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VOD Bumps Up New Frontier Income 371%

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May 27, 2004 12:12 PM PDT    Text size: 
BOULDER, Colo. – Adult network programmer New Frontier Media Inc. said Thursday that video-on-demand helped it realize a 371 percent hike in net income in its fourth quarter and a 19 percent increase for its entire fiscal year.

New Frontier delivers adult programming to 62 million viewers over cable, satellite and VOD. The Boulder, Colo.-based broadcaster owns The Erotic Networks, which includes Pleasure and seven of its Ten-branded specialty channels. It also offers streaming media via its website, Ten.com.

"Fiscal 2004 was a watershed year for New Frontier Media,” CEO Michael Weiner told XBiz. “We generated excellent results driven by the growth in the VOD market and the growing recognition of the profit opportunity in adult content.”

The company, in a filing with the Securities and Exchange Commission, reported that its fourth-quarter earnings were $3.3 million as compared to net income of $700,000 from year-ago figures.

Net revenue for the current fiscal year was $11.1 million compared to $9.3 million a year ago, representing an increase of 19 percent.

The company reported EBITDA (earnings before interest, taxes, depreciation and non-content related amortization) of $3.7 million for the quarter ended March 31, as compared to $2 million in the same period.

"As we begin fiscal 2005, we look forward to increasing our pay-per-view and VOD distribution through recently completed affiliate agreements,” Weiner said.

The company said while it increased VOD to both cable operators and the hotel industry, it also forecast that customers will be migrating away from its pay-TV service to other platforms.\\

In trading on the Nasdaq, New Frontier stock was up in midday trading by 9.6 percent to $7.71 a share.

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