May 14, 2003 03:16pm
Private Reports Improved Results
Source: Private Media Group
by: Company Press Release
(BARCELONA, SPAIN) -- Private Media Group Inc. (Nasdaq: PRVT - News) a worldwide leader in premium-quality adult entertainment products, services and Internet content, announces revenues of USD 10.4 million for the three months ended March 31, 2003. Reported net income for this period was a gain of $281,000 compared to a loss for the comparable period last year.
For the three months ended March 31, 2003, sales rose 4% to $10.4 million. Gross profit margins for the first quarter of 2003 were 55% of net sales compared to 62% of net sales for the three months ended March 31, 2002 reflecting a higher mix of physical goods sales.
Charles Prast, President and CEO, said "Our results for the first quarter confirm our expectations of a strong 2003 for Private. We have finally turned the corner in all our business units after a turbulent 2002 where our failed equity offering resulted in substantial costs and delays in many of our new and promising channels of distribution. The launch in the fourth quarter of 2002 of many of these ventures including our DVD rental service, our PDA content card, telephony services across Europe, our new on-line shop and our new member site are all starting to contribute positively to our bottom line. We are grateful of the support of our investors during a difficult 2002 and look forward to a strong 2003 for Private across all business lines."
Figures in thousands except Three months ended per share amounts March 31,
EUR
2002
EUR
2003
USD
2003
Revenue
9,262
9,591
10,425
Net Income
(1,218)
256
278
Weighted average common and common equivalent shares outstanding:
Basic
28,462,709
31,154,305
31,154,305
Diluted
n/a
49,835,971
49,835,971
Net income per common and common equivalent share:
Basic
(0.06)
0.01
0.01
Diluted:
(0.06)
0.01
0.01
The Company's principal currency is euro (EUR). Solely for the convenience of the reader, the accompanying financial information as of March 31, 2003 and for the three months then ended have been translated into United States dollars (USD) at the rate of EUR 0.92 per USD 1.00 the interbank exchange rate on March 31, 2003. The translations should not be construed as a representation that the amounts shown could have been, our could be, converted into US dollars at that or any other rate.
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 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 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.
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.
For further information about Private Media Group, please contact:
Norman Bell
Alejandra Moore Mayorga
Norman.bell@Private.com
AMoore@GrupoAlbion.net
Phone: + 34 93 590 70 70
+34 91 531 23 88
+34 670 799 335
PRVT.com
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