of California, Barbuda B.V. of The Netherlands, Ceresland S.L. of Spain, Private Media Group Canada Inc. of Canada, Fraserside IP LLC U.S. of Iowa, ThinkForward Inc. of California, GreenCine, Inc. U.S. of Delaware, Mama’s LLC U.S. of Delaware, GameLink LLC of Delaware, eLine LLC of Delaware, Sureflix Digital Distribution Inc. of Delaware and Entruphema Inc. of Canada.
Private, at post time, was trading at 12 cents a share.