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New Frontier Media Reports Fiscal 2011 Third Quarter Results

BOULDER, Colo. Feb. 4, 2011 December 31, 2010

http://photos.prnewswire.com/prnh/20101213/MM16977LOGO

Michael Weiner Asia Latin America Europe

Mr. Weiner continued, "We were also pleased that the Film Production segment returned to profitability during the quarter.  The segment completed a producer-for-hire arrangement during the quarter and continues to have success with the distribution of mainstream content on domestic VOD platforms and to retail customers through mainstream distribution agreements.  Going forward, we are selectively reducing the cost structure and focusing on the most profitable components of the segment."  

Latin America Asia Eastern Europe $14.7 million December 31, 2010

December 31, 2010 December 31, 2009

  • $14.2 million $11.5 million
    • $8.8 million $9.1 million
      • $5.3 million $4.9 million
      • $3.4 million $4.0 million $0.6 million November 2009 $0.2 million Latin America
    • $5.2 million $2.2 million
    • $0.2 million
  • $7.2 million $4.0 million
  • $6.7 million $6.1 million
    • $0.2 million $0.1 million
    • a $0.2 million increase in Film Production segment costs primarily due to strategic consulting services.  
  • Income from continuing operations attributable to New Frontier Media, Inc. was $0.2 million, or $0.01 per share, as compared to $1.6 million, or $0.08 per share, in the same prior year quarter.  

Fiscal Year to Date Financial Highlights:  December 31, 2010 Compared to December 31, 2009

December 31, 2010 $37.8 million $35.3 million December 31, 2010 $0.6 million $0.03 $3.7 million $0.19 December 31, 2010 $1.5 million

Conference Call Information

11 a.m. Eastern Time www.noof.com 1 p.m. Eastern Time February 4, 2011 www.noof.com www.noof.com

Cautionary Statements

Latin America Europe www.sec.gov

ABOUT NEW FRONTIER MEDIA, INC.

Boulder, Colorado

New Frontier Media’s Film Production segment produces original motion pictures that are distributed in the U.S. on premium movie channels, such as Cinemax® and Showtime®, and internationally on similar services. The Film Production segment also develops and produces original programming that is widely distributed on satellite and cable pay-per-view and video-on-demand platforms. This segment also represents the work of a full range of independent film producers in markets around the globe.

Boulder, Colorado Grant Williams www.noof.com

Company Contact:

Grant Williams

Chief Financial Officer

(303) 444-0900 x 2185

[email protected]

Consolidated Operating Results

(in thousands, except per share amounts)

(Unaudited)

(Unaudited)

Three Months Ended

December 31,

Nine Months Ended

December 31,

2010

2009

2010

2009

Net revenue

$ 14,173

$ 11,479

$ 37,789

$ 35,341

Cost of sales

7,244

4,003

16,571

12,458

Gross margin

6,929

7,476

21,218

22,883

Operating expenses excluding impairment charges

6,687

6,132

19,707

18,046

Charge for asset impairments

624

Total operating expenses

6,687

6,132

20,331

18,046

Operating income

242

1,344

887

4,837

Other income (expense)

26

(58)

12

(169)

Income from continuing operations before income tax benefit (expense)

268

1,286

899

4,668

Income tax benefit (expense)

(43)

285

(313)

(972)

Income from continuing operations

225

1,571

586

3,696

Loss from discontinued operations, net of income tax

 benefit of $4, $80, $10 and $242, respectively

(5)

(66)

(12)

(358)

Net income

220

1,505

574

3,338

Add: Net loss attributable to noncontrolling interests

21

21

Net income attributable to New Frontier Media, Inc. shareholders

$      241

$   1,505

$      595

$   3,338

Amounts attributable to New Frontier Media, Inc. shareholders:

Income from continuing operations

$      246

$   1,571

$      607

$   3,696

Loss from discontinued operations, net of income tax

 benefit of $4, $80, $10 and $242, respectively

(5)

(66)

(12)

(358)

Net income

$      241

$   1,505

$      595

$   3,338

Per share information attributable to New Frontier Media, Inc. shareholders:

Basic income (loss) per share:

 Continuing operations

$     0.01

$     0.08

$     0.03

$     0.19

 Discontinued operations

(0.00)

(0.00)

(0.00)

(0.02)

 Net basic income per share

$     0.01

$     0.08

$     0.03

$     0.17

Diluted income (loss) per share:

 Continuing operations

$     0.01

$     0.08

$     0.03

$     0.19

 Discontinued operations

(0.00)

(0.00)

(0.00)

(0.02)

 Net diluted income per share

$     0.01

$     0.08

$     0.03

$     0.17

Average outstanding shares of common stock

19,201

19,481

19,320

19,490

Common stock and common stock equivalents

19,201

19,481

19,320

19,492

Consolidated Balance Sheets

(in thousands)

December 31, 2010

March 31, 2010

Assets

(Unaudited)

Current assets:

Cash and cash equivalents

$                     14,729

$                     17,187

Restricted cash

112

112

Accounts receivable, net

12,092

10,112

Deferred producer-for-hire costs

625

Taxes receivable

1,298

944

Prepaid and other assets

2,428

1,749

Total current assets

30,659

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