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June 04, 2001 05:15am
New Frontier Media Hits Revenue and EBITDA Targets for Fiscal '01
Source: New Frontier Media, Inc.
by: Company Press Release

(BOULDER, CO) -- New Frontier Media, Inc. (Nasdaq: NOOF - news), a leader in the electronic distribution of adult entertainment, announced its preliminary financial results for the fiscal year ending March 31, 2001. The Company reported that total gross revenue before chargebacks and credits was $61 million or a 25% increase over fiscal 2000 gross revenue.

Fiscal 2001 adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for the Company and its subsidiaries, before one-time, non-recurring litigation expenses ($1.3 million), was reported as $8.0 million, or a 136% increase, over fiscal 2000 EBITDA.

On a subsidiary basis, the Company's Subscription/PPV TV Group reported revenue of $25 million for the fiscal year ended March 31, 2001, or a 46% increase over fiscal 2000, and EBITDA of $4.3 million versus an EBITDA loss of $.7 million in fiscal 2000. On a subsidiary basis, the Company's Internet Group, including its associated Payment Service Provider Group, reported gross revenue before chargebacks and credits of $36 million for the fiscal year ended March 31, 2001, or a 15% increase over fiscal 2000, and EBITDA of $6.4 million, or an 8% increase over fiscal 2000 EBITDA.

The Company also reported net income for the fiscal year ended March 31, 2001, of $3.3 million, including a $4.1 million tax benefit from historical losses, a $2 million litigation reserve, and an investment write-down of $.5 million, compared to net income of $1.1 million, which includes an $.8 million tax benefit, for the previous year. Earnings per share were reported as $.16 per basic share and $.14 per fully diluted share for the year, compared to $.06 per basic share and $.05 per fully diluted share a year ago.

``Our revised financial guidance was met for fiscal 2001,'' stated Mark H. Kreloff, Chairman and Chief Executive Officer. ``Fiscal 2001 was a key building year for New Frontier Media. Our Company is now firmly established as a leading provider of highly profitable subscription and PPV services to the satellite and cable markets. In addition, we have successfully integrated the Internet Group into our multi-platform content distribution strategy. We anticipate that fiscal 2002 will bring added distribution of our programming on cable and satellite multi-channel platforms as well as VOD, NVOD, narrowband and broadband Internet markets. We believe selected consolidation opportunities exist in the Internet market and anticipate that we will be in a position to pursue these opportunities this fiscal year.''

New Frontier Media anticipates that it will file its fiscal 2001 Form 10-K on or before June 29th. The Company will conduct its year-end results conference call on June 18, 2001. The Company expects that its financial results will be finalized at the time of this conference call.

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of Securities & Exchange Act. The Company intends forward-looking statements to be covered by the safe harbor provisions for forward-looking statements. All statements related to the Company adding distribution of its programming on satellite and cable multi-channel platforms as well as VOD, NVOD, narrowband and broadband Internet markets in fiscal 2002, the Company's ability to pursue Internet market consolidation opportunities, the timing of the filing of its Form 10-K, the finalization of its financial results and the outcome of any contingencies are forward-looking statements. All forward-looking statements made in this press release are made as of the date hereof, and the company assumes no obligation to update the forward-looking statements included in this news release. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth or implied by any forward-looking statements. Please refer to the Company's most recent Form 10-Q, Form 10-KSB and other filings with the SEC for additional information regarding risks and uncertainties, including, but not limited to, the risk factors listed from time to time in such SEC reports. Copies of these filings are available through the SEC's electronic data gathering analysis and retrieval system (EDGAR) at www.sec.gov.

ABOUT NEW FRONTIER MEDIA, INC.

New Frontier Media, Inc. is the fastest growing distributor of Adult Entertainment today. The Company delivers the most extensive lineup of quality programming over the broadest range of electronic means including cable, satellite, Internet, Broadband and video-on-demand.

The Erotic Networks, the umbrella brand for the Company's subscription and pay television subsidiary, provides pay-per-view and subscription TV networks to over 25 million cable, DBS (direct broadcast satellite) and C-band households throughout North America. The Erotic Networks include Pleasure(TM), TeN(TM), ETC (Erotic Television Clips)(TM), Extasy(TM), True Blue(TM) and X-Cubed(TM). These networks represent the widest variety of editing standards available and are programmed without duplication to offer the most extensive selection of adult network programming under a single corporate umbrella.

IGallery, the Company's Internet subsidiary, is a leader in the adult Internet market serving both the consumer and webmaster markets. IGallery designs and manages its own membership-based web sites for the consumer market. IGallery also offers a wide range of products and services to the webmaster market. Presently, IGallery owns over 1,500 Internet domain names and operates 50 thematically organized consumer sites. Collectively, these sites generate over 60 million visitors each month. IGallery's own Internet network infrastructure enables the delivery of live and on-demand video events to millions of Internet users.

For more information contact Karyn Miller, Chief Financial Officer, at (303) 444-0900, extension 102, and please visit our web site at www.noof.com.

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