August 16, 2001 07:29am
Private Media Group Announces a 37% Increase in Revenues and 184% Increase in Net Income
Source: Private Media Group Inc.
by: Company Press Release
(BARCELONA, Spain) -- Private Media Group Inc., worldwide leader in premium-quality adult entertainment products, services and Internet content, is pleased to announce revenues of $7.0 million for the three months ending June 30, 2001, compared to $5.1 million for the same period last year, an increase of 37%. Net income for the period was $2.1 million compared to $0.7 million for the comparable period last year, an increase of 184%. The increase in revenue and net income for this period has been achieved by continued growth in sales generated from new media (Broadcasting, Internet and DVD), which also contribute better margins by leveraging content also used for videos and magazines. The Company expects to continue to benefit from the trend towards new media and that the current year will show considerable growth in revenue and, more significantly, a continued increase in net income.
Sales of videos increased slightly during the quarter and sales of magazines remained approximately the same as those achieved last year. During the three months ended June 30, 2001 total new media division sales increased 97%, to $4.4 million, in comparison with June 30, 2000.
For the six month period ended June 30, 2001, revenues and net income increased 54.3% and 148% over the equivalent period last year, to $16.6 million and $4.8 million respectively. The new media division accounted for sales of $9.2 million, an increase of 135%.
Berth Milton, Chairman and CEO commented: ``The Company's revenues increased in both old and new media for the quarter, with the greatest growth attributable to our New Media Division which now represents more than 50% of our revenues.''
Mr. Milton continued: ``Our strategy for expansion into new media is really starting to deliver. Our broadcasting coverage continues to expand and we are expecting additional growth to come through our policy of seeking international strategic alliances.''
The Company's principal currency is Swedish Kronor (``SEK''). Solely for the convenience of the reader, the accompanying financial information as of June 30, 2001, 2000 and for the three months then ended have been translated into United States dollars (``USD'') at the rate of SEK 10.85 per USD 1.00 the exchange rate of the Swedish Riksbank on June 30, 2001. The translations should not be construed as a representation that the amounts shown could have been, or could be, converted into US dollars at that or any other rate.
A leading publicly-quoted adult entertainment company in the world, Private Media Group Inc., is the founder of the globally established brand name 'Private' and has positioned itself in the marketplace with a visionary management strategy that combines both New Economy (Internet, multimedia, e-commerce) and Traditional Economy (videos, magazines) business models. Maintaining a total adult lifestyle philosophy, this is reflected in the Company's broad range of products and services, both proprietary and licensed, and its strategic policies of development, diversification and acquisition.
For more info about Private Media Group, please visit the Company's corporate Web site at www.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 judgements of those issues. However, because these statements are forward-looking and apply to future events, they are subject to unpredictable circumstances, which could lead to results materially different from those anticipated by the Company.
For further information about Private Media Group, please contact: In Barcelona, Spain: Andre F. Ribeiro, +34-679-983-772, email@example.com.