Net income for the quarter was reported to be $1.2 million, or $0.05 per share, as compared to $1.5 million, or $0.06 per share, during the same prior year quarter. While cash flow from operations were reported to have grown to $4.5 million as compared to $1.1 million in the prior year quarter, the company also reported costs totaling $500,000 associated with the development of a direct-to-consumer IPTV set-top box.
New Frontier CEO Michael Weiner expressed strong optimism about the upcoming fiscal year, especially with respect to growth strategies for Noof's core businesses.
"During fiscal year 2009, we expect cash flows from operations will be significantly greater than that required to fund our growth initiatives as well as our stock repurchase program," he said. "We are conducting an extensive analysis on the allocation of the company's capital. We intend to aggressively repurchase shares under our stock repurchase program as and when market conditions permit.
Specifically, New Frontier portends increased revenue due to expansion in the Transactional TV segment in Germany, France, Canada and Mexico, announced an expected domestically launch of cable pay-per-view services in new systems as well as additional hours of video-on-demand shelf space.
The company also announced that beta testing of its new direct-to-consumer IPTV set-top box continues in the U.K., and preliminary test marketing communications have begun, with results expected by the end of the fiscal year.