-----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, I+M4PQebq53FUmDlWHgFPRqqpgLkcmD1z+9hY/644dPslZMt58BYB1WiNRPzPqc3 4KhiukruAAF+e/tIxYCbdA== 0000890163-04-000054.txt : 20040205 0000890163-04-000054.hdr.sgml : 20040205 20040205171249 ACCESSION NUMBER: 0000890163-04-000054 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20031231 FILED AS OF DATE: 20040205 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: 04570822 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 s11-4189_10q.txt 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 December 31, 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 January 31, 2004, 22,248,563 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 December 31, 2003 (Unaudited) and March 31, 2003.... 3 Condensed Consolidated Statements of Operations (Unaudited) for the quarter and nine months ended December 31, 2003 and 2002.......................... 5 Condensed Consolidated Statements of Cash Flows (Unaudited) for the nine months ended December 31, 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......................................... 21 Item 4. Controls and Procedures............................. 21 PART II. OTHER INFORMATION 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) DECEMBER 31, MARCH 31, 2003 2003 ------------ --------- CURRENT ASSETS: Cash and cash equivalents................................. $12,583 $ 4,264 Accounts receivable, net of allowance for doubtful accounts of $90, respectively.......................... 7,013 5,680 Prepaid expenses.......................................... 456 610 Other..................................................... 769 452 ------- ------- TOTAL CURRENT ASSETS................................. 20,821 11,006 ------- ------- FURNITURE AND EQUIPMENT, net................................ 3,381 3,951 ------- ------- OTHER ASSETS: Prepaid distribution rights, net.......................... 12,067 11,520 Goodwill.................................................. 3,743 3,743 Other identifiable intangible assets, net................. 420 1,124 Deposits.................................................. 185 567 Other..................................................... 619 3,114 ------- ------- TOTAL OTHER ASSETS................................... 17,034 20,068 ------- ------- TOTAL ASSETS................................................ $41,236 $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) DECEMBER 31, MARCH 31, 2003 2003 ------------ --------- CURRENT LIABILITIES: Accounts payable.......................................... $ 2,297 $ 2,606 Current portion of obligations under capital leases....... 486 996 Deferred revenue.......................................... 1,282 2,223 Accrued restructuring expense............................. 1,029 1,304 Current portion of notes payable.......................... 1,170 -- Accrued Compensation...................................... 1,098 478 Other accrued liabilities................................. 1,054 747 -------- -------- TOTAL CURRENT LIABILITIES............................ 8,416 8,354 -------- -------- LONG-TERM LIABILITIES: Obligations under capital leases, net of current portion................................................ 220 465 Notes payable, net of current portion..................... 360 -- Redeemable preferred stock................................ -- 3,750 -------- -------- TOTAL LONG-TERM LIABILITIES.......................... 580 4,215 -------- -------- TOTAL LIABILITIES................................. 8,996 12,569 -------- -------- COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' EQUITY Common stock, $.0001 par value, 50,000,000 shares authorized, 21,408,777 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................................ 48,143 45,943 Accumulated deficit....................................... (15,905) (23,489) -------- -------- TOTAL SHAREHOLDERS' EQUITY........................... 32,240 22,456 -------- -------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY.................. $ 41,236 $ 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 NINE MONTHS ENDED DECEMBER 31, DECEMBER 31, ---------------------- ---------------------- 2003 2002 2003 2002 -------- -------- -------- -------- SALES, net.................................... $10,779 $ 8,590 $31,778 $ 27,467 COST OF SALES................................. 4,220 4,413 12,407 14,141 ------- ------- ------- -------- GROSS MARGIN.................................. 6,559 4,177 19,371 13,326 ------- ------- ------- -------- OPERATING EXPENSES: Sales and marketing......................... 944 1,449 3,480 4,760 General and administrative.................. 2,609 2,441 7,419 10,203 Restructuring expense....................... -- (256) 71 2,927 Impairment expense.......................... -- 805 -- 1,341 ------- ------- ------- -------- TOTAL OPERATING EXPENSES............... 3,553 4,439 10,970 19,231 ------- ------- ------- -------- OPERATING INCOME (LOSS)................ 3,006 (262) 8,401 (5,905) ------- ------- ------- -------- OTHER INCOME (EXPENSE): Interest income............................. 11 13 31 52 Interest expense............................ (416) (433) (1,087) (1,371) Other....................................... 129 -- 241 (118) ------- ------- ------- -------- TOTAL OTHER EXPENSE.................... (276) (420) (815) (1,437) ------- ------- ------- -------- NET INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES....................................... 2,730 (682) 7,586 (7,342) Provision for income taxes.................. -- (5,266) (2) (5,266) ------- ------- ------- -------- NET INCOME (LOSS)...................... $ 2,730 $(5,948) $ 7,584 $(12,608) ------- ------- ------- -------- Basic income (loss) per share................. $ .13 $ (.28) $ .38 $ (.59) ======= ======= ======= ======== Diluted income (loss) per share............... $ .12 $ (.28) $ .35 $ (.59) ======= ======= ======= ========
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) NINE MONTHS ENDED DECEMBER 31, ------------------------- 2003 2002 -------- -------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss)........................................... $ 7,584 $(12,608) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Warrants issued/amortized for services and financing.... 597 581 Amortization of deferred debt offering costs............ 173 268 Depreciation and amortization........................... 4,814 5,684 Asset impairment related to restructuring charge........ -- 2,554 Asset impairment........................................ -- 1,341 Other................................................... 39 -- Write-off of marketable securities available for sale... 90 118 Deferred income taxes................................... -- 5,251 (Increase) Decrease in operating assets Accounts receivable................................ (1,333) (495) Receivables and prepaid expenses................... 335 359 Prepaid distribution rights........................ (2,073) (3,293) Other assets....................................... (247) 397 Increase (Decrease) in operating liabilities Accounts payable................................... (90) 81 Deferred revenue, net.............................. (941) (222) Reserve for chargebacks/credits.................... (64) (281) Accrued restructuring cost......................... (274) (277) Other accrued liabilities.......................... 1,047 194 -------- -------- NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES.................................. 9,657 (348) -------- -------- CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of equipment and furniture..................... (751) (493) -------- -------- NET CASH USED IN INVESTING ACTIVITIES.............. (751) (493) -------- -------- CASH FLOWS FROM FINANCING ACTIVITIES: Payments on capital lease obligations................... (929) (1,314) Repayment of related party notes receivable............. -- 4 Increase (decrease) in note payable..................... 400 (2,000) Increase in debt offering costs......................... -- (225) Proceeds from stock options and warrant exercises....... 4,812 245 Retirement of stock..................................... (1,500) -- Redemption of redeemable preferred stock................ (5,250) -- Issuance of redeemable preferred stock.................. 2,000 2,750 Decrease in other financing activities.................. (120) -- -------- -------- NET CASH USED IN FINANCING ACTIVITIES.............. (587) (540) -------- -------- NET INCREASE (DECREASE) IN CASH............................. 8,319 (1,381) CASH AND CASH EQUIVALENTS, beginning of period.............. 4,264 5,798 -------- -------- CASH AND CASH EQUIVALENTS, end of period.................... $ 12,583 $ 4,417 ======== ========
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 nine-month period ended December 31, 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 and TEN Max, 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. The Company adopted this pronouncement on April 1, 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 and nine months ended December 31, 2003 and 2002 is as follows (in thousands, except share data):
(UNAUDITED) (UNAUDITED) QUARTER ENDED NINE MONTHS ENDED DECEMBER 31, DECEMBER 31, ---------------------- ------------------------ 2003 2002 2003 2002 -------- -------- -------- -------- Net income (loss) As reported................................ $ 2,730 $(5,948) $ 7,584 $(12,608) Deduct: Total stock-based employee compensation expense determined under fair value based method for awards granted, modified, or settled, net of tax........................ (322) (234) (618) (703) ------- ------- ------- -------- Pro forma.................................. $ 2,408 $(6,182) $ 6,966 $(13,311) ======= ======= ======= ======== Basic income (loss) per common share As reported................................ $ .13 $ (0.28) $ .38 $ (0.59) Pro forma.................................. $ .12 $ (0.29) $ .35 $ (0.62) Diluted income (loss) per common share As reported................................ $ .12 $ (0.28) $ .35 $ (0.59) Pro Forma.................................. $ .11 $ (0.29) $ .32 $ (0.62)
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 NINE MONTHS ENDED DECEMBER 31, DECEMBER 31, ---------------------- ------------------------ 2003 2002 2003 2002 -------- -------- -------- -------- Net income (loss)............................ $ 2,730 $(5,948) $ 7,584 $(12,608) ======= ======= ======= ======== Average outstanding shares of common stock... 20,603 21,323 19,998 21,302 Dilutive effect of Warrants/Employee Stock Options.................................... 1,987 -- 1,708 -- ------- ------- ------- -------- Common stock and common stock equivalents.... 22,590 21,323 21,706 21,302 ======= ======= ======= ======== Basic income (loss) per share................ $ .13 $ (0.28) $ .38 $ (0.59) ======= ======= ======= ======== Diluted income (loss) per share.............. $ .12 $ (0.28) $ .35 $ (0.59) ======= ======= ======= ========
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 485,750 and 632,750 for the quarter and nine months ended December 31, 2003, respectively. Options and warrants which were excluded from the calculation of diluted earnings per share because the Company reported a net loss were approximately 7,356,000 for the quarter and nine months ended December 31, 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. 9 NEW FRONTIER MEDIA, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED) The following tables represent financial information by reportable segment (in thousands):
(UNAUDITED) (UNAUDITED) QUARTER ENDED NINE MONTHS ENDED DECEMBER 31, DECEMBER 31, ---------------------------- ---------------------------- 2003 2002 2003 2002 ----------- ----------- ----------- ----------- NET SALES Subscription/Pay-Per-View TV........ $10,025 $ 6,806 $29,186 $20,900 Internet Group...................... 754 1,784 2,592 6,567 ------- ------- ------- ------- Total.......................... $10,779 $ 8,590 $31,778 $27,467 ======= ======= ======= ======= SEGMENT PROFIT (LOSS) Subscription/Pay-Per-View TV........ $ 4,299 $ 1,369 $11,951 $ 4,350 Internet Group...................... 71 (541) 102 (4,751) Corporate Administration............ (1,640) (1,510) (4,467) (6,941) ------- ------- ------- ------- Total.......................... $ 2,730 $ (682) $ 7,586 $(7,342) ======= ======= ======= ======= INTEREST INCOME Subscription/Pay-Per-View TV........ $ -- $ -- $ -- $ -- Internet Group...................... -- -- 3 1 Corporate Administration............ 11 13 28 51 ------- ------- ------- ------- Total.......................... $ 11 $ 13 $ 31 $ 52 ======= ======= ======= ======= INTEREST EXPENSE Subscription/Pay-Per-View TV........ $ 22 $ 40 $ 85 $ 108 Internet Group...................... 16 129 170 247 Corporate Administration............ 378 264 832 1,016 ------- ------- ------- ------- Total.......................... $ 416 $ 433 $ 1,087 $ 1,371 ======= ======= ======= ======= DEPRECIATION AND AMORTIZATION Subscription/Pay-Per-View TV........ $ 1,544 $ 1,485 $ 4,527 $ 4,276 Internet Group...................... 89 317 276 1,398 Corporate Administration............ 3 2 11 10 ------- ------- ------- ------- Total.......................... $ 1,636 $ 1,804 $ 4,814 $ 5,684 ======= ======= ======= =======
(UNAUDITED) DECEMBER 31, MARCH 31, 2003 2003 ------------ ----------- IDENTIFIABLE ASSETS Subscription/Pay-Per-View TV.................. $32,437 $28,487 Internet Group................................ 3,305 4,067 Corporate Administration...................... 15,340 22,590 Eliminations.................................. (9,846) (20,119) ------- ------- Total.................................... $41,236 $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 Cable ("Time Warner"). EchoStar and 10 NEW FRONTIER MEDIA, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED) 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 nine months ended December 31, is as follows:
(UNAUDITED) (UNAUDITED) NINE MONTHS QUARTER ENDED ENDED DECEMBER 31, DECEMBER 31, ----------------------- ----------------------- 2003 2002 2003 2002 -------- -------- -------- -------- EchoStar................................ 34% 36% 34% 36% Time Warner............................. 17% 8% 15% 7%
At December 31, 2003 and March 31, 2003, accounts receivable from EchoStar was approximately $3,653,000 and $3,462,000, respectively. At December 31, 2003 and March 31, 2003 accounts receivable from Time Warner was approximately $1,130,000 and $606,000, respectively. 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. During the quarter ended December 31, 2003, the Company entered into a loan of $500,000 with an unrelated third party. The loan matures in October 2004 and bears interest at 5% per annum payable on a quarterly basis. 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. During the quarter ended December 31, 2003, the Company redeemed all outstanding class B Redeemable Preferred Stock. The Class B paid dividends at 10% per year payable on a quarterly basis. 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 $11,300,000, 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 a study performed to analyze ownership changes, 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 11 NEW FRONTIER MEDIA, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED) 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 January 2004, the Board unanimously voted Michael Weiner to Chief Executive Officer. Mr. Weiner had been appointed to the office of President of New Frontier Media, Inc. on February 14, 2003, after the resignation of its former CEO. Mr. Weiner previously held the title of Executive Vice President since the Company's inception. In January 2004, the Board unanimously voted to extend the employment contracts of Michael Weiner, Chief Executive Officer and Ken Boenish, TEN President, for one year, to March 31, 2006; and Karyn Miller, Chief Financial Officer, for two years, to March 31, 2006. The annual compensation of each officer remains unchanged. 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 34% and 15%, respectively, of our total revenue; 3) our ability to compete effectively for quality content; 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; 5) our ability to compete effectively with new competitors in the PPV or VOD space; and 6) our ability to retain our key executives.The following table reflects the Company's results of operations for the quarters and nine months ended December 31, 2003 and 2002. RESULTS OF OPERATIONS
(IN MILLIONS) (IN MILLIONS) QUARTER ENDED NINE MONTHS ENDED DECEMBER 31, DECEMBER 31, ------------------------- ------------------------- 2003 2002 2003 2002 -------- -------- -------- -------- NET REVENUE Subscription/Pay-Per-View TV Cable/DBS/Hotel......................... $ 8.6 $ 5.0 $24.2 $15.3 C-Band.................................. 1.4 1.8 5.0 5.6 Internet Group Net Membership.......................... 0.7 1.2 2.1 4.4 Sale of Content......................... 0.1 0.3 0.5 1.0 Sale of Traffic......................... 0.0 0.3 0.0 1.2 ----- ----- ----- ----- TOTAL................................... $10.8 $ 8.6 $31.8 $27.5 ===== ===== ===== ===== COST OF SALES Subscription/Pay-Per-View TV................. $ 3.9 $ 3.6 $11.4 $10.5 Internet Group............................... 0.3 0.8 1.0 3.6 ----- ----- ----- ----- TOTAL................................... $ 4.2 $ 4.4 $12.4 $14.1 ===== ===== ===== ===== OPERATING INCOME (LOSS) Subscription/Pay-Per-View TV................. $ 4.3 $ 1.4 $12.0 $ 4.4 Internet Group............................... 0.0 0.2 0.2 (0.2) Restructuring Expense........................ 0.0 0.2 (0.1) (2.9) Asset Impairment Expense..................... 0.0 (0.8) 0.0 (1.3) Corporate Administration..................... (1.3) (1.3) (3.7) (5.9) ----- ----- ----- ----- TOTAL................................... $ 3.0 $(0.3) $ 8.4 $(5.9) ===== ===== ===== =====
EXECUTIVE SUMMARY The Company continues to operate its business through two segments: Subscription/PPV TV and Internet. The Company's core business is its Subscription/PPV TV business, which is focused on the distribution of its eight pay-per-view networks and its Video-on-Demand ("VOD") service to cable and direct broadcast satellite ("DBS") providers. In addition, the Subscription/PPV TV Group has had success in delivering its VOD service to hotel rooms through its current distribution arrangement with On Command Corporation ("On Command"). The Subscription/PPV TV Group earns a percentage of revenue on each pay-per-view, subscription, or VOD transaction for its services. Revenue growth occurs as the Subscription/PPV TV Group launches its services to new cable or DBS providers, experiences growth in subscribers of its currently distributed services, launches additional services to 13 its existing cable/DBS partners, or experiences new and existing subscriber growth for its VOD service. VOD has become a significant contributor to the Company's revenue mix during the current fiscal year as cable operators have upgraded their systems to deliver content in this manner. The Subscription/PPV TV Group now delivers VOD content to 8.9 million cable network households as compared to 4.9 million a year ago, as well as to 900,000 hotel rooms through its distribution arrangement with On Command. The Company expects growth in its home VOD revenue as cable operators continue to upgrade their systems to allow for the delivery of VOD content. VOD is delivered in a digital, cable environment. Currently, per the National Cable and Telecommunications Association, there are 21.5 million digital cable households in the U.S., of which, we estimate, 10.0 million are VOD enabled. Growth in our VOD revenue generated through the hospitality industry will depend upon an increase in business traveler occupancy rates, the addition of new hotel rooms served by On Command, and our ability to launch our VOD content on the platforms of other providers of in-room entertainment to the hospitality industry. In addition to the growth in VOD, the Company has experienced a growing acceptance for its partially-edited services. The Subscription/PPV TV Group launched two new partially-edited services in January 2003 to respond to this change. Accordingly, we are seeing a shift in our distribution away from our most-edited service -- Pleasure -- as more cable operators choose to launch our partially-edited services -- TEN, Clips, Blue and Blox. To date, the focus of the Subscription/PPV TV Group has been on the distribution of its services to Cable, DBS and Hotel platforms in the U.S. market only. The Internet segment continues to experience an erosion in its revenue as we shift away from our consumer, dial-up website business and move towards forming revenue sharing partnerships with third party gatekeepers such as cable companies, hospitality providers like On Command, and portals for the distribution of www.ten.com, whereby we can gain direct access to consumers in search of high-quality adult entertainment. We have completed one such agreement with On Command for the distribution of www.ten.com through their digitally wired hotel rooms, and we expect to create additional revenue sharing arrangements in the near-term with select cable operators. The success we achieve with these cable operators will dictate the revenue potential for this segment in the longer term and will serve as justification for larger MSO's to adopt this business model. SUBSCRIPTION/PAY-PER-VIEW (PPV) TV GROUP The Subscription/PPV TV Group re-branded 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, DBS and Hotel 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. 14 The following table outlines the current distribution environment and network households for each network:
ESTIMATED NETWORK HOUSEHOLDS --------------------------------------- (IN THOUSANDS) AS OF AS OF DECEMBER 31, DECEMBER 31, NETWORK DISTRIBUTION METHOD 2003 2002 % CHANGE ------- ------------------- ------------ ------------ --------- Pleasure Cable/DBS 7,700 7,800 1% TEN Cable/DBS 14,200 10,000 42% TEN*Clips Cable/DBS 12,600 5,000 152% Video-On-Demand Cable 8,900 4,900 82% TEN*Blue Cable 2,000 N/A N/A TEN*Blox Cable 2,300 N/A N/A TEN*Xtsy C-band/Cable/DBS 9,400 8,700 8%(1) TEN*Blue Plus C-band/Cable 500 660 (24%)(1) TEN*Max C-band/Cable 500 660 (24%)(1) ------ ------ TOTAL NETWORK HOUSEHOLDS 58,100 37,720 ====== ======
(1) % change gives effect to a 27% decline in the C-band market's total addressable households. Total addressable C-Band households declined from 590,000 as of December 31, 2002 to 428,000 as of December 31, 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 13.1 million cable homes and 8.8 million DBS homes as of December 31, 2003. NET REVENUE Total net revenue for the Subscription/PPV TV Group was $10.0 million for the quarter ended December 31, 2003 as compared to $6.8 million for the quarter ended December 31, 2002, representing an increase of 47%. Of total net revenue, C-Band net revenue was $1.4 million for the quarter ended December 31, 2003, as compared to $1.8 million for the quarter ended December 31, 2002, representing a decrease of 22%. Revenue from the Group's Cable/DBS/Hotel services was $8.6 million for the quarter ended December 31, 2003, as compared to $5.0 million for the quarter ended December 31, 2002, representing an increase of 72%. Revenue from the Group's Cable/DBS/Hotel services is responsible for 86% of the Group's total net revenue as compared to 74% of the Group's total net revenue for the quarter ended December 31, 2002. Total net revenue for the Subscription/PPV TV Group was $29.2 million for the nine months ended December 31, 2003, as compared to $20.9 million for the nine months ended December 31, 2002, representing a 40% increase. Of total net revenue, C-Band net revenue was $5.0 million for the nine months ended December 31, 2003, as compared to $5.6 million for the nine months ended December 31, 2002, representing a decrease of 11%. Revenue from the Group's Cable/DBS/Hotel services was $24.2 million for the nine months ended December 31, 2003, as compared to $15.3 million for the nine months ended December 31, 2002, representing an increase of 58%. Revenue from the Group's Cable/ DBS/Hotel services is responsible for 83% of the Group's total net revenue for the nine months ended December 31, 2003, as compared to 73% of the Group's total net revenue for the nine months ended December 31, 2002. The quarterly and year-to-date increase in Cable/DBS/Hotel revenue is a result of 1) the growth in the distribution of its Video-on-Demand ("VOD") service on both cable and hotel platforms and 2) an increase in the distribution of the Subscription/PPV TV Group's partially-edited services on cable platforms. VOD revenue contributed to 72% and 85% of the increase in Cable/DBS/Hotel revenue for the quarter and nine months ended December 31, 2003. The Subscription/PPV TV Group currently provides its VOD service to 8.9 million VOD enabled cable households, representing an 82% increase from the same period a year ago, as well as to 900,000 hotel rooms in the U.S. through its distribution agreement with On Command. Revenue from the Subscription/PPV TV Group's VOD service 15 currently represents 37% and 36% of total Cable/DBS/Hotel revenue for the quarter and nine months ended December 31, 2003, up from 9% and 7% for the quarter and nine months ended December 31, 2002. Growth in the distribution of this service has come as large multiple system operators ("MSOs") like Time Warner Cable and Comcast Corporation have aggressively upgraded their systems to serve the VOD market. Currently, the Subscription/PPV TV Group is the sole provider of adult VOD content to these two MSOs, which account for 6.4 million of the current 8.9 million VOD households. Growth is expected to continue in this market as MSOs complete the necessary upgrades to their digital plants in order to provide VOD service to their customers. In addition, the Subscription/PPV TV Group expects MSOs to increase the storage capacity of their VOD servers during the next twelve months, which should allow for the amount of VOD programming currently provided by the Group to be expanded beyond its current 60 hours. 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 (and sometimes longer) after each month end. 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 received have been immaterial due to the overall predictability of pay-per-view revenues. Since VOD is such a new service, the revenue expected from new VOD cable affiliates can be more difficult to predict. The Subscription/PPV TV Group believes it is conservative in estimating the impact of the rollout of VOD households in individual quarters, and it continually adjusts estimates to reflect actual revenue remitted. As of December 31, 2003, the Subscription/PPV TV Group provided its pay-per-view services to 48 million network households, up 55% from 31 million network households a year ago. The Subscription/PPV TV Group has seen a growing acceptance by its consumer base for its partially-edited services, which it views as a positive development given the higher buy rates associated with such programming. This growing acceptance prompted the Subscription/PPV TV Group to launch two new partially-edited services in January 2003. These two new services, TEN*Blue and TEN*Blox, plus the Group's legacy partially-edited services, TEN and TEN*Clips, are now distributed to 31.1 million network households, up from 15 million network households a year ago. Revenue from the Subscription/PPV TV Group's partially-edited services, distributed on both Cable and DBS platforms, increased 58% and 37% for the quarter and nine months ended December 31, 2003 from the same periods a year ago. The decrease in C-Band revenue for the quarter and nine months ended December 31, 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 27% since December 31, 2002, from 590,000 addressable subscribers to 428,000 addressable subscribers as of December 31, 2003. The Subscription/PPV TV Group experienced a decline in subscriptions to its three C-Band networks of 17% during this same period. 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. Providing service to the C-Band market continues to be profitable for the Subscription/PPV TV Group with margins of approximately 42%. This market will continue to be monitored closely and when margins erode to an unacceptable level, which the Subscription/PPV TV Group anticipates will be within the next 12 - 15 months, its services will be discontinued. The Subscription/PPV TV Group will be discontinuing one of its C-Band services (TEN*BluePlus) during the fourth quarter of its fiscal year ended March 31, 2004. The Group will continue to sell its two remaining C-Band services for the same subscription price as it is currently selling three services, so it does not anticipate any additional degradation in its revenue because of this decision. COST OF SALES Cost of sales for the Subscription/PPV TV Group was $3.9 million, or 39% of revenue for the quarter ended December 31, 2003, as compared to $3.6 million, or 53% of revenue, for the quarter ended December 31, 2002, representing an increase of 8%. Cost of sales for the Subscription/PPV TV Group 16 was $11.4 million, or 39% of revenue for the nine months ended December 31, 2003, as compared to $10.5 million or 50% of revenue for the nine months ended December 31, 2002, representing 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 costs, VOD transport costs, amortization of content licenses, and the Subscription/PPV TV Group's in-house call center for its C-Band business. The increase in cost of sales for the quarter and nine months is due to: a) an increase in transport costs related to the delivery of VOD content to cable customers, b) the addition of an in-house editing and programming department dedicated to the new partially-edited services and the VOD content provided to On Command, and c) an increase in costs related to the hiring of additional broadcast department personnel required to manage the delivery of the Subscription/PPV TV Group's VOD product. The increase in these costs has been partially offset by a 36% quarterly and 28% year-to-date decline in costs associated with the Group's satellite transponder leases and a 25% decline in call center costs for both the quarter and year-to-date. OPERATING INCOME Operating income for the Subscription/PPV TV Group was $4.3 million for the quarter ended December 31, 2003, as compared to $1.4 million for the quarter ended December 31, 2002, representing an increase of 207%. Operating income for the Subscription/PPV TV Group for the nine months ended December 31, 2003 was $12.0 million as compared to $4.4 million for the nine months ended December 31, 2002, representing an increase of 173%. The increase in operating income for the quarter and nine months ended December 31, 2003 is related to an increase in gross margins while operating expenses remained relatively flat. The Subscription/ PPV TV Group's gross margin increased to 61% for the quarter ended December 31, 2003, from 47% for the quarter a year ago. The Group's gross margin increased to 61% for the nine months ended December 31, 2003, from 50% for the nine months ended December 31, 2002. Operating expenses remained flat at $1.8 million for both quarters ended December 31, 2003 and 2002, while operating expenses for the nine months ended December 31, 2003 declined 3% to $5.8 million from $6.0 million a year ago. Operating expenses as a percentage of revenue declined to 18% of revenue for the quarter ended December 31, 2003 from 26% for the quarter a year ago. Operating expenses as a percentage of revenue declined to 20% for the nine months ended December 31, 2003 from 29% a year ago. The Subscription/PPV TV Group discontinued the use of its barker channel during the current fiscal year. This barker channel was used to market its C-Band services. The decline in this marketing expense for the quarter and nine months ended December 31, 2003 was offset by an increase in year-over-year commissions paid to the sales team for the launching of the Group's services to new network households and an increase in payroll costs due to the accrual of year-end bonuses. INTERNET GROUP NET REVENUE Total net revenue for the Internet Group was $0.8 million for the quarter ended December 31, 2003, as compared to $1.8 million for the quarter ended December 31, 2002, representing a decrease of 56%. Total net revenue for the Internet Group was $2.6 million for the nine months ended December 31, 2003, as compared to $6.6 million for the nine months ended December 31, 2002, representing a decrease of 61%. The Internet Group's revenue is comprised of membership revenue from its consumer-based web sites, revenue from the sale of its content feeds, and revenue from the sale of exit traffic. Net membership revenue for the Internet Group was $0.7 million and $2.1 million for the quarter and nine months ended December 31, 2003, as compared to $1.2 million and $4.4 million for the quarter and nine months ended December 31, 2002, representing a decrease of 42% and 52%, respectively. The Internet Group has continued to see a decline in its net membership revenue from the prior fiscal year due to the change made to its business model to no longer purchase traffic from other 17 webmasters. The transfer of 150 domain names to Edward Bonn at March 31, 2003, in settlement of the Company's lawsuit, has also adversely impacted the volume of traffic to the Internet Group's websites. The Internet Group expects to see a continued erosion of its recurring membership revenue since the current monthly traffic 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. Instead, the Internet Group's focus for growth is on forming revenue sharing partnerships with third party gatekeepers such as cable companies, hospitality providers like On Command Corporation, and portals for the distribution of www.ten.com, whereby it can gain direct access to consumers in search of high-quality adult entertainment. Revenue from the Internet Group's sale of content was $0.1 million and $0.5 million for the quarter and nine months ended December 31, 2003, as compared to $0.3 million and $1.0 million for the quarter and nine months ended December 31, 2002, representing a decrease of 67% and 50%, respectively. The decrease in revenue from the sale of content for the quarter and nine months ended December 31, 2003 is due to a softening in the demand for content by third-party webmasters. Webmasters are decreasing their reliance on outside sources for content and demanding lower prices for content that they do purchase. The continued reluctance on the part of webmasters to pay for high-quality adult content makes this a difficult market segment in which to compete. The Internet Group is no longer actively selling its exit traffic. COST OF SALES Cost of sales for the Internet Group was $0.3 million, or 38% of revenue for the quarter ended December 31, 2003, as compared to $0.8 million, or 44% of revenue, for the quarter ended December 31, 2002, representing a decrease of 63%. Cost of sales for the Internet Group was $1.0 million or 38% of revenue for the nine months ended December 31, 2003, as compared to $3.6 million, or 55% of revenue, for the nine months ended December 31, 2002, representing a decrease of 72%. 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 nine months ended December 31, 2003 due to a decline in bandwidth costs, a decrease in variable costs related to credit card processing, and a decrease in operating 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 74% and 80% decrease in depreciation, amortization, equipment lease and maintenance costs for the quarter and nine months ended December 31, 2003, respectively, due to the write-off of excess equipment and impaired assets. OPERATING INCOME (LOSS) Operating income for the Internet Group was $0 and $0.2 million for the quarter and nine months ended December 31, 2003, respectively, as compared to operating income of $0.2 million and an operating loss of $0.2 million for the quarter and nine months ended December 31, 2002, respectively. The decline in operating income for the quarter ended December 31, 2003 is related to a 56% decline in revenue year-over-year for the quarter that was only partially offset by declines in cost of sales and operating expenses. Gross margins improved to 63% for the quarter ended December 31, 2003 from 56% for the quarter a year ago. Quarterly operating expenses declined from $0.8 million, or 44% of revenue, to $0.5 million, or 63% of revenue, representing a decrease of 38%. This decline in operating expenses is related to a decrease in payroll, benefits and other office expenses for 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 nine months ended December 31, 2003 is related to improved gross margins as a result of the data center restructuring and to a decrease in operating expenses related to the restructuring completed in the fourth quarter of the fiscal year ended March 31, 2003. The efficiencies obtained through these restructurings more than offset the 61% decline in revenue experienced during the nine months ended December 31, 2003. Gross margin improved to 62% for the nine months ended December 31, 2003 as compared to 45% for the nine months a year 18 ago. Operating expenses for the current nine-month period declined 56% from $3.2 million, or 48% of revenue, to $1.4 million, or 54% of revenue. 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, 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 abandoned and $2.6 million of expenses related to the write-off of 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 once a final settlement with respect to the space is reached with the landlord. In addition, the restructuring expense for this same period was decreased by $0.1 million and $0.3 million during the quarters ended September 30 and December 31, 2002, respectively, 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 lease buyouts and assumptions of leased equipment that were written off in previous years. ASSET IMPAIRMENT CHARGES The Company recognized impairment losses on certain URLs of approximately $535,000 and $805,000 for the quarters ended June 30 and December 31, 2002, respectively, 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 the 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 two to four years. Based on this projection, the cumulative cash flow over the remaining amortization periods was 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. Corporate administration expenses were $1.3 million for both quarters ended December 31, 2003 and 2002, respectively. Corporate administration expenses were $3.7 million and $5.9 million for the nine months ended December 31, 2003 and 2002, respectively, representing a decrease of 37%. Corporate administration expenses were flat year-over-year for the quarter due primarily to an increase in accounting/auditing fees and payroll costs related to the accrual of year-end bonuses, which were then offset by a 32% decrease in legal expenses. The decrease in corporate administration expenses for the nine months ended December 31, 2003 is due primarily to an 82% decrease in legal fees. Legal fees were higher during the prior fiscal year due 19 to the proxy fight and its associated litigation. Legal fees for the nine months ended December 31, 2003 included a reimbursement of $166,000 as part of a settlement reached during the first fiscal year quarter. INCOME TAXES At March 31, 2003, the Company had a net operating loss carry forward of approximately $11.3 million, 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 a study performed analyzing these ownership changes, the Company estimates that the amount of projected taxable income will not exceed the estimated net operating losses available under IRC 382 for the current fiscal year. The Company does expect that it will be a taxpayer in its fiscal year ended March 31, 2005. LIQUIDITY AND CAPITAL RESOURCES For the nine months ended December 31, 2003, cash provided by operating activities was $9.7 million. Cash was provided by net income of $7.6 million adjusted for depreciation and amortization of $4.8 million and other non-cash items of $0.9 million. Accounts receivable increased by $1.3 million from March 31, 2003, as a result of an increase in revenue from the Subscription/PPV TV Group. In addition, the Company's content licensing expenditures were $2.1 million for the nine months ended December 31, 2003. Cash used in investing activities was $0.8 million for the nine months ended December 31, 2003, compared to cash used in investing activities of $0.5 million for the nine months ended December 31, 2002. Cash used in investing activities for the nine months ended December 31, 2003 related to purchases of broadcast equipment, including a new broadcast cluster to allow for increased redundancy, encrypting equipment necessary for new cable launches, and upgrades to the Company's digital broadcast facility. Cash used in investing activities for the nine months ended December 31, 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 $0.6 million for the nine months ended December 31, 2003 as compared to cash used in financing activities of $0.5 million for the nine months ended December 31, 2002. Cash used in financing activities for the nine months ended December 31, 2003 was related to $0.9 million paid on the Company's capital lease obligations, the redemption 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, of which $1.5 million has been subsequently redeemed and $0.5 million of which was converted to a note payable due in October 2004. This note payable accrues interest, payable on a quarterly basis, at 5% per annum. In addition, cash used in financing activities was offset by $4.8 million in proceeds from the exercise of stock options and warrants and an increase in borrowings of $0.4 million. Current debt outstanding is less than $1.0 million with an average interest rate of 6%. Ongoing interest expense, including interest on capital lease obligations, is expected to be approximately $55,000 per quarter. Cash used in financing activities for the nine months ended December 31, 2002 was related to $1.3 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 nine months ended December 31, 2002. The Company anticipates capital expenditures of approximately $0.8 million during the fourth quarter of the current fiscal year as we complete the upgrades to our digital broadcast facility in Boulder, CO. This upgrade will ensure that the Company's technological infrastructure is positioned for future 20 growth with proper HVAC, UPS and generator capabilities necessary to support our current state-of-the-art facility. We expect to fund these capital expenditures out of cash flows from operations. It is important to note that the Company is not a taxpayer for its current fiscal year ended March 31, 2004 due to the anticipated utilization of its net operating losses from prior years. However, we do expect to fully utilizing our available net operating loss during this current fiscal year. Consequently, the Company anticipates paying federal income taxes during its fiscal year ended March 31, 2005, which will require an additional use of cash that we expect to fund out of cash flows from operations. If we were to lose our major customers that account for 34% and 15%, respectively, of our revenue, our ability to finance our future operating requirements would be severely impaired. We believe that our existing cash balances and cash generated from operations will be sufficient to satisfy our operating requirements. 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 December 31, 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 Chief Executive Officer 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 Chief Executive Officer and Chief Financial Officer. Based upon that evaluation, the Chief Executive Officer 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. 21 PART II - OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K a) Exhibits 10.1 Amendment to Employment Agreement between Michael Weiner and New Frontier Media, Inc. 10.2 Amendment to Employment Agreement between Ken Boenish and Colorado Satellite Broadcasting, Inc. 10.3 Amendment to Employment Agreement between Karyn Miller and New Frontier Media, Inc. 31.01 Certification by Chief Executive Officer 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 Chief Executive Officer 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 b) Reports on Form 8-K The Company filed a Form 8-K on December 10, 2003 to announce the adoption of a 10b5-1 Plan by each of its executive officers, Michael Weiner, Ken Boenish and Karyn Miller. 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. 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M)EJ^JC]?X2*`(]FUEZ!;9:YX0'!J$3.<%\(NXZ@6JXX[QJMU93`(1P01]:FO M,52?4`A"U4<&UHI;.=!H-BB;(`J9WR`S4RA,])9UF$]V]3)NT04H#>^60GJT MO`BGLU[LDV(NYBB;I:Q`S9=I2V`8WDI$6Q3:*M-9^),UBA9SK8W(L4IB3,W: M[%K8%+\5;XI`NV0Z,U]7K6BJJVYC'0JFL4I[L![2;6C#O+^4=@5Z@-SP`^GS M'7&]K,M2;6YBR/HU]HC+>IP&F\F.$6FJ!6V4Y5#8/36B/(Q)HE"!^+:L==X5 M:#"4M5-/6_HL?V(N4CAOWE>V,+*.+>4Q0')E9@TP(#DX(`TP,#`P,#`P,# EX-10 4 s11-4189_exmw101.txt EXHIBIT 10.1 AMENDMENT TO EMPLOYMENT AGREEMENT This Amendment, dated January 7, 2004 (the "Amendment") to the Employment Agreement, dated February 17, 2003 (the "Agreement"), by and between Michael Weiner (the "Executive") and New Frontier Media, Inc. ("NFM"). Terms not otherwise defined herein shall have the meaning described to them in the Agreement. W I T N E S S T H WHEREAS, the parties hereto desire to amend the Agreement as hereinafter set forth. NOW, THEREFORE, in consideration of the mutual representations, warranties, covenants and agreements contained in the Agreement, as amended, and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 1. Section 1 of the Agreement is hereby deleted in its entirety and replaced with the following: EMPLOYMENT PERIOD. NFM hereby agrees to employ the Executive, and the Executive hereby agrees to accept employment by NFM, in accordance with the terms and conditions of this Agreement, for the period commencing on the date of this Agreement (the "Effective Date") and ending at midnight on March 31, 2006 (the "Employment Period"). 2. The Agreement, as amended by this Amendment, contains the entire agreement between the parties hereto and there are no agreements, warranties or representations which are not set forth therein or herein. This Amendment may not be modified or amended except by an instrument in writing duly signed by or on behalf of the parties hereto. 3. This Amendment shall be governed by and construed and enforced in accordance with the local laws of the State of Colorado applicable to agreements made and to be performed entirely within the State, without regard to conflict of laws principles. 4. This Amendment may be executed simultaneously in any number of counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. IN WITNESS WHEREOF, the parties hereto have caused this agreement to be executed by them or their duly authorized representatives as of the date first written above. NEW FRONTIER MEDIA, INC. By: /s/ Karyn Miller ---------------------------- Name: Karyn Miller ---------------------------- Title: CFO ---------------------------- EXECUTIVE: /s/ Michael Weiner ---------------------------- Michael Weiner EX-10 5 s11-4189_exkb102.txt EXHIBIT 10.2 AMENDMENT TO EMPLOYMENT AGREEMENT This Amendment, dated January 7 2004 (the "Amendment"), to the Employment Agreement, dated April 1, 2003 (the "Agreement"), by and between Ken Boenish (the "Executive") and Colorado Satellite Broadcasting, Inc. ("CSB"). Terms not otherwise defined herein shall have the meaning described to them in the Agreement. W I T N E S S T H WHEREAS, the parties hereto desire to amend the Agreement as hereinafter set forth. NOW, THEREFORE, in consideration of the mutual representations, warranties, covenants and agreements contained in the Agreement, as amended, and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 1. Section 1 of the Agreement is hereby deleted in its entirety and replaced with the following: EMPLOYMENT PERIOD. CSB hereby agrees to employ the Executive, and the Executive hereby agrees to accept employment by CSB, in accordance with the terms and conditions of this Agreement, for the period commencing on the date of this Agreement (the "Effective Date") and ending at midnight on March 31, 2006 (the "Employment Period"). 2. The Agreement, as amended by this Amendment, contains the entire agreement between the parties hereto and there are no agreements, warranties or representations which are not set forth therein or herein. This Amendment may not be modified or amended except by an instrument in writing duly signed by or on behalf of the parties hereto. 3. This Amendment shall be governed by and construed and enforced in accordance with the local laws of the State of Colorado applicable to agreements made and to be performed entirely within the State, without regard to conflict of laws principles. 4. This Amendment may be executed simultaneously in any number of counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. IN WITNESS WHEREOF, the parties hereto have caused this agreement to be executed by them or their duly authorized representatives as of the date first written above. COLORADO SATELLITE BROADCASTING, INC. By: /s/ Michael Weiner ---------------------------- Name: Michael Weiner ---------------------------- Title: CEO ---------------------------- EXECUTIVE: /s/ Ken Boenish ---------------------------- Ken Boenish EX-10 6 s11-4189_exkm103.txt EXHIBIT 10.3 AMENDMENT TO EMPLOYMENT AGREEMENT This Amendment, dated January 7, 2004 (the "Amendment"), to the Employment Agreement, dated August 1, 2002 (the "Agreement"), by and between Karyn Miller (the "Executive") and New Frontier Media, Inc. ("NFM"). Terms not otherwise defined herein shall have the meaning described to them in the Agreement. W I T N E S S T H WHEREAS, the parties hereto desire to amend the Agreement as hereinafter set forth. NOW, THEREFORE, in consideration of the mutual representations, warranties, covenants and agreements contained in the Agreement, as amended, and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 1. Section 1 of the Agreement is hereby deleted in its entirety and replaced with the following: EMPLOYMENT PERIOD. NFM hereby agrees to employ the Executive, and the Executive hereby agrees to accept employment by NFM, in accordance with the terms and conditions of this Agreement, for the period commencing on the date of this Agreement (the "Effective Date") and ending at midnight on March 31, 2006 (the "Employment Period"). 2. The Agreement, as amended by this Amendment, contains the entire agreement between the parties hereto and there are no agreements, warranties or representations which are not set forth therein or herein. This Amendment may not be modified or amended except by an instrument in writing duly signed by or on behalf of the parties hereto. 3. This Amendment shall be governed by and construed and enforced in accordance with the local laws of the State of Colorado applicable to agreements made and to be performed entirely within the State, without regard to conflict of laws principles. 4. This Amendment may be executed simultaneously in any number of counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. IN WITNESS WHEREOF, the parties hereto have caused this agreement to be executed by them or their duly authorized representatives as of the date first written above. NEW FRONTIER MEDIA, INC. By: /s/ Michael Weiner ---------------------------- Name: Michael Weiner ---------------------------- Title: CEO ---------------------------- EXECUTIVE: /s/ Karyn Miller ---------------------------- Karyn Miller EX-31 7 s11-4189_ex3101.txt EXHIBIT 31.01 PRESIDENT CERTIFICATION I, Michael Weiner, Chief Executive 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: February 5, 2004 /s/ Michael Weiner - -------------------------- Chief Executive Officer EX-31 8 s11-4189_ex3102.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: February 5, 2004 /s/ Karyn Miller - -------------------------- Chief Financial Officer (Principal Accounting Officer) EX-32 9 s11-4189_ex3201.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 December 31, 2003 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Michael Weiner, Chief Executive 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/ Michael Weiner - ------------------------------------ Michael Weiner Chief Executive Officer February 5, 2004 EX-32 10 s11-4189_ex3202.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 December 31, 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 February 5, 2004 -----END PRIVACY-ENHANCED MESSAGE-----