This excerpt taken from the NOOF 8-K filed Nov 9, 2009.
New Frontier Media Reports Fiscal 2010 Second Quarter Results
BOULDER, COLORADO, November 9, 2009 New Frontier Media, Inc. (Nasdaq/GS: NOOF), a leading provider of transactional television and the international distribution of independent general motion picture entertainment, today reported its results for the fiscal 2010 second quarter and six month period ended September 30, 2009.
New Frontier Media improved net income by 22% during the second quarter of fiscal year 2010 as compared to the first quarter results in the same fiscal year, said Michael Weiner, chief executive officer of New Frontier Media, Inc. Although our second quarter net income is lower by $0.3 million as compared to the same prior year quarter, we are continuing to gain momentum with our Transactional TV segments international distribution initiative, and our Film Production segment has identified new opportunities due to our ability to react quickly, leverage our customer relationships and fund productions with existing cash on hand, giving us a strong pipeline of large production deals.
Mr. Weiner continued, We had approximately $17.3 million in cash and investments as of September 30, 2009, and the Company generated cash flow from operations during the first half of the fiscal year of $2.2 million after spending $2.0 million of cash for the Film Production segments producer-for-hire services which we expect to recover later in the current fiscal year. New Frontier Media continues to generate solid results and pursue new opportunities for growth. Overall, the Company is executing upon its long-term objectives. We are growing our distribution in a number of countries outside the U.S. using the same business model that has proven successful in the U.S., and at the same time diversifying into the distribution of mainstream content domestically. We expect these efforts will provide a stable and long-term growth path for the Company.