-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WzbdUE6EigCwi5dTQYnomXldl6XoP7cJ2DLk6XSoCkcxskHc4Ryj1d33V+JcvBf3 /no55d1r2PuGdsMc/IPxiA== 0000890163-03-000239.txt : 20031107 0000890163-03-000239.hdr.sgml : 20031107 20031107153224 ACCESSION NUMBER: 0000890163-03-000239 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20030930 FILED AS OF DATE: 20031107 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NEW FRONTIER MEDIA INC CENTRAL INDEX KEY: 0000847383 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MOTION PICTURE & VIDEO TAPE DISTRIBUTION [7822] IRS NUMBER: 841084061 STATE OF INCORPORATION: CO FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-23697 FILM NUMBER: 03985041 BUSINESS ADDRESS: STREET 1: 5435 AIRPORT BLVD STREET 2: SUITE 100 CITY: BOULDER STATE: CO ZIP: 80301 BUSINESS PHONE: 3034440632 FORMER COMPANY: FORMER CONFORMED NAME: NEW FRONTIER MEDIA INC /CO/ DATE OF NAME CHANGE: 19970627 FORMER COMPANY: FORMER CONFORMED NAME: NATIONAL SECURITIES HOLDING CORPORATION DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: STRATEGIC ACQUISITIONS INC DATE OF NAME CHANGE: 19600201 10-Q 1 s11-4015_10q.txt FORM 10-Q - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ------------------------ FORM 10 -Q /X/ Quarterly report under Section 13 or 15(d) of the Securities and Exchange Act of 1934. For the quarterly period ended September 30, 2003 / / Transition Report under Section 13 or 15(d) of the Exchange Act. For the transition period from __________________ to __________________ 000-23697 (Commission file number) NEW FRONTIER MEDIA, INC. (Exact name of small business issuer as specified in its charter) Colorado 84-1084061 (State or other jurisdiction of (I.R.S. Employer Incorporation or organization) Identification Number)
7007 Winchester Circle, Suite 200, Boulder, Co 80301 (Address of principal executive offices) (303) 444-0900 (Issuer's telephone number) (Former name, former address and former fiscal year, if changed since last report) Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes /X/ No / / Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes / / No /X/ As of November 3, 2003, 20,504,679 shares of Common Stock, par value $.0001, were outstanding. - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FORM 10-Q NEW FRONTIER MEDIA, INC. Index
PAGE NUMBER ------ PART I. FINANCIAL INFORMATION Item 1. Financial Statements Condensed Consolidated Balance Sheets as of September 30, 2003 (Unaudited) and March 31, 2003... 3 Condensed Consolidated Statements of Operations (Unaudited) for the quarter and six months ended September 30, 2003 and 2002......................... 5 Condensed Consolidated Statements of Cash Flows (Unaudited) for the quarter and six months ended September 30, 2003 and 2002......................... 6 Notes to Consolidated Financial Statements (Unaudited)......................................... 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations................. 13 Item 3. Quantitative and Qualitative Disclosures about Market Risk......................................... 20 Item 4. Controls and Procedures............................. 20 PART II. OTHER INFORMATION Item 4. Submission of Matters to a Vote of Security Holders............................................. 21 Item 6. Exhibits and Reports on Form 8-K.................... 22 SIGNATURES.................................................. 23
2 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS NEW FRONTIER MEDIA, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (IN 000S) ASSETS
(UNAUDITED) SEPTEMBER 30, MARCH 31, 2003 2003 ------------- --------- CURRENT ASSETS: Cash and cash equivalents................................. $ 7,862 $ 4,264 Accounts receivable, net of allowance for doubtful accounts of $70 and $90, respectively.................. 6,768 5,680 Prepaid expenses.......................................... 449 610 Other..................................................... 287 452 ------- ------- TOTAL CURRENT ASSETS................................. 15,366 11,006 ------- ------- FURNITURE AND EQUIPMENT, net................................ 3,422 3,951 ------- ------- OTHER ASSETS: Prepaid distribution rights, net.......................... 12,156 11,520 Goodwill.................................................. 3,743 3,743 Other identifiable intangible assets, net................. 485 1,124 Deposits.................................................. 233 567 Other..................................................... 766 3,114 ------- ------- TOTAL OTHER ASSETS................................... 17,383 20,068 ------- ------- TOTAL ASSETS................................................ $36,171 $35,025 ======= =======
The accompanying notes are an integral part of the unaudited consolidated financial statements. 3 NEW FRONTIER MEDIA, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) (IN 000S) LIABILITIES AND SHAREHOLDERS' EQUITY
(UNAUDITED) SEPTEMBER 30, MARCH 31, 2003 2003 ------------- --------- CURRENT LIABILITIES: Accounts payable.......................................... $ 1,719 $ 2,606 Current portion of obligations under capital leases....... 581 996 Deferred revenue.......................................... 1,721 2,223 Accrued restructuring expense............................. 1,009 1,304 Current portion of notes payable.......................... 655 -- Other accrued liabilities................................. 2,037 1,225 -------- -------- TOTAL CURRENT LIABILITIES............................ 7,722 8,354 -------- -------- LONG-TERM LIABILITIES: Obligations under capital leases, net of current portion................................................ 323 465 Notes payable, net of current portion..................... 435 -- Redeemable preferred stock................................ 1,698 3,750 -------- -------- TOTAL LONG-TERM LIABILITIES.......................... 2,456 4,215 -------- -------- TOTAL LIABILITIES................................. 10,178 12,569 -------- -------- COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' EQUITY Common stock, $.0001 par value, 50,000,000 shares authorized, 19,964,396 and 21,322,816 respectively, shares issued and outstanding.......................... 2 2 Preferred stock, $.10 par value, 5,000,000 shares authorized: Class A, no shares issued and outstanding.............. -- -- Class B, no shares issued and outstanding.............. -- -- Additional paid-in capital................................ 44,626 45,943 Accumulated deficit....................................... (18,635) (23,489) -------- -------- TOTAL SHAREHOLDERS' EQUITY........................... 25,993 22,456 -------- -------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY.................. $ 36,171 $ 35,025 ======== ========
The accompanying notes are an integral part of the unaudited consolidated financial statements. 4 NEW FRONTIER MEDIA, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (IN 000S)
(UNAUDITED) (UNAUDITED) QUARTER ENDED SIX MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, ---------------------- ---------------------- 2003 2002 2003 2002 -------- -------- -------- -------- SALES, net.................................... $10,919 $ 9,280 $20,999 $18,877 COST OF SALES................................. 4,295 4,487 8,187 9,727 ------- ------- ------- ------- GROSS MARGIN.................................. 6,624 4,793 12,812 9,150 ------- ------- ------- ------- OPERATING EXPENSES: Sales and marketing......................... 1,030 1,667 2,536 3,311 General and administrative.................. 2,385 3,680 4,809 7,763 Restructuring expense....................... 72 142 72 3,183 Impairment expense.......................... -- -- -- 535 ------- ------- ------- ------- TOTAL OPERATING EXPENSES............... 3,487 5,489 7,417 14,792 ------- ------- ------- ------- OPERATING INCOME (LOSS)................ 3,137 (696) 5,395 (5,642) ------- ------- ------- ------- OTHER INCOME (EXPENSE): Interest income............................. 8 20 20 39 Interest expense............................ (361) (343) (671) (938) Loss on write-off of stock.................. -- -- -- (118) Other Income................................ 49 -- 112 -- ------- ------- ------- ------- TOTAL OTHER EXPENSE.................... (304) (323) (539) (1,017) ------- ------- ------- ------- NET INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES....................................... 2,833 (1,019) 4,856 (6,659) Provision for income taxes.................. (1) -- (2) -- ------- ------- ------- ------- NET INCOME (LOSS)...................... $ 2,832 $(1,019) $ 4,854 $(6,659) ------- ------- ------- ------- Basic income (loss) per share................. $ 0.15 $ (.05) $ 0.25 $ (.31) ======= ======= ======= ======= Diluted income (loss) per share............... $ 0.14 $ (.05) $ 0.23 $ (.31) ======= ======= ======= =======
The accompanying notes are an integral part of the unaudited consolidated financial statements. 5 NEW FRONTIER MEDIA, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (IN 000S)
(UNAUDITED) SIX MONTHS ENDED SEPTEMBER 30, ------------------------- 2003 2002 -------- -------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss)........................................... $ 4,854 $(6,659) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Warrants issued/amortized for services and financing.... 292 534 Amortization of deferred debt offering costs............ 116 195 Depreciation and amortization........................... 3,178 3,880 Asset impairment related to restructuring charge........ -- 2,554 Asset impairment........................................ -- 535 Other................................................... 38 -- Write-off of marketable securities available for sale... -- 118 (Increase) Decrease in operating assets Accounts receivable................................ (1,087) (1,020) Receivables and prepaid expenses................... 198 139 Prepaid distribution rights........................ (1,069) (2,322) Other assets....................................... 335 297 Increase (Decrease) in operating liabilities Accounts payable................................... (668) 326 Deferred revenue, net.............................. (502) (236) Reserve for chargebacks/credits.................... (57) (131) Accrued restructuring cost......................... (295) 211 Other accrued liabilities.......................... 925 571 ------- ------- NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES................................... 6,258 (1,008) ------- ------- CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of equipment and furniture..................... (313) (316) ------- ------- NET CASH USED IN INVESTING ACTIVITIES.............. (313) (316) ------- ------- CASH FLOWS FROM FINANCING ACTIVITIES: Payments on capital lease obligations................... (731) (952) Repayment of related party notes receivable............. -- 3 Increase (decrease) in note payable..................... 400 (2,000) Increase in debt offering costs......................... -- (225) (Retirement) issuance of common stock................... (206) 111 (Redemption) issuance of redeemable preferred stock..... (1,750) 2,750 Decrease in other financing activities.................. (60) -- ------- ------- NET CASH USED IN FINANCING ACTIVITIES.............. (2,347) (313) ------- ------- NET INCREASE (DECREASE) IN CASH............................. 3,598 (1,637) CASH AND CASH EQUIVALENTS, beginning of period.............. 4,264 5,798 ------- ------- CASH AND CASH EQUIVALENTS, end of period.................... $ 7,862 $ 4,161 ======= =======
The accompanying notes are an integral part of the unaudited consolidated financial statements. 6 NEW FRONTIER MEDIA, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1 -- ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization The accompanying financial statements have been prepared without audit pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America have been condensed or omitted pursuant to such rules and regulations. These statements include all adjustments considered necessary for a fair presentation of financial position and results of operations. The financial statements included herein should be read in conjunction with the financial statements and notes thereto included in the latest annual report on Form 10-K. The results of operations for the six-month period ended September 30, 2003 are not necessarily indicative of the results to be expected for the full year. Business New Frontier Media, Inc. ("New Frontier Media"), is a publicly traded holding company for its operating subsidiaries. Colorado Satellite Broadcasting, Inc. ("CSB"), d/b/a The Erotic Networks, ("TEN") is a leading provider of adult programming to multi-channel television providers and low-powered direct-to-home households. Through its networks Pleasure, TEN, TEN Clips, TEN Xtsy, TEN Blue, TEN Blox, TEN Max and TEN BluePlus, TEN is able to provide a variety of editing styles and programming mixes that appeal to a broad range of adult consumers. On October 27, 1999, New Frontier Media completed an acquisition of three related Internet companies: Interactive Gallery, Inc. ("IGI"), Interactive Telecom Network, Inc. ("ITN") and Card Transactions, Inc. ("CTI"). Under the terms of the acquisition, which was accounted for as a pooling of interests, the Company exchanged 6,000,000 shares of restricted common stock in exchange for all of the outstanding common stock of IGI and ITN and 90% of CTI. IGI is a leading aggregator and reseller of adult content via the Internet. IGI aggregates adult-recorded video, live-feed video and still photography from adult content studios and distributes it via its membership website, www.ten.com. In addition, IGI resells its aggregated content to third-party web masters. ITN and CTI have been inactive since March 31, 2002. Significant Accounting Policies PRINCIPALS OF CONSOLIDATION The accompanying consolidated financial statements include the accounts of New Frontier Media, Inc. and its majority owned subsidiaries (collectively hereinafter referred to as New Frontier Media or the Company). All intercompany accounts and transactions have been eliminated in consolidation. USE OF ESTIMATES The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Estimates have been made by management in several areas, including, but not limited to, the realizability of accounts receivable, accrued restructuring expenses, the valuation of chargebacks and reserves, the valuation allowance associated with deferred income tax assets and the expected useful life and valuation of our prepaid distribution rights. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from these estimates. 7 NEW FRONTIER MEDIA, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED) RECLASSIFICATIONS Certain prior year amounts have been reclassified to conform to the current year presentation. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In May 2003, the FASB issued SFAS No. 150, "Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity" ("SFAS No. 150"). This statement establishes standards for how an issuer classifies and measures in its statement of financial position certain financial instruments with characteristics of both liabilities and equity. In accordance with the standard, financial instruments that embody obligations for the issuer are required to be classified as liabilities. This Statement shall be effective for financial instruments entered into or modified after May 31, 2003, and otherwise shall be effective at the beginning of the first interim period beginning after June 15, 2003. Upon adoption of SFAS No. 150 the Company reclassified its Redeemable Preferred Stock as a liability. STOCK BASED COMPENSATION The Company applies Accounting Principles Board Opinion No. 25, "Accounting for Stock Issued to Employees," ("APB Opinion No. 25") and related interpretations in accounting for its plans and complies with the disclosure provisions of Statement of Financial Accounting Standards No. 123, "Accounting for Stock-Based Compensation" ("SFAS No. 123"). Under APB Opinion No. 25, compensation expense is measured as the excess, if any, of the fair value of the Company's common stock at the date of the grant over the amount a grantee must pay to acquire the stock. The Company's stock option plans enable the Company to grant options with an exercise price not less than the fair value of the Company's common stock at the date of the grant. Accordingly, no compensation expense has been recognized in the accompanying consolidated statements of operations for its stock-based compensation plans. For purposes of pro forma disclosures, the estimated fair value of the options is amortized to expense over the options vesting period. Adjustments are made for options forfeited prior to vesting. The effect on compensation expense, net income (loss), and net income (loss) per common share had compensation costs for the Company's stock option plans been determined based on a fair value at the date of grant consistent with the provisions of SFAS No. 123 for the quarters ended September 30, 2003 and 2002 is as follows (in thousands, except share data):
(UNAUDITED) (UNAUDITED) QUARTER ENDED SIX MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, ---------------------- ------------------------ 2003 2002 2003 2002 -------- -------- -------- -------- Net income (loss) As reported................................. $ 2,832 $(1,019) $ 4,854 $(6,659) Deduct: Total stock-based employee compensation expense determined under fair value based method for awards granted, modified, or settled, net of tax......................... (225) (234) (296) (469) ------- ------- ------- ------- Pro forma................................... $ 2,607 $(1,253) $ 4,558 $(7,128) ======= ======= ======= ======= Basic income (loss) per common share As reported................................. $ 0.15 $ (0.05) $ 0.25 $ (0.31) Pro forma................................... $ 0.13 $ (0.06) $ 0.23 $ (0.33) Diluted income (loss) per common share As reported................................. $ 0.14 $ (0.05) $ 0.23 $ (0.31) Pro Forma................................... $ 0.13 $ (0.06) $ 0.22 $ (0.33)
8 NEW FRONTIER MEDIA, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED) NOTE 2 -- INCOME (LOSS) PER SHARE The components of basic and diluted income (loss) per share are as follows (in thousands):
(UNAUDITED) (UNAUDITED) QUARTER ENDED SIX MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, ---------------------- ------------------------ 2003 2002 2003 2002 -------- -------- -------- -------- Net income (loss)............................. $ 2,832 $(1,019) $ 4,854 $(6,659) ======= ======= ======= ======= Average outstanding shares of common stock.... 19,436 21,323 19,584 21,291 Dilutive effect of Warrants/Employee Stock Options..................................... 1,312 -- 1,183 -- ------- ------- ------- ------- Common stock and common stock equivalents..... 20,748 21,323 20,767 21,291 ======= ======= ======= ======= Basic income (loss) per share................. $ 0.15 $ (0.05) $ 0.25 $ (0.31) ======= ======= ======= ======= Diluted income (loss) per share............... $ 0.14 $ (0.05) $ 0.23 $ (0.31) ======= ======= ======= =======
Options and warrants which were excluded from the calculation of diluted earnings per share because the exercise prices of the options and warrants were greater than the average market price of the common shares were approximately 3,396,000 and 3,525,000 for the quarter and six months ended September 30, 2003, respectively. Options and warrants which were excluded from the calculation of diluted earnings per share because the Company reported a net loss during the period were approximately 6,637,00 for the quarter and six months ended September 30, 2002. Inclusion of these options and warrants would be antidilutive. NOTE 3 -- SEGMENT INFORMATION The Company has adopted Statement of Financial Accounting Standards No. 131, "Disclosures about Segments of an Enterprise and Related Information," which establishes reporting and disclosure standards for an enterprise's operating segments. Operating segments are defined as components of an enterprise for which separate financial information is available and regularly reviewed by the Company's senior management. The Company has the following two reportable segments: * Subscription/Pay-Per-View ("PPV") TV Group -- distributes branded adult entertainment programming networks and Video-on-Demand ("VOD") services through electronic distribution platforms including cable television, C-Band, Direct Broadcast Satellite ("DBS"), and hotels * Internet Group -- aggregates and resells adult content via the Internet. The Internet Group sells content to monthly subscribers through its broadband site, www.ten.com, partners with third-party gatekeepers for the distribution of www.ten.com, and wholesales pre-packaged content to various webmasters. The accounting policies of the reportable segments are the same as those described in the summary of accounting policies. Segment profit (loss) is based on income (loss) before minority interest and income taxes. The reportable segments are distinct business units, separately managed with different distribution channels. The following tables represent financial information by reportable segment (in thousands):
(UNAUDITED) (UNAUDITED) QUARTER ENDED SIX MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, ---------------------------- ---------------------------- 2003 2002 2003 2002 ----------- ----------- ----------- ----------- NET SALES Subscription/Pay-Per-View TV........ $10,079 $ 7,063 $19,161 $14,094 Internet Group...................... 840 2,217 1,838 4,783 ------- ------- ------- ------- Total.......................... $10,919 $ 9,280 $20,999 $18,877 ======= ======= ======= =======
9 NEW FRONTIER MEDIA, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
(UNAUDITED) (UNAUDITED) QUARTER ENDED SIX MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, ---------------------------- ---------------------------- 2003 2002 2003 2002 ----------- ----------- ----------- ----------- SEGMENT PROFIT (LOSS) Subscription/Pay-Per-View TV........ $ 4,244 $ 1,373 $ 7,652 $ 2,981 Internet Group...................... (101) (72) 31 (4,210) Corporate Administration............ (1,310) (2,320) (2,827) (5,430) ------- ------- ------- ------- Total.......................... $ 2,833 $(1,019) $ 4,856 $(6,659) ======= ======= ======= ======= INTEREST INCOME Subscription/Pay-Per-View TV........ $ -- $ -- $ -- $ -- Internet Group...................... -- -- 3 1 Corporate Administration............ 8 20 17 38 ------- ------- ------- ------- Total.......................... $ 8 $ 20 $ 20 $ 39 ======= ======= ======= ======= INTEREST EXPENSE Subscription/Pay-Per-View TV........ $ 29 $ 32 $ 63 $ 68 Internet Group...................... 108 46 154 118 Corporate Administration............ 224 265 454 752 ------- ------- ------- ------- Total.......................... $ 361 $ 343 $ 671 $ 938 ======= ======= ======= ======= DEPRECIATION AND AMORTIZATION Subscription/Pay-Per-View TV........ $ 1,498 $ 1,431 $ 2,978 $ 2,791 Internet Group...................... 91 299 192 1,081 Corporate Administration............ 5 4 8 8 ------- ------- ------- ------- Total.......................... $ 1,594 $ 1,734 $ 3,178 $ 3,880 ======= ======= ======= =======
(UNAUDITED) SEPTEMBER 30, MARCH 31, 2003 2003 ------------- ----------- IDENTIFIABLE ASSETS Subscription/Pay-Per-View TV.................. $28,101 $28,487 Internet Group................................ 3,397 4,067 Corporate Administration...................... 10,597 22,590 Eliminations.................................. (5,924) (20,119) ------- ------- Total.................................... $36,171 $35,025 ======= =======
Expenses related to corporate administration include all costs associated with the operation of the public holding company, New Frontier Media, Inc., that are not directly allocable to the Subscription/ PPV TV and Internet operating segments. These costs include, but are not limited to, legal and accounting expenses, insurance, registration and filing fees with NASDAQ and the SEC, investor relation costs, and printing costs associated with the Company's public filings. NOTE 4 -- MAJOR CUSTOMER The Company's major customers (revenues in excess of 10% of total sales) are EchoStar Communications Corporation ("EchoStar") and Time Warner, Inc. ("Time Warner"). EchoStar and Time Warner are included in the Subscription/Pay-Per-View TV Segment. Revenue from Echostar's DISH Network and Time Warner as a percentage of total revenue for each of the quarters and six months ended September 30 is as follows: 10 NEW FRONTIER MEDIA, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
(UNAUDITED) (UNAUDITED) SIX MONTHS QUARTER ENDED ENDED SEPTEMBER 30, SEPTEMBER 30, ----------------------- ----------------------- 2003 2002 2003 2002 -------- -------- -------- -------- EchoStar................................ 34% 36% 35% 36% Time Warner............................. 15% 6% 14% 6%
At September 30, 2003 and March 31, 2003, accounts receivable from EchoStar was approximately $3,278,000 and $3,462,000, respectively. At September 30, 2003 and March 31, 2003 accounts receivable from Time Warner was approximately $741,000 and $606,000, respectively. There were no other customers with receivable balances in excess of 10% of consolidated accounts receivable. The loss of its major customers could have a materially adverse effect on the Company's business, operating results and/or financial condition. NOTE 5 -- NOTES PAYABLE During the quarter ended June 30, 2003, the Company entered into a secured loan of $400,000 with an unrelated third party. The loan matures on May 29, 2004, and bears interest at 7.5% per annum payable on a quarterly basis. The loan is secured by 930,000 shares of the Company's common stock. The loan was amended to delete a clause to convert the note into common stock at $0.65 per share on the date of maturity. The Company may repay the note, in whole or part, at any time without premium or penalty. NOTE 6 -- REDEEMABLE PREFERRED STOCK During the quarter ended June 30, 2003, the Company issued 2.5 million shares of Class B Redeemable Preferred Stock ("Class B") at $0.81 per share. The proceeds from this offering of $2,000,000 were used to redeem $1.0 million of the Company's Class A Redeemable Preferred Stock and to fund the purchase and subsequent retirement of 2,520,750 shares of New Frontier Media, Inc. common stock as part of the Bonn settlement. The Class B pays dividends at 10% per year payable on a quarterly basis. Shares are subject to mandatory redemption on or before October 2004, at a redemption price of face value plus accrued dividends. Prior to such date and so long as such mandatory redemption obligations have not been discharged in full, no dividends may be paid or declared upon the Common Stock, or on any other capital stock ranking junior to or in parity with such Class B Redeemable Preferred Stock. Under certain circumstances, the Company may redeem the stock, in whole or in part, prior to the mandatory redemption date. The Company is not entitled to issue any class of stock that will in effect reduce the value or security of the Class B Preferred. Each share of preferred shall have the right to vote together with the holders of the Company's Common stock on a one vote per share basis (and not as a separate class) on all matters presented to the holders of the Common Stock. The Class B preferred stock is subject to full or partial early redemption at the option of the holder if the Company experiences a change in control defined as (i) a replacement of more than one-half of the members of the Company's board of directors which is not approved by a majority of those individuals who are members of the board of directors on the date of the issuance of the preferred (or by those individuals who are serving as members of the board of directors on any date whose nomination to the board of directors was approved by a majority of the members of the board of directors who are members on the date of the issuance of the preferred), (ii) the merger of the Company with or into another entity that is not wholly owned by the Company, consolidation or sale of all or substantially all of the assets of the Company in one or a series of related transactions, or (iii) the execution by the Company of an agreement to which the Company is a party or by which it is bound, providing for any of the events set forth in (i) or (ii). 11 NEW FRONTIER MEDIA, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED) NOTE 7 -- TAXES PAYABLE No provision for taxes has been made as management believes they will be able to offset net operating losses against any taxable income the Company may have for the year ending March 31, 2004. At March 31, 2003, the Company had a net operating loss carry forward of approximately $13,300,000, which will begin expiring through 2023. During the last three years, issuances and redemptions of stock and other equity instruments have effected ownership changes under Internal Revenue Code Section 382. However, based on the study being performed, management estimates that the amount of projected taxable income will not exceed the estimated net operating losses available under IRC 382. NOTE 8 -- LITIGATION During the fiscal quarter ended March 31, 2003, the Company settled its litigation with Edward J. Bonn, a former director of the Company, and Jerry Howard. In connection therewith, Mr. Bonn returned 2.5 million shares of the Company's common stock and received $1.5 million, 150 internet domain names and warrants to purchase 350,000 shares at $1.00 a share. The effect of this transaction was recorded during the quarter ended June 30, 2003, and reduced equity by approximately $2,100,000. On June 12, 2003, the Company settled its litigation with Pleasure Productions. This litigation related to a complaint filed by the Company on August 3, 1999 in District Court for the city and county of Denver (Colorado Satellite Broadcasting, Inc. et al. vs. Pleasure Licensing LLC, et al., case no 99CV4652) against Pleasure Licensing LLC and Pleasure Productions, Inc. (collectively, "Pleasure"), alleging breach of contract, breach of express warranties, breach of implied warranty of fitness for a particular purposes, and rescission, seeking the return of 700,000 shares of New Frontier Media stock and warrants for an additional 700,000 New Frontier Media shares which were issued to Pleasure in connection with a motion picture licensing agreement. In the settlement, the Company secured the exclusive broadcast rights to 2,000 titles from Pleasure Productions catalog and up to 83 new releases. In addition, Pleasure Productions agreed to the cancellation of 700,000 warrants issued to it in 1999 to purchase New Frontier common stock at $1.12 a share. As a result of the transaction, the Company reduced the carrying value of the underlying assets and equity for an amount that approximates the value of the warrants. NOTE 9 -- SUBSEQUENT EVENTS In October 2003, the Company redeemed $500,000 of Class B Redeemable Preferred Stock. In October 2003, the Company executed an employment contract with TEN's President. The employment contract expires in March 2005. Commitments under this obligation are as follows: YEAR ENDED MARCH 31, -------------------- 2004 $310,200 2005 $310,200
Additionally, if certain financial criteria are met, an additional $75,000 in bonus could be paid in both fiscal years 2004 and 2005, as well as discretionary bonuses. In November 2003, the Company redeemed the remaining $1,500,000 of Class B Redeemable Preferred Stock. 12 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. FORWARD LOOKING STATEMENTS This quarterly report on Form 10-Q includes forward-looking statements. These statements are subject to certain risks and uncertainties, including those identified below, which could cause actual results to differ materially from such statements. The words "believe", "expect", "anticipate", "optimistic", "intend", "will", and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no obligation to update or revise any forward-looking statements. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to: 1) our ability to compete effectively with our primary Cable/ DBS competitor; 2) our ability to retain our major customers which account for 35% and 14% of our total revenue; 3) our ability to compete effectively for quality content with our Subscription/ PPV TV Group's primary competitor; 4) our ability to successfully manage our credit card chargeback and credit percentages in order to maintain our ability to accept credit cards as a form of payment for our products and services; and 5) our ability to retain our key executives. The following table reflects the Company's results of operations for the quarters and six months ended September 30, 2003 and 2002. RESULTS OF OPERATIONS
(IN MILLIONS) (IN MILLIONS) QUARTER ENDED SIX MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, ------------------------- ------------------------- 2003 2002 2003 2002 -------- -------- -------- -------- NET REVENUE Subscription/Pay-Per-View TV Cable/DBS/Hotel......................... $ 8.4 $ 5.2 $15.6 $10.2 C-Band.................................. 1.7 1.9 3.6 3.9 Internet Group Net Membership.......................... 0.6 1.5 1.4 3.2 Sale of Content......................... 0.2 0.3 0.4 0.7 Sale of Traffic......................... 0.0 0.4 0.0 0.9 ----- ----- ----- ----- TOTAL................................... $10.9 $ 9.3 $21.0 $18.9 ===== ===== ===== ===== COST OF SALES Subscription/Pay-Per-View TV................. $ 4.0 $ 3.5 $ 7.5 $ 6.9 Internet Group............................... 0.3 1.0 0.7 2.8 ----- ----- ----- ----- TOTAL................................... $ 4.3 $ 4.5 $ 8.2 $ 9.7 ===== ===== ===== ===== OPERATING INCOME (LOSS) Subscription/Pay-Per-View TV................. $ 4.3 $ 1.4 $ 7.7 $ 3.0 Internet Group............................... 0.0 0.1 0.1 (0.4) Restructuring Expense........................ (0.1) (0.1) (0.1) (3.1) Asset Impairment Expense..................... 0.0 0.0 0.0 (0.5) Corporate Administration..................... (1.1) (2.1) (2.4) (4.6) ----- ----- ----- ----- TOTAL................................... $ 3.1 $(0.7) $ 5.3 $(5.6) ===== ===== ===== =====
NET REVENUE Net revenue for the Company was $10.9 million and $21.0 million for the quarter and six months ended September 30, 2003, respectively, as compared to $9.3 million and $18.9 million for the quarter and six months ended September 30, 2002, representing increases of 17% and 11%, respectively. The increase in net revenue for both the quarter and six months ended September 30, 2003 is related to an increase in revenue generated by the Subscription/PPV TV Group. Net revenue generated by the Subscription/PPV TV Group increased to $10.1 million and $19.2 million for the quarter and six months ended September 30, 2003, respectively, as compared to revenue of $7.1 million and $14.1 13 million for the quarter and six months ended September 30, 2002, respectively, representing increases of 42% and 36%, respectively. This increase in revenue was offset by a decline in revenue generated by the Internet Group. Revenue from the Internet Group decreased to $0.8 million and $1.8 million for the quarter and six months ended September 30, 2003, respectively, as compared to $2.2 million and $4.8 million for the quarter and six months ended September 30, 2002, respectively. OPERATING INCOME (LOSS) Operating income for the Company increased to $3.1 million and $5.3 million for the quarter and six months ended September 30, 2003, as compared to operating losses of $0.7 million and $5.6 million for the quarter and six months ended September 30, 2002. The increase in operating income for the Company is related to an increase in operating income generated by the Subscription/PPV TV Group, a decrease in corporate administration expenses, and the elimination of restructuring and impairment expenses incurred by the Internet Group during the six months ended September 30, 2002. Operating income generated by the Subscription/PPV TV Group increased to $4.3 million and $7.7 million for the quarter and six months ended September 30, 2003, respectively, as compared to $1.4 million and $3.0 million for the quarter and six months ended September 30, 2002, respectively, representing increases of 207% and 157%, respectively. The increase in operating income for the quarter and six months ended September 30, 2003 is related to an increase in gross margins while operating expenses remained relatively flat. Corporate administration expenses declined to $1.1 million and $2.4 million for the quarter and six months ended September 30, 2003, respectively, from $2.1 million and $4.6 million for the quarter and six months ended September 30, 2002, respectively, representing decreases of 48% for both the quarter and six-month period. The decrease in corporate administration expenses for the quarter and six months ended September 30, 2003 is due primarily to a 93% and 90% decrease in legal fees. Legal fees were higher during the prior fiscal year due to the proxy fight and its associated litigation. The operating loss for the six months ended September 30, 2002, included a $3.0 million restructuring charge taken during the first quarter of that fiscal year related to relocating the Internet Group's data center facility and a $0.5 asset impairment charge for the write-down of certain Internet Group URLs. SUBSCRIPTION/PAY-PER-VIEW (PPV) TV GROUP The Subscription/PPV TV Group rebranded its networks under the TEN* name and logo during the fourth quarter of the fiscal year ended March 31, 2003. Each network (except Pleasure) has the TEN name associated with it. This change was done in an effort to create brand recognition for the TEN name and associate this name with the best adult programming available on Cable and DBS platforms. The networks are now named as follows: Pleasure, TEN, TEN*Clips (formerly ETC), TEN*Xtsy (formerly Extasy), TEN*BluePlus (formerly True Blue), TEN*Max (formerly X-Cubed and XClips), TEN*Blue (launched in January 2003), and TEN*Blox (launched in January 2003). The Subscription/PPV TV Group's VOD service is branded as TEN*On Demand. The following table outlines the current distribution environment and network households for each network:
ESTIMATED NETWORK HOUSEHOLDS ----------------------------------------- (IN THOUSANDS) AS OF AS OF SEPTEMBER 30, SEPTEMBER 30, NETWORK DISTRIBUTION METHOD 2003 2002 % CHANGE ------- ------------------- ------------- ------------- --------- Pleasure Cable/DBS 8,100 7,600 7% TEN Cable/DBS 13,500 9,400 44% TEN*Clips Cable/DBS 11,900 4,800 148% Video-On-Demand Cable 8,000 3,000 167% TEN*Blue Cable 1,600 N/A N/A TEN*Blox Cable 1,700 N/A N/A TEN*Xtsy C-band/Cable/DBS 9,400 8,300 13%(1) TEN*Blue Plus C-band/Cable 500 700 -29%(1) TEN*Max C-band/Cable 500 700 -29%(1) TOTAL NETWORK HOUSEHOLDS 55,200 34,500
14 (1) % change gives effect to a 33% decline in the C-band market's total addressable households. Total addressable C-Band households declined from 0.6 million as of September 30, 2002 to 0.4 million as of September 30, 2003. (2) The above table reflects network household distribution. A household will be counted more than once if the home has access to more than one of the Subscription/PPV TV Group's channels, since each network represents an incremental revenue stream. The Subscription/ PPV TV Group estimates its unique household distribution as 12.8 million cable homes and 8.8 million DBS homes as of September 30, 2003. NET REVENUE Total net revenue for the Subscription/PPV TV Group was $10.1 million for the quarter ended September 30, 2003, representing a 42% increase from $7.1 million for the quarter ended September 30, 2002. Of total net revenue, C-Band net revenue was $1.7 million for the quarter ended September 30, 2003 as compared to $1.9 million for the quarter ended September 30, 2002, representing a decrease of 11%. Revenue from the Group's Cable/DBS/Hotel services was $8.4 million for the quarter ended September 30, 2003 as compared to $5.2 million for the quarter ended September 30, 2002, representing a 62% increase. Revenue from the Group's Cable/DBS/Hotel services is responsible for 83% of the Group's total net revenue for the quarter ended September 30, 2003, as compared to 73% for the quarter ended September 30, 2002. Total net revenue for the Subscription/PPV TV Group was $19.2 million for the six months ended September 30, 2003, representing a 36% increase from $14.1 million for the six months ended September 30, 2002. Of total net revenue, C-Band net revenue was $3.6 million for the six months ended September 30, 2003 as compared to $3.9 million for the six months ended September 30, 2002, representing a decrease of 8%. Revenue from the Group's Cable/DBS/Hotel services for the six months ended September 30, 2003 was $15.6 million as compared to $10.2 million for the six months ended September 30, 2002, representing an increase of 53%. Revenue from the Group's Cable/DBS/ Hotel services is responsible for 81% of the Group's total net revenue for the six months ended September 30, 2003, as compared to 72% for the six months ended September 30, 2002. The decrease in C-Band revenue for the quarter and six months ended September 30, 2003 is due to the continued decline of the C-Band market as consumers convert from C-Band "big dish" analog satellite systems to smaller, 18-inch digital DBS satellite systems. The C-Band market has decreased 33% since September 30, 2002, from 0.6 million addressable subscribers to 0.4 million addressable subscribers as of September 30, 2003. Although the C-Band market has continued to decline, the Subscription/PPV TV Group's C-Band revenue has declined at a much slower rate due to the fact that its only competitor on this platform went out of business during the first quarter of the current fiscal year. The increase in Cable/DBS/Hotel revenue is a result of an increase in distribution of the Subscription/ PPV TV Group's Video-on Demand ("VOD") service on both cable and hotel platforms. As of September 30, 2003, the Subscription/PPV TV Group provided its VOD service to 8.0 million VOD enabled cable households, representing an increase in cable distribution of 167% year-over-year, as well as to approximately 900,000 hotel rooms in the U.S. and Canada. Revenue from VOD services increased 1152% and 1267% for the quarter and six months ended September 30, 2003, respectively, as a result of new launches, and now represents 39% and 35% of total Cable/DBS/Hotel revenue for the quarter and six months ended September 30, 2003, respectively. As stated in the Company's Critical Accounting Policies on Revenue Recognition, cable affiliates do not report actual monthly sales for each of their systems to the Subscription/PPV TV Group until 45 - 60 days after each month. This practice requires management to make monthly revenue estimates based on the historical experience for each affiliated system. Historically, any differences between the amounts estimated and the actual amounts have been immaterial due to the overall predictability of pay-per-view revenues. Since VOD is such a new product, the revenue expected from new VOD cable affiliates can be more difficult to predict. The Subscription/PPV TV Group intends to continue to be conservative in estimating the impact of the rollout of VOD households in individual quarters while continually adjusting our estimates to reflect actual revenue remitted. 15 COST OF SALES Cost of sales for the Subscription/PPV TV Group was $4.0 million, or 40% of revenue, for the quarter ended September 30, 2003, as compared to $3.5 million, or 49% of revenue, for the quarter ended September 30, 2002, an increase of 14%. Cost of sales for the Subscription/PPV TV Group was $7.5 million or 39% of revenue for the six months ended September 30, 2003, as compared to $6.9 million or 49% of revenue for the six months ended September 30, 2002, an increase of 9%. Cost of sales consists of expenses associated with broadcast playout, satellite uplinking, satellite transponder leases, programming acquisition costs, in-house editing and programming, VOD transport costs, amortization of content licenses, and the Subscription/PPV TV Group's in-house call center operations for its C-Band business. The increase in cost of sales for the quarter and six months is due to: a) an increase in transport costs related to the delivery of VOD content to cable customers and b) the addition of an in-house editing and programming department dedicated to the Group's Blue and Blox networks and to the VOD content provided to On Command. The increase in these costs was offset by a 29% and 22% decrease in quarterly and year-to-date transponder costs and a 26% and 25% quarterly and year-to-date decrease in costs related to the Subscription/PPV TV Group's in-house call center. OPERATING INCOME Operating income for the Subscription/PPV TV Group for the quarter ended September 30, 2003 was $4.3 million as compared to operating income of $1.4 million for the quarter ended September 30, 2002, representing an increase of 207%. Operating income for the Subscription/PPV TV Group for the six months ended September 30, 2003 was $7.7 million as compared to operating income of $3.0 million for the six months ended September 30, 2002, representing an increase of 157%. The increase in operating income for the quarter and six months ended September 30, 2003 is related to an increase in gross margin while operating expenses remained relatively flat. The Subscription/PPV TV Group's gross margin increased from 51% for the quarter and six months ended September 30, 2002 to 60% and 61% for the quarter and six months ended September 30, 2003, respectively. Operating expenses were 19% and 21% of revenue for the quarter and six months ended September 30, 2003, respectively, as compared to 30% and 29% of revenue for the quarter and six months ended September 30, 2002, respectively. Operating expenses declined 18% and 5% for the quarter and six months ended September 30, 2003. This quarterly and year-to-date decline in operating expenses is primarily related to the Subscription/PPV TV Group's decision during the current fiscal year quarter to no longer market its C-Band services through its open-air barker channel as well as to a decline in trade show expenses incurred for the quarter and six months ended September 30, 2003. INTERNET GROUP NET REVENUE Total net revenue for the Internet Group was $0.8 million for the quarter ended September 30, 2003, as compared to $2.2 million for the quarter ended September 30, 2002, representing a decrease of 64%. Total net revenue for the Internet Group was $1.8 million for the six months ended September 30, 2003, as compared to $4.8 million for the six months ended September 30, 2002, representing a decrease of 63%. The Internet Group's revenue is comprised of membership revenue from its consumer-based web site, revenue from the sale of its content feeds, and revenue from the sale of exit traffic. Net membership revenue for the Internet Group was $0.6 million and $1.4 million for the quarter and six months ended September 30, 2003, as compared to net membership revenue of $1.5 million and $3.2 million for the quarter and six months ended September 30, 2002, which represents a decrease of 60% and 56%, respectively. The Internet Group has continued to see a decline in its net membership revenue due to the change made to its business model at the end of the prior fiscal year. In addition, as of March 31, 2003, the Internet Group transferred 150 of its domain names to Edward Bonn as part of the settlement of the Company's lawsuit with him. At the same time, the Internet Group merged all of its dial-up web sites (and corresponding members) into its premiere broadband site, www.ten.com. The transfer of these URLs has resulted in a substantial decrease in traffic and, consequently, the number of new monthly members to its site. 16 The Internet Group advertises its web site on the Subscription/PPV TV Group's networks in order to drive type-in traffic to the site. The Group no longer purchases any traffic from other webmasters. The Internet Group expects to see continued erosion of its recurring membership revenue since the current monthly traffic volume to www.ten.com does not generate enough new monthly sign-ups to offset the churn of its renewing membership base. However, it is important to note that the Internet Group does not consider the monthly membership model to be the focus of its future growth plans. The Internet Group's current focus for growth is on forming revenue sharing partnerships with third party gatekeepers such as cable companies, hospitality providers, and portals, for the distribution of www.ten.com, whereby it can gain direct access to consumers in search of adult entertainment. Revenue from the Internet Group's sale of content was $0.2 million and $0.4 million for the quarter and six months ended September 30, 2003, as compared to $0.3 million and $0.7 million for the quarter and six months ended September 30, 2002, representing decreases of 33% and 43%, respectively. This decrease in revenue from the sale of content for the quarter and six months ended September 30, 2003 is due to a softening in demand for content by third-party webmasters. Webmasters are decreasing their reliance on outside sources for content and demanding lower prices for the content that they do purchase. The continued reluctance on the part of webmasters to pay for content makes this a difficult market segment in which to compete. Revenue was earned from traffic sales by forwarding exit traffic and traffic from selected vanity domains to affiliate webmaster marketing programs, monetizing foreign traffic via international dialer companies, marketing affiliated webmaster sites through the Internet Group's double opt-in email list, and by directing traffic to its pay-per-click ("PPC") search engine. Revenue from the sale of traffic was $0 for the quarter and six months ended September 30, 2003 respectively, as compared to $0.4 million and $0.9 million for the quarter and six months ended September 30, 2002, respectively. Due to the change in its business model as described above, the Internet Group has ceased all traffic sales activity due to the decline in traffic to its web site. COST OF SALES Cost of sales for the Internet Group was $0.3 million, or 38% of revenue for the quarter ended September 30, 2003, as compared to $1.0 million, or 45% of revenue, for the quarter ended September 30, 2002, representing a decrease of 70%. Cost of sales for the Internet Group was $0.7 million, or 39% of revenue for the six months ended September 30, 2003, as compared to $2.8 million, or 58% of revenue, for the six months ended September 30, 2002, representing a decrease of 75%. Cost of sales consists of expenses associated with credit card fees, merchant banking fees, bandwidth, membership acquisition costs (purchase of traffic), web site content costs, and depreciation of assets. Cost of sales has decreased for the quarter and six months ended September 30, 2003 due to a decline in traffic acquisition costs, bandwidth costs, variable costs related to credit card processing, web site content costs, and a decrease in depreciation and amortization costs related to the Internet Group's data center. The Internet Group relocated its data center functions from Los Angeles to Boulder during the 2003 fiscal year (see "Restructuring Expenses" below). This restructuring resulted in a 72% and 82% decrease in depreciation, amortization, equipment lease, and maintenance costs for the quarter and six months ended September 30, 2003, respectively, due to the write-off of excess equipment and impaired assets. OPERATING INCOME (LOSS) Operating income for the Internet Group was $0 for the quarter ended September 30, 2003, as compared to $0.1 million for the quarter ended September 30, 2002. Operating income (loss) for the Internet Group was operating income of $0.1 million for the six months ended September 30, 2003, as compared to an operating loss of $0.4 million for the six months ended September 30, 2002. The decline in operating income for the quarter ended September 30, 2003 is related to a 64% decline in revenue year-over-year for the quarter that was partially offset by declines in costs of sales and operating expenses. Gross margin improved to 63% for the quarter ended September 30, 2003, as compared to gross margin of 55% for the quarter ended September 30, 2002. Operating expenses declined from $1.1 million for the quarter ended September 30, 2002 to $0.5 million for the quarter ended September 30, 2003, representing a decrease of 55%. The decrease in operating expenses is 17 related to a decrease in payroll, benefits, and other office expenses related to all departments. The Internet Group completed a final restructuring during the fourth quarter of its fiscal year ended March 31, 2003, which resulted in a decrease in sales, marketing, data center and web production personnel. The increase in operating income for the six months ended September 30, 2003 is related to improved gross margins as a result of the data center restructuring completed during the quarter ended June 30, 2002 and a decrease in operating expenses related to the restructuring completed during the fourth quarter ended March 31, 2003. The effect of these restructurings was to improve the Internet Group's gross margin to 61% for the six months ended September 30, 2003, from 42% for the six months ended September 30, 2002, and to decrease operating expenses by 58% for the six months ended September 30, 2003. Operating expenses declined to $1.0 million for the six months ended September 30, 2003 from $2.4 million for the six months ended September 30, 2002. This decline in operating expenses is related to a decrease in payroll, benefits and other office expenses related to all departments. RESTRUCTURING EXPENSES During the quarter ended June 30, 2002, the Company adopted a restructuring plan with respect to the Internet Group's data center facility. The Company closed the Internet Group's in-house data center in Sherman Oaks, California and moved its servers, bandwidth and content delivery to the same location as the Subscription/PPV TV Group's digital broadcast facility in Boulder, Colorado. Total restructuring charges of $3.1 million related to this plan were recorded during the six months ended September 30, 2002, of which $28,000 related to the termination of 10 employees. Also included in this charge was $0.4 million related to the data center space in Sherman Oaks that the Company is attempting to sublet and $2.6 million of expenses related to excess equipment. During the quarter ended September 30, 2002, the Internet Group increased the amount of its restructuring expense accrued during the fourth quarter of the prior fiscal year by $0.3 million due to an adjustment to the estimate used in computing the expense related to its excess space. The change in the estimate was related to an extension of the time necessary to sublet the space. Future adjustments to this accrual may be required if the space is not sublet when expected. In addition, the restructuring expense for this same period was decreased by $0.1 million during the current fiscal quarter for a change in the amount estimated for certain payroll related expenses. During the quarter ended September 30, 2003, the Internet Group incurred $0.1 million in additional restructuring costs related to equipment that had been written off as part of the restructuring charges taken during fiscal years 2002 and 2003. These expenses were primarily related to buyouts and assumptions of leased equipment that were written off in previous years. ASSET IMPAIRMENT CHARGES During the quarter ended June 30, 2002, the Company recognized impairment losses on certain URLs of approximately $535,000 in connection with the Internet Division. Management identified certain conditions including a declining gross margin due to the availability of free adult content on the Internet and decreased traffic to the Company's URLs as indicators of asset impairment. These conditions led to operating results and forecasted future results that were substantially less than had been anticipated at the time of the Company's acquisition of the Internet business. The Company revised its projections and determined that the projected results would not fully support the future amortization of the URLs associated with Internet business. In accordance with the Company's policy, management assessed the recoverability of the URLs using a cash flow projection based on the remaining amortization period of four years. Based on this projection, the cumulative cash flows over the remaining amortization period were insufficient to fully recover the intangible asset balance, and the Company recorded an impairment charge by writing down the URLs. CORPORATE ADMINISTRATION Expenses related to corporate administration include all costs associated with the operation of the public holding company, New Frontier Media, Inc., that are not directly allocable to the Subscription/ PPV TV and Internet operating segments. These costs include, but are not limited to, legal and accounting expenses, insurance, registration and filing fees with NASDAQ and the SEC, investor relations costs, and printing costs associated with the Company's public filings. 18 Corporate administration expenses were $1.1 and $2.1 million for the quarters ended September 30, 2003 and 2002, respectively, representing a decrease of 48%. Corporate administration expenses were $2.4 and $4.6 million for the six months ended September 30, 2003 and 2002, respectively, representing a decrease of 48%. The decrease in corporate administration expenses for the quarter and six months ended September 30, 2003 is due primarily to a 93% and 90% decrease in legal fees for the quarter and six months ended September 30, 2003, respectively. Legal fees were higher during the prior fiscal year due to the proxy fight and its associated litigation. Legal fees for the six months ended September 30, 2003 included the reimbursement of $166,000 as part of a settlement agreement reached during the first fiscal year quarter. LIQUIDITY AND CAPITAL RESOURCES For the six months ended September 30, 2003, cash provided by operating activities was $6.3 million. Cash was provided by net income of $4.9 million adjusted for depreciation and amortization of $3.2 million and other non-cash related items. Accounts receivable increased by $1.1 million, prepaid distribution rights related to the licensing of the Company's content increased $1.1 million and accounts payable declined $0.7 million for the period. Cash used in investing activities was $0.3 million for the six months ended September 30, 2003 and 2002. Cash used in investing activities for the six months ended September 30, 2003 was primarily related to purchases by the Subscription/PPV TV Group of broadcast equipment, including a new broadcast cluster to allow for increased redundancy, encrypting equipment necessary for new cable launches, and increased storage capacity, as well as to upgrades to the Company's technology facility to be completed during the current fiscal year. Cash used in investing activities for the six months ended September 30, 2002 was primarily related to the purchase of software licenses, minor equipment upgrades to the Subscription/PPV TV Group's digital broadcast facility and the purchase of encrypting equipment for new cable launches. Cash used in financing activities was $2.3 million for the six months ended September 30, 2003 as compared to $0.3 million for the six months ended September 30, 2002. Cash used in financing activities for the six months ended September 30, 2003 is related to $0.7 million paid on the Company's capital lease obligations, the repayment of $3.8 million of the Company's Class A Redeemable Preferred Stock, and the purchase and subsequent retirement of 2.5 million shares of New Frontier Media, Inc. stock acquired from Edward Bonn for $1.5 million as part of the settlement of the Company's lawsuit with him. This use of cash was offset by the issuance of 2.5 million shares of Class B Redeemable Preferred Stock at $0.81 per share, the receipt of $1.3 million in proceeds from the exercise of stock options and warrants, and an increase in net borrowings of $0.4 million. Cash used in financing activities for the six months ended September 30, 2002 was related to $1.0 million paid on the Company's capital lease obligations. This use of cash was offset by the issuance of 1.4 million shares of Class A Redeemable Preferred Stock at $2.00 per share. The proceeds from this offering were used to repay $2.0 million of the Company's outstanding notes payable. An additional $1.0 million in debt was converted to 0.5 million shares of Class A Redeemable Preferred Stock during the six months ended September 30, 2002. As of September 30, 2003, the Company had fully redeemed its Class A Redeemable Preferred Stock and had $2.0 million of its Class B Redeemable Preferred Stock outstanding. The Class B Redeemable Preferred Stock pays dividends at 10% on a quarterly basis and is redeemable at the Company's option no later than October 2004. The Company redeemed $2.0 million of the Class B Redeemable Preferred Stock after September 30, 2003. If New Frontier Media were to lose its major customers that account for 35% and 14% of its revenue, its ability to finance its operating requirements would be severely impaired. The Company believes that its existing cash balances and cash generated from operations will be sufficient to satisfy its operating requirements. 19 ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Market Risk. The Company's exposure to market risk is principally confined to cash in the bank, money market accounts, and notes payable, which have short maturities and, therefore, minimal and immaterial market risk. Interest Rate Sensitivity. As of September 30, 2003, the Company had cash in checking and money market accounts. Because of the short maturities of these instruments, a sudden change in market interest rates would not have a material impact on the fair value of these assets. Furthermore, the Company's borrowings are at fixed interest rates, limiting the Company's exposure to interest rate risk. Foreign Currency Exchange Risk. The Company does not have any foreign currency exposure because it currently does not transact business in foreign currencies. ITEM 4. CONTROLS AND PROCEDURES The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its Securities and Exchange ("SEC") reports is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to the Company's management, including its President and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, as the Company's are designed to do, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. As required by the SEC rules, we have evaluated the effectiveness of the design and operation of the Company's disclosure controls and procedures as of the end of the period covered by this Quarterly Report. This evaluation was performed under the supervision and with the participation of the Company's management, including the President and Chief Financial Officer. Based upon that evaluation, the President and Chief Financial Officer concluded that the Company's controls and procedures were effective. Subsequent to the date of this evaluation, there have been no significant changes in the Company's internal controls or in other factors that could significantly affect these controls, and no corrective actions taken with regard to significant deficiencies or material weaknesses in such controls. 20 PART II - OTHER INFORMATION ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS (a) The Company held an annual meeting of its shareholders on August 26, 2003 (the "Annual Meeting"). (b) The Annual Meeting involved the election of directors. The directors elected at the meeting were Michael Weiner, Alan L. Isaacman, Hiram J. Woo, David Nicholas, Melissa Hubbard and Dr. Skender Fani. (c) Three matters were voted on at the Annual Meeting, as follows: (i) The election of six directors to the Board of Directors for the following year and until their successors are elected. The votes were cast for this matter as follows:
BROKER FOR AGAINST ABSTAIN WITHHELD NON-VOTE ---------- ---------- ---------- ---------- ---------- Michael Weiner 19,795,724 131 68,588 0 0 Alan L. Isaacman 19,795,724 131 68,588 0 0 Hiram J. Woo 19,795,724 131 68,588 0 0 David Nicholas 19,795,724 131 68,588 0 0 Melissa Hubbard 19,795,724 131 68,588 0 0 Dr. Skender Fani 19,795,724 131 68,588 0 0
(ii) The approval of an amendment to the Company's Millennium Incentive Stock Option Plan to permit the grant of restricted stock thereunder.
BROKER FOR AGAINST ABSTAIN WITHHELD NON-VOTE ---------- ---------- ---------- ---------- ---------- 19,421,137 418,701 24,605 0 0
(iii) The ratification of the appointment of Grant Thornton LLP as the Company's independent auditors for the fiscal year ending March 31, 2004. The votes were cast for this matter as follows:
BROKER FOR AGAINST ABSTAIN WITHHELD NON-VOTE ---------- ---------- ---------- ---------- ---------- 19,830,195 26,912 7,336 0 0
21 ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K a) Exhibits 31.01 Certification by President Michael Weiner pursuant to U.S.C. Section 1350 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 31.02 Certification by CFO Karyn Miller pursuant to U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 32.01 Certification by President Michael Weiner pursuant to U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 32.02 Certification by CFO Karyn Miller pursuant to U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 99.00 Employment Agreement between Ken Boenish and Colorado Satellite Broadcasting, Inc. b) Reports on Form 8-K The Company did not file any reports on Form 8-K during the quarter ended September 30, 2003. 22 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed in its behalf by the undersigned thereunto duly authorized. NEW FRONTIER MEDIA, INC. /s/ Karyn L. Miller Karyn L. Miller Chief Financial Officer (Principal Accounting Officer) Dated: November 7, 2003 23 10-Q 3 s11-4015_10q.pdf COMPLIMENTARY PDF COPY begin 644 s11-4015_10q.pdf M)5!$1BTQ+C(-)>+CS],-"CH(<=GS*!96HIQN?M'BE[.8;383.GVNZ_;W<+EN[2_X#0*WH?CW!@CQZ]>O!;\07""8YT-_':/%,C:SSN(SS0(I!`@P`$(5XY$-96YD7!E("]4>7!E,2`-+T9IL`LBQ"N5Z"B#'IA8E9P*%`C(5+,WA*G#ZBX&!R<.7D;&= MD8&9D9$EI/+[&KY?-;^##OY<#O61LW_IX%8:<"62`(9*6"9%CY?O'Z;O\9LYUQ!XAD_OG0 M5_3GEK]`R+[]9X?HSYB_0,C&U]W]L[.;[7=Y-SM`@`$`Q5:JDPUE;F1S=')E M86T-96YD;V)J#3@T(#`@;V)J#3P\(`TO5'EP92`O1F]N=$1E7!H96XO=2]9+UP-4"]F+TDO;B]N:6YE+W!E"!;("TQ-S`@+3(T,"`Y.38@.3,U(%T@#2]&;VYT3F%M92`O2T9*3$=.*U1I M;65S5&5N+5)O;6%N(`TO271A;&EC06YG;&4@,"`-+U-T96U6(#@X(`TO6$AE M:6=H="`T-S`@#2]#:&%R4V5T("@O62]O+W!EB]C+T\O<75O=&5R:6=H="]E:6=H="]++V4O42]X M+VYI;F4O<&%R96YL969T7`TO9B]2+V9I+V-O;&]N+T8O:"]3+W!A7!E("]&;VYT(`TO4W5B='EP M92`O5'EP93$@#2]&:7)S=$-H87(@,S(@#2],87-T0VAA7!E("]&;VYT(`TO4W5B='EP92`O M5'EP93$@#2]&:7)S=$-H87(@,2`-+TQA7!E("]&;VYT1&5S M8W)I<'1OZ#P`)3X\`B,PBW MS1BLE<4@!RN,(*0!\4+86KXG#@]%N^#U%[QV86:]G5MO;C@PF*\L)C`)!?SB M(B0T@L"/">,4%[=8PAK_YJE%]\L-"0]X#"XC3.#W_-JR9Z/AQ^EX/A[-X&IR#:,_AW]<3=Z-8'AW>SN>S<9W M$V?^8#'>5L&Q"DXX5L'#8Q7W]B>=)5&;O%PW53F`:S(DP*DO8I-W-+>XCV=8 MUZ[GB\/#L5VO:S=J$T7`?4$B\*.HE^?F;GJ+2#LN9H]M]X.)_N9&M&=CG_6&?U(VLBR>HY:ZJ&]B7F:QA M)M,FKTI@'E0U,']A9PL'JA4T&ZD7]W7>Y%)!4F8P^I9NDG(M=7ZJH>*#W^('/S9X;C*^#_GTL9"?KO,I`8B$9YMHU1."T*%O6>.^I\7W8;H<>:#L/F5'('XJJNMN"X`FR/*(@SP6G<**4N]X(X--(X8LQ%1#B6)\(^9E3_,@H-X]@<7]C# M:KO-E=*5/!<2RKT>X<)IQ_&=$E@0$X0(!=,KXZ1Y>S+Z!#?3NPF*>`JWH^OQ MU0#&DR$YG^ZQ3!8$)`0OCE^M\A[+''U+D*)ELI5Z@&J;%`4L]RHOI5*`]>]Q MWHD"M9-I_HQLS$O(&P4X8\U5[.<<3!;@W#AXX64C;;YA551UDE6.RX3/`Q+9 MD7`9C00-6!OIU`+JGPKPSB7[8@^S)FFDIF*%%*CA`:6ILKSE:+7"7.@SZ."X MD!->-:K4<[^UQF58UTCUI`V#8>IV4^3_F&3O&@F/$ M5]CC3)9-_IRV&R>'"5\B(C"PQW\PV7L[I#2$3X[05IZ7Z48J!!:&>9T6<@"S M?8Z]H>H'\+;:%RB_`0PKB*A'+Q'C+"9>@"[Q.C%$"9YR.1'MR!;:`+8(FR;R`%;M0])UJ2VZ^]>S2K'3 M)YD@C/D*6JO*`/F>2B@2U70O@:YU5Z!-1SI1T"8:;F3Z!1XWTC!-.TZGD87- ML&]4>@9:0FT4A=]_[_,:_XF^LY3M^O+I50R MKDA2^<& M6?*DB.,*M*G0_LM!3J`$I'KYC8\B)@+E%&DA'9EW^OH$AV&W,\W>F&Q$1!D>RO2RI<8F&HUT(AYL:CFR3^IPH/>1SS4E(TA39 MC3:#G$#(-8<0VDP^EZW/3O#=O?[=W]JAW98\.]Y#_!!@`#E@D<@UE;F1S=')E86T-96YD;V)J#3DQ(#`@ M;V)J#3P\(`TO5'EP92`O17AT1U-T871E(`TO4T$@9F%L8&)B8F1F9F9H: MFIJ;&YN;G!R'IZ>GQ^?GZ`@H*"A(:&AHB*BHJ,CHZ.D)*2DI26E MI:8FIJ:G)Z>GJ"BHJ*DIJ:FJ*JJJJRNKJZPLK*RM+:VMKBZNKJ\OKZ^P,+"P ML3&QL;(RLK*S,[.SM#2TM+4UM;6V-K:VMS>WM[@XN+BY.;FYNCJZNKL[N[N\ M/+R\O3V]O;X^OKZ_/[^_P$#`P,%!P<'"0L+"PT/#P\1$Q,3%1<7%QD;&QL=' MQ\?(2,C(R4G)R)BXN+C8^/CY&3DY.5EY>7F9N;FYV?GY^AHZ.CI M:>GIZFKJZNMKZ^OL;.SL[6WM[>YN[N[O;^_O\'#P\/%Q\?'R/CX^7GY^?IZ^OK[>_O[_'S\_/U]_?W^?O[^_W__ M_P(,`.>L/Q`-96YDY<\[SG.>\.,:WPW`<=UD?NF[#FDV_ MVYJ:KM!L560LBE"F)V1,G?AQCA@GPSEW.VXFCY/R.<;!!:U$!<^SGP<03`/^ MH]G\*CH(X:@C=#NWN+,&"<;'\9P/:EM#E*H<=6K*3BT[?XHWV.5R>R&U`RE-D>E8$.4Z:J$C!PO'V]6I?5B M7T$7L"^[8;V7^B[Q_[G#_^H4PVT?1N"8B(?-<,0\I%BP%$O%L'0[3(MA>@PK MQK`M-JHP'D9@);@87X<7X;UVW7;C/!'/DQ?"*^-=Y\_F[^-?)&C"1+0)%@BJ M!$/"1<(CHKFB`M'3:FVT^/F#[H(',XX#`RPV]&C=A17.(XPS'* M\:;3(J?SSI'.O1('2:4$R+?)RZ]1KZ51'M0!ZFN732ZW7>U=*UQ?N(6ZG9>R M4HV4H_WH"GI4II`]<-_J7CD3FYD[9,J:9%;-B4^L$TRHY/_2V%>9T M_6LXUD)^`75PB2+_>2'Y6]>Q4! 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I have reviewed this Quarterly Report on Form 10-Q of New Frontier Media, Inc. (the "Registrant"); 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report; 4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and c) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and 5. The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of Registrant's board of directors (or persons performing the equivalent functions): a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting. Dated: November 7, 2003 /s/ Michael Weiner - -------------------------- President EX-31 5 s11-4015_3102.txt EXHIBIT 31.02 CHIEF FINANCIAL OFFICER CERTIFICATION I, Karyn L. Miller, Chief Financial Officer of New Frontier Media, Inc., certify that: 1. I have reviewed this Quarterly Report on Form 10-Q of New Frontier Media, Inc. (the "Registrant"); 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report; 4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and c) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and 5. The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of Registrant's board of directors (or persons performing the equivalent functions): a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting. Dated: November 7, 2003 /s/ Karyn Miller - -------------------------- Chief Financial Officer (Principal Accounting Officer) EX-32 6 s11-4015_3201.txt EXHIBIT 32.01 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of New Frontier Media, Inc. (the "Company") on Form 10-Q for the period ending September 30, 2003 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Michael Weiner, President of the Company, certify, pursuant to Section 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge: (1) The Report fully complies with the requirements of Section 13(a) and 15(d) of the Securities Exchange Act of 1934; and (2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. /s/ Michael Weiner - ------------------------------------ Michael Weiner President November 7, 2003 EX-32 7 s11-4015_3202.txt EXHIBIT 32.02 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of New Frontier Media, Inc. (the "Company") on Form 10-Q for the period ending September 30, 2003 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Karyn L. Miller, Chief Financial Officer of the Company, certify, pursuant to Section 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge: (1) The Report fully complies with the requirements of Section 13(a) and 15(d) of the Securities Exchange Act of 1934; and (2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. /s/ Karyn L. Miller - ------------------------------------ Karyn L. Miller Chief Financial Officer November 7, 2003 EX-99 8 s11-4015_ex99.txt EXHIBIT 99 EMPLOYMENT AGREEMENT THIS EMPLOYMENT AGREEMENT (the "Agreement"), dated as of April 1, 2003 between KEN BOENISH, an individual with a residence at 2266 Eagles Nest Drive, Lafayette Colorado 80026 (the "Executive"), and COLORADO SATELLITE BROADCASTING, INC., (CSB) A WHOLLY OWNED SUBSIDIARY OF NEW FRONTIER MEDIA INC. ("New Frontier"), a Colorado corporation with a principal office at 7007 Winchester Circle, Suite 200, Boulder, Colorado, recites and provides as follows: WHEREAS, CSB desires to retain the services of Executive, and Executive desires to be employed by CSB, all on the terms and subject to the conditions set forth herein. NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants herein contained, CSB and Executive agree as follows: 1. EMPLOYMENT PERIOD. CSB hereby agrees to employ Executive, and Executive hereby agrees to accept employment by CSB, in accordance with the terms and provisions of this Agreement, for the period commencing on April 1, 2003 ("the Effective Date") and ending at midnight on March 31, 2005 (the "Employment Period"). 2. TERMS OF EMPLOYMENT. A. POSITION AND DUTIES. (i) During the Employment Period, Executive shall perform such duties, and have such title, as New Frontier Media, Inc., through its Board of Directors or the Board's designee (collectively "the Board"), in its sole discretion, shall determine. The Board has determined that, at the outset of the Employment Period, Executive shall serve as President of CSB, with duties commensurate with that position. (ii) During the Employment Period, Executive agrees to devote his full-time attention to the business and affairs of CSB. Executive's employment under this Agreement shall be Executive's exclusive employment during the term of this Agreement. B. COMPENSATION. (i) Base Salary. During the Employment Period, Executive shall receive a base salary ("Base Salary"), which shall be paid in equal installments on a biweekly basis, at the rate of Three Hundred Thousand Dollars ($300,000.00) per annum. (ii) Bonus. In addition to Executive's Base Salary, Executive shall receive bonuses as follows: (a) Bonus for year 1 (April 1, 2003 through March 31, 2004): -If and when CSB has received One Million Dollars ($1 million) in revenue from its agreements with On Command, Executive shall receive a bonus of $25,000; -If and when CSB has received Two Million Dollars ($2 million) in revenue from its agreements with On Command, Executive shall receive an additional bonus of $25,000; -If and when CSB has received Three Million Dollars ($3 million) in revenue from its agreements with On Command, Executive shall receive an additional bonus of $25,000. Such bonuses will be payable only if, and to the extent that, the On Command revenues are received by CSB during year 1, and will be payable at the end of the quarter in which the relevant benchmark is reached. (b) Bonus for year 2 (April 1, 2004 through March 31, 2005): -If and when CSB has received One Million Dollars ($1 million) in revenue from its agreements with On Command, Executive shall receive a bonus of $25,000; -If and when CSB has received Two Million Dollars ($2 million) in revenues from its agreement with On Command, Executive shall receive an additional bonus of $25,000; -If and when CSB has received Three Million Dollars ($3 million) in revenues from its agreement with On Command, Executive shall receive an additional bonus of $25,000. Such bonuses will be payable only if, and to the extent that, the On Command revenues are received by CSB during year 2, and will be payable at the end of the quarter in which the relevant benchmark is reached. (c) Further bonus(es) may be granted to Executive by CSB in the sole discretion of the compensation committee of the Board of Directors of New Frontier Media, Inc. (iii) Expenses. During the Employment Period, Executive shall be entitled to receive reimbursement for all employment-related expenses incurred by Executive in accordance with the policies, practices and procedures of CSB as in effect generally from time to time after the Effective Date with respect to executives of CSB. (iv) Vacation. During the Employment Period, Executive shall be entitled to three weeks paid vacation annually, which may be used in accordance with the policies, programs and practices of CSB, which are in effect generally from time to time after the Effective Date with respect to other executives of CSB. (v) Sick Leave. During the Employment Period, Executive shall be entitled to be paid sick leave in accordance with the policies, programs and practices of CSB, which are in effect generally from time to time after the Effective Date with respect to other executives of CSB. (vi) Car Allowance. During the Employment Period, Executive shall be entitled to a car allowance of $850 per month, in accordance with CSB's car allowance policy, in lieu of expenses associated with the operation of his automobile. (vii) Other Benefits. During the Employment Period, Executive shall be entitled to such health insurance and other benefits, as are provided generally to other executives at CSB, in accordance with the policies, programs and practices of CSB which are in effect from time to time after the Effective Date. (viii) Relationship Subsequent to this Agreement. On or before September 30, 2004, CSB and Executive shall address the subject of a new or extended employment agreement to take effect upon the expiration of this Agreement. If the parties do not execute a new written agreement upon the expiration of this Agreement, but the parties are negotiating a new agreement in good-faith, Executive shall be paid the base salary as outlined within this Agreement in regular bi-weekly installments. 3. EARLY TERMINATION OF EMPLOYMENT. A. DEATH OR DISABILITY. Executive's employment shall terminate automatically upon the death of Executive. Executive's employment may be terminated upon the reasonable and good faith determination of the Board that Executive is disabled. For purposes of this Agreement, Executive shall be deemed "disabled" if he is unable, as a result of incapacity due to mental or physical condition or illness, to perform the material functions of his job, even with reasonable accommodation, for a total of 90 days out of any 6 month period. B. CAUSE. CSB may terminate Executive's employment during the Employment Period for Cause. For purposes of this Agreement, "Cause" shall mean and be limited to (i) the conviction of Executive for committing an act of fraud, embezzlement, theft or other act constituting a crime, or the guilty or nolo contendere plea of Executive to such a crime; (ii) fraudulent conduct or an act of dishonesty or breach of trust on the part of Executive in connection with CSB's business or the business of any of its subsidiaries; (iii) material violation of any CSB policy instituted to protect CSB or its employees; (iv) material failure, neglect, or refusal by Executive properly to discharge, perform or observe any or all of Executive's job duties, provided Executive has been given written notice of such failure, neglect or refusal, and has not cured such within 10 days thereafter; (v) material breach of any of the representations, warranties or covenants set forth in this Agreement. C. WITHOUT CAUSE. CSB may terminate Executive's employment during the Employment Period without cause. In the event that CSB (i) terminates Executive's employment without cause, (ii) materially diminishes Executive's position or responsibilities, (iii) or otherwise materially breaches this Agreement, or in the event that there is a change in control as defined in Section 6 herein, CSB shall honor its payment obligations to Executive, Executive shall not be required to provide further services to CSB under this Agreement, and Executive shall be free to seek employment elsewhere without regard to whether any prospective employer is a competitor of CSB. However, in the event that Executive becomes employed elsewhere during the term of this Agreement, his compensation from such other employment shall be applied toward the mitigation of CSB's payment obligations hereunder. D. NOTICE OF TERMINATION. Any termination (whether based on disability, with cause or without cause) shall be communicated by a written Notice of Termination to the other party, and may be sent via first class mail, facsimile transmission, email or personal delivery. E. DATE OF TERMINATION. "Date of Termination" shall mean: (i) the date of transmission of the Notice of Termination by facsimile, email or personal delivery, or (ii) three calendar days after the date of mailing by first class mail, or (iii) if Executive's employment is terminated by reason of Executive's death, the Date of Termination shall be the date of death of Executive. 4. OBLIGATIONS OF CSB UPON EARLY TERMINATION. A. WITHOUT CAUSE. If during the Employment Period, CSB shall terminate Executive's employment without cause, then CSB shall provide to Executive the following: (i) CSB shall pay to Executive, within thirty days after the Date of Termination, any accrued base salary, vacation pay, expense reimbursement and any other entitlements accrued by Executive under Section 2(B), to the extent not previously paid (the sum of the amounts described in this subsection shall be hereinafter referred to as the "Accrued Obligations"). (ii) CSB shall continue to pay to Executive, in regular bi-weekly installments, Executive's Base Salary under the Agreement for the duration of the Employment Period and CSB shall pay Executive any applicable bonus payments under Section 2(B)(ii). If Executive commences employment with another employer, or if Executive engages in other work for compensation, then CSB's obligation to pay bi-weekly installments shall be reduced or eliminated to the extent Executive receives compensation from the other employer or work. (iii) CSB shall continue to provide benefits to Executive at least equal to those which would have been provided to him in accordance with the plans, programs, practices and policies which are generally applicable to other peer executives, for the duration of the Employment Period. If Executive commences employment with another employer and is eligible to receive medical or other welfare benefits under another employer-provider plan, the medical and other welfare benefits to be provided by CSB as described herein shall terminate. B. DEATH. If Executive's employment is terminated by reason of the death of Executive during the Employment Period, this Agreement shall terminate without further obligation by CSB to Executive's legal representatives under this Agreement, other than for payment of Accrued Obligations (which shall be paid to Executive's estate or beneficiary, as applicable, in a lump sum in cash within thirty days after the Date of Termination). C. CAUSE. If Executive's employment shall be terminated for Cause, this Agreement shall terminate without any further obligations to Executive whatsoever, other than any obligations which may be required by law. To the extent CSB is required by law to make payment to Executive based on an accrued obligation, such payment shall be made within thirty days after the Date of Termination. D. RESIGNATION. If Executive resigns his employment with CSB, this Agreement shall terminate without any further obligations to Executive whatsoever, other than any obligations which may be required by law. To the extent CSB is required by law to make payment to Executive based on an accrued obligation, such payment shall be made within thirty days after the Date of Termination. E. DISABILITY. If Executive's employment shall be terminated by reason of Executive's Disability during the Employment Period, this Agreement shall terminate without further obligation to Executive, other than for payment of Accrued Obligations. Accrued Obligations shall be paid to Executive in a lump sum in cash within thirty days after the Date of Termination. 5.CHANGE IN CONTROL. In the event of a "Change in Control" (as defined in this Section 6) of New Frontier during the Employment Period, the Executive may terminate his employment with CSB by giving 30 days' notice thereof within six months after the occurrence of such Change in Control. A "Change in Control" of New Frontier shall be deemed to have occurred as of the first day that any one or more of the following conditions shall have occurred: A. Any "person" (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the "Act"), becomes the "beneficial owner" (as defined in Rule 13-d under the Act), directly or indirectly, of securities representing more than fifty percent (50%) of the total voting power represented by New Frontier's then outstanding voting securities; B. A change in the composition of the Board, as a result of which fewer than a majority of the directors are Incumbent Directors. "Incumbent Directors" shall mean directors who either (a) are directors of New Frontier as of the date hereof, or (b) are elected, or nominated for election, to the Board with the affirmative votes of at least a majority of the Incumbent Directors at the time of such election or nomination (but shall not include an individual whose election or nomination is in connection with an actual or threatened proxy contest relating to the election of directors of New Frontier); or C. New Frontier merges or consolidates with any other corporation after which a majority of the shares of the resulting entity are not held by the shareholders of New Frontier prior to the merger, or New Frontier adopts, and the stockholders approve, if necessary, a plan of complete liquidation of New Frontier, or New Frontier sells or disposes of substantially all of its assets. 6. CONFIDENTIAL INFORMATION. A. CONFIDENTIAL INFORMATION. As used in this Agreement, "Confidential Information" includes, without limitation, design information, manufacturing information, business, financial, and technical information, sales and processing information, product information, customer lists, vendors, vendor lists, pricing information, corporation and, corporation and personal business opportunities, software, computer disks or files, or any other electronic information of any kind, Rolodex cards or other lists of names, addresses or telephone numbers, financial information, projects, potential projects, current projects, projects in development and future projects, forecasts, plans, contracts, releases, and other documents, materials, writings or information, including those which are prepared, developed or created by Executive, or which come into the possession of Executive by any means or manner, and which relate directly or indirectly to CSB or any of its owners, predecessors, successors, subsidiaries, affiliates, and its shareholder, directors and officers (all of the above collectively referred to as "Confidential Information"). Confidential Information includes information developed by Executive in the course of Executive's services for CSB, as well as other Confidential Information to which Executive may have access in connection with Executive's services. Confidential Information also includes the confidential information of other individuals or entities with which CSB has a business relationship. Confidential Information shall not include any information (a) which is in the public domain or which enters the public domain through no act of omission of Executive or (b) which was in the possession of Executive prior to the commencement of his employment with CSB. For purposes of this section 5, the term "CSB" shall include all of its predecessors, subsidiaries, affiliates and parent corporation. B. DUTY OF CONFIDENTIALITY. Executive will maintain in confidence and will not, directly or indirectly, disclose or use (or allow others working with or related to Executive to disclose or use), either during or after the term of this Agreement, any Confidential Information belonging to CSB, whether in oral, written, electronic or permanent form, except solely to the extent necessary to perform services on behalf of CSB. Upon termination of this Agreement, or at the request of CSB prior to its termination, Executive shall deliver forthwith to CSB all original Confidential Information (and all copies thereof) in Executive's possession or control belonging to CSB and all tangible items embodying or containing Confidential Information. C. DOCUMENTS, RECORDS, ETC. All documents, records, data, equipment and other physical property, whether or not pertaining to Confidential Information, which are furnished to Executive by CSB or are produced by Executive in connection with Executive's services will be and remain the sole property of CSB. Executive will return to CSB forthwith all such materials and property upon the termination of this Agreement or sooner if requested by CSB. D. ASSIGNMENT OF RIGHTS. Executive shall make full and prompt disclosure to CSB of any and all designs, intellectual property, software, inventions, discoveries, or improvements (individually and collectively, "Inventions") made by Executive as a result or product of his employment relationship with CSB. Executive hereby assigns to CSB without additional compensation the entire worldwide right, title and interest in and to such Inventions, and related intellectual property rights and without limitation all copyrights, copyright renewals or reversions, trademarks, trade names, trade dress rights, industrial design, industrial model, inventions, priority rights, patent rights, patent applications, patents, design patents and any other rights or protections in connection therewith or related thereto, for exploitation in any form or medium, of any kind or nature whatsoever, whether now known or hereafter devised. To the extent that any work created by Executive can be a work for hire pursuant to U.S. Copyright Law, the parties deem such work a work for hire and Executive should be considered the author thereof. Executive shall, at the request of CSB, without additional compensation from time to time execute, acknowledge and deliver to CSB such instruments and documents as CSB may require to perfect, transfer and vest in CSB the entire right, title and interest in and to such inventions. In the event that Executive does not timely perform such obligations, Executive hereby makes CSB and its officers his attorney in fact and gives them the power of attorney to perform such obligations and to execute such documents on Executive's behalf. Executive shall cooperate with CSB upon CSB's request and at CSB's cost but without additional compensation in the preparation and prosecution of patent, trademark, industrial design and model, and copyright applications worldwide for protection of rights to any Inventions. E. INJUNCTIVE RELIEF. Executive acknowledges that a violation or attempted violation on Executive's part of any agreement in this Section 5 may cause irreparable damage to CSB, and accordingly, Executive agrees that CSB shall be entitled as a manner of right to an injunction from any court of competent jurisdiction restraining any violation or further violation of such agreement by Executive; such right to an injunction, however, shall be cumulative and in addition to whatever other remedies that CSB may have. Terms and agreements set forth in this Section 5 shall survive the expiration or termination of this Agreement for any reason. The existence of any claim of Executive, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by CSB of the covenants contained in this Agreement. 7. NON-COMPETE; NON-SOLICITATION A. NON-COMPETE. Except as is set forth below, for a period commencing on the Effective Date hereof and ending on the date that Executive ceases to be employed by CSB, (the "Non-Competition Period"), Executive shall not, directly or indirectly, either for himself or any other person, own, manage, control, materially participate in, invest in, permit his name to be used by, act as consultant or advisor to, render material services for (alone or in association with any person, firm, corporation or other business organization) or otherwise assist in any manner any business which is then a provider of adult pay-per-view television services in the US., or is otherwise a substantial competitor of CSB's business at the date that Executive ceases to be employed by CSB (collectively, a "Competitor"); provided, however, that the restrictions set forth above shall immediately terminate and shall be of no further force or effect (i) in the event of a default by CSB of the performance of any of the obligations hereunder, which default is not cured within ten (10) days after notice thereof, (ii) if Executive's employment has been terminated by CSB without Cause, or (iii) Executive ceases to be employed after a Change In Control. Nothing herein shall prohibit Executive from being a passive owner of not more than five percent (5%) of the equity securities of a publicly-traded enterprise which is a competitor of a substantial portion of CSB's business, so long as he has no active participation in the business of such enterprise. For purposes of this section 6, the term "CSB" shall include its affiliates and parent corporation. B. NON-SOLICITATION. During the Non-Competition Period and for one year thereafter, Executive shall not, directly or indirectly, (i) induce or attempt to induce or aid others in inducing anyone working at CSB to cease working at CSB, or in any way interfere with the relationship between CSB and anyone working at CSB except in the proper exercise of Executive's authority or (ii) in any way interfere with the relationship between CSB and any customer, supplier, licensee or other business relation of CSB. C. SCOPE. If, at the time of enforcement of this Section 6, a court shall hold that the duration, scope, area or other restrictions stated herein are unreasonable under circumstances then existing, the parties agree that the maximum duration, scope, area or other restrictions reasonable under such circumstances shall be substituted for the stated duration, scope, area or other restrictions. D. INDEPENDENT AGREEMENT. The covenants made in this Section 6 shall be construed as an agreement independent of any other provisions of this Agreement, and shall survive the termination of this Agreement. Moreover, the existence of any claim or cause of action of Executive against CSB, whether or not predicated upon the terms of this Agreement, shall not constitute a defense to the enforcement of these covenants. 8.ARBITRATION. No dispute between CSB (or any of its officers, directors, employees, subsidiaries, affiliates or parent corporation) and Executive, which is in any way related to the employment of Executive (including but not limited to claims of wrongful termination; racial, sexual or other discrimination or harassment; defamation; and other employment-related claims or allegations) shall be the subject of a lawsuit filed in state or federal court. Instead, any such dispute shall be submitted to binding arbitration before the American Arbitration Association ("AAA") or any other individual or organization on which the parties agree or which a court may appoint.1 It is understood that both sides are hereby waiving the right to a jury trial. The arbitration shall be initiated in Boulder, Colorado and shall be administered by AAA under its commercial arbitration rules before a single arbitrator that shall be mutually agreed upon by the parties hereto. If the parties cannot agree on a single arbitrator, then an arbitrator shall be selected in accordance with the rules of AAA. The arbitration must be filed within six months of the act or omission which gives rise to the claim. Each party shall be entitled to take any discovery as is permitted by the Arbitrator. In determining the extent of discovery, the Arbitrator shall exercise discretion, but shall consider the expense of the desired discovery and the importance of the discovery to a just adjudication. The Arbitrator shall render an award which conforms to the facts, as supported by competent evidence (except that the Arbitrator may accept written declarations under penalty of perjury, in addition to live testimony), and the law as it would be applied by a court sitting in the state of Colorado. The cost of arbitration shall be advanced equally by the parties; however, the Arbitrator shall have the power, in his discretion, to award some or all of the costs of arbitration and reasonable attorneys' fees to the prevailing party. Any party may apply to a court of competent jurisdiction for entry of judgment on the arbitration award. 9. NO CONFLICTING OBLIGATIONS OF EXECUTIVE. Executive represents and warrants that he is not subject to any duties or restrictions under any prior agreement with any previous employer or other person or entity, and that he has no rights or obligations which may conflict with the interests of CSB or with the performance of Executive's duties and obligations under this Agreement. Executive agrees to notify CSB immediately if any such conflicts occur in the future. Notwithstanding the above, either CSB or Executive may file with an appropriate state of federal court a claim for injunctive relief in any case where the filing party seeks provisional injunctive relief or where permanent injunctive relief is not available in arbitration. The filing of a claim for injunctive relief in state or federal court shall not allow either party to raise any other claim outside of arbitration. 10. SUCCESSORS. A. This Agreement is personal to Executive and shall not be assignable by Executive. B. This Agreement shall inure to the benefit of CSB and its successors and assigns. Upon written approval by Executive, CSB may assign this Agreement to any successor or affiliated entity, subsidiary, sibling, or parent company. 11. MISCELLANEOUS A. This Agreement shall be governed by and construed in accordance with the laws of the State of Colorado, without reference to the principles of conflict of laws. The captions of this Agreement are not part of the provisions hereof and shall have no force or effect. This Agreement contains the full and complete understanding between the parties hereto and supersedes all prior understandings, whether written or oral pertaining to the subject matter hereof. This Agreement may not be amended or modified otherwise than by written agreement executed by Executive and by the designated representative of the Board. B. All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid, or by facsimile, or by email, or by hand delivery to such address as either party shall have furnished to the other in writing in accordance herewith. C. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement. D. CSB may withhold from any amounts payable under this Agreement such federal, state or local taxes as shall be required to be withheld pursuant to any applicable law or regulation. E. The failure of either party to insist upon strict compliance with any provision of this Agreement, or the failure to assert any right either party may have hereunder, shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement. IN WITNESS WHEREOF, Executive has hereunto set Executive's hand and, pursuant to the authorization from its Board of Directors, CSB has caused these presents to be executed in its name on its behalf, all as of the day and year first above written. COLORADO SATELLITE EXECUTIVE BROADCASTING, INC. A Colorado Corporation By /s/ Michael Weiner By /s/ Ken Boenish ------------------------------ ----------------------------------- Ken Boenish -----END PRIVACY-ENHANCED MESSAGE-----