November 14, 2003 04:00am
Private Media Group Announces Third Quarter 2003 Results
Source: Private Media Group Inc.
by: Company Press Release
(BARCELONA, SPAIN) -- Private Media Group Inc. (NASDAQ: PRVT) the worldwide leader in premium-quality adult media, today announced revenues of EUR9.4 million for the three months ended September 30, 2003, compared to EUR11.1 million for the same period last year. The decrease was principally due to the absence of film licence fees from Us broadcasters ahead of Private's Us launch of the Private Fantasy Channel as well as a later than expected release of several key productions.
Video and Magazine sales fell 25% from to EUR3 4 to EUR4 3 million in the third quarter of 2002 2003 while DVD sales increased 6% to EUR4.7 million. Online businesses contributed EUR1.0 million in sales in the third quarter and continued to operate profitably. Broadcasting sales fell 44% to EUR0.8 million reflecting the absence of Us sales to third parties.
Reported net loss for the period was EUR1.0 million, or EUR0.02 per share, compared to EUR1.5 million, or EUR0.03 per share in net income, for the comparable period last year. The decrease in net income was primarily due to the absence of high-margin licensing sales in the broadcasting and online divisions.
Charles Prast, President and CEO, said "The third quarter was weaker than expected primarily due to the decision to release a number of key productions in the 4th quarter. We remain confident that total annual revenues will surpass 2002 despite the short term loss of broadcasting income. Despite the small loss in the quarter we are well positioned going forward and, with our recent offering, have demonstrated strong support from institutional investors. Private expects to make additional and significant announcements regarding our broadcasting activity by year end."
About Private Media Group
Private Media Group is a leading global adult entertainment company that distributes its content over a wide range of media platforms, including narrow and broadband Internet, DVD and video, magazines, broadcasting and wireless technologies. Private owns the worldwide rights to the largest archive of high quality adult content in the world, which it distributes physically in over 35 countries and digitally worldwide. For more information on the company, go to PRVT.com. This release contains, in addition to historical information, forward- looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect the Company's current judgments of those issues. However, because those statements are forward-looking and apply to future events, they are subject to such risks and uncertainties, which could lead to results materially different than anticipated by the Company.