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May 24, 2000 05:33am
New Frontier Media Beats EBITDA Target
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 that on a preliminary basis, the Company expects to report $48 million in revenue for the year ended March 31, 2000, an increase of 58% over the $30 million reported a year ago. On an EBITDA (earnings before interest, taxes, depreciation and amortization) basis, the Company expects to report $5.2 million prior to corporate overhead, compared to a loss of $3.6 million for the year ago period. Earnings per share are expected to be reported as $0.06 per basic share and $0.05 per fully diluted share compared to a loss of $0.44 per basic and fully-diluted share last year.

``Our EBITDA of $5.2 million is a substantial achievement for the Company,'' said Mark H. Kreloff, President and CEO of New Frontier Media. ``We have been very disciplined in keeping expenses in line. We have been opportunistic in building what we consider to be a very solid base from which to continue to grow the Company. In addition, in a relatively short period of time, we have become the leader in the distribution of adult entertainment surpassing our larger competitors on a variety of fronts. Today, our operations span all electronic media distribution platforms including Broadband, Video-on-Demand, the Internet, Cable, DBS (direct broadcast satellite) and C-Band. We're also working on new distribution technologies and exploring strategic relationships that we anticipate will become meaningful as media platforms continue their move toward convergence,'' said Kreloff.

Karyn Miller, Chief Financial Officer, stated, ``We've been very successful this fiscal year in managing our business.'' Miller said that the Company expects to report that its subscription and pay television group will show an increase in revenue of 80% year-over-year while operating expenses are expected to reflect an increase of only 17%. Similarly, IGallery, responsible for web memberships and flat-rate feed/sale of traffic revenue streams, is expected to report an increase in revenue of nearly 50% year-over-year while operating expenses will reflect an increase of only 19%. ``Our build out of the broadcast infrastructure during the last fiscal year combined with our Internet infrastructure represent meaningful assets as they extend our ability to bring in more revenue with only incremental costs. In other words, our operations are highly scaleable,'' added Miller.

The Company expects to report that its subscription and pay television group will show an increase in revenue of 80% year-over-year while operating expenses are expected to reflect an increase of only 17%. IGallery, responsible for web memberships and flat-rate feed/sale of traffic revenue streams, is expected to report an increase in revenue of nearly 50% year-over-year while operating expenses will reflect an increase of only 19%.

``During the current fiscal year, our plan is to continue to pursue corporate carriage agreements with cable and DBS affiliates. In addition, there is a tremendous opportunity unfolding for our Company in the adult Internet market. Given our expertise in technology and experience in the area of credit card processing and merchant account management, we believe we will emerge as leaders in the Internet-based adult entertainment industry. Overall, given the level of commitment, focus and our ability to use leading-edge technology, we believe our shareholders will be rewarded,'' stated Kreloff.

About New Frontier Media, Inc.

New Frontier Media, Inc. is a leader in the electronic distribution of adult entertainment with an unparalleled library of content. Through its television subsidiary, the Company distributes adult entertainment via pay-per-view and subscription cable/satellite video networks. Cable/DBS networks include Pleasure(TM), the most-edited standard available in the category; TeN, The Erotic Network(TM) and ETC, Erotic Television Clips(TM) which incorporates a partial-editing standard and Extasy(TM), the least-edited standard.

Through its Internet subsidiaries, New Frontier Media designs, creates and implements Company-owned subscription/membership-based web sites for the adult Internet consumer markets. It also operates Internet traffic sales and acquisition programs for the adult webmaster community. In addition, the Company serves as a single source for a comprehensive range of high-performance Internet products and services, including transaction processing, dedicated access, web hosting, co-location, e-commerce application development, streaming media, and bandwidth management. New Frontier Media's network infrastructure enables the delivery of live and on-demand video events to millions of Internet users.

For more information contact Keely Hawk, VP Corporate Communications at (303) 444-0900, extension 145.

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 regarding the Company's expected financial position and operating results, its business strategy, its financing plans and the outcome of any contingencies are forward-looking statements. 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.



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