-----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, Lvtfi1h2FoXMfw0F/wJmBQOj4NhajiU5KKUMJnp7VlcItFjtbn+PQqOd6K51Qjjn U82BuCzOd8VkfFmdKaV64Q== 0001132072-04-000212.txt : 20041110 0001132072-04-000212.hdr.sgml : 20041110 20041110165500 ACCESSION NUMBER: 0001132072-04-000212 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20040930 FILED AS OF DATE: 20041110 DATE AS OF CHANGE: 20041110 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: 041133713 BUSINESS ADDRESS: STREET 1: 7007 WINCHESTER CIRCLE STREET 2: SUITE 200 CITY: BOULDER STATE: CO ZIP: 80301 BUSINESS PHONE: 3037868700 MAIL ADDRESS: STREET 1: 7007 WINCHESTER CIRCLE STREET 2: SUITE 200 CITY: BOULDER STATE: CO ZIP: 80301 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 s11-4813_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, 2004 / / Transition Report under Section 13 or 15(d) of the Exchange Act. For the transition period from ______________ to ______________ 0-23697 (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 9, 2004, 22,250,530 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, 2004 (Unaudited) and March 31, 2004............. 3-4 Condensed Consolidated Statements of Operations (Unaudited) for the quarter and six months ended September 30, 2004 and 2003......................... 5 Condensed Consolidated Statements of Cash Flows (Unaudited) for the six months ended September 30, 2004 and 2003....................................... 6 Condensed Consolidated Statements of Comprehensive Income (Unaudited) for the quarter and six months ended September 30, 2004 and 2003................... 7 Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) for the six months ended September 30, 2004 and 2003................... 8 Notes to Consolidated Financial Statements (Unaudited)......................................... 9 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations................. 16 Item 3. Quantitative and Qualitative Disclosures about Market Risk......................................... 24 Item 4. Controls and Procedures............................. 24 PART II. OTHER INFORMATION Item 4. Submission of Matters to a Vote of Security Holders............................................. 26 Item 6. Exhibits............................................ 26 SIGNATURES.................................................. 27
2 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS NEW FRONTIER MEDIA, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (IN 000S) ASSETS
(UNAUDITED) SEPTEMBER 30, MARCH 31, 2004 2004 ------------- --------- CURRENT ASSETS: Cash and cash equivalents................................. $16,515 $15,352 Investments............................................... 7,736 1,478 Accounts receivable, net of allowance for doubtful accounts of $68 and $68, respectively................... 7,854 6,872 Prepaid expenses.......................................... 422 497 Other..................................................... 538 236 ------- ------- TOTAL CURRENT ASSETS.................................. 33,065 24,435 ------- ------- FURNITURE AND EQUIPMENT, net................................ 3,527 3,727 ------- ------- OTHER ASSETS: Prepaid distribution rights, net.......................... 10,311 11,627 Goodwill.................................................. 3,743 3,743 Investments............................................... 2,127 -- Other identifiable intangible assets, net................. 229 356 Deposits.................................................. 43 156 Other..................................................... 618 718 ------- ------- TOTAL OTHER ASSETS.................................... 17,071 16,600 ------- ------- TOTAL ASSETS................................................ $53,663 $44,762 ======= =======
The accompanying notes are an integral part of the unaudited consolidated financial statements. 3 NEW FRONTIER MEDIA, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (CONTINUED) (IN 000S) LIABILITIES AND SHAREHOLDERS' EQUITY
(UNAUDITED) SEPTEMBER 30, MARCH 31, 2004 2004 ------------- --------- CURRENT LIABILITIES: Accounts payable.......................................... $ 1,392 $ 1,767 Current portion of obligations under capital leases....... 248 356 Deferred revenue.......................................... 912 1,304 Current portion of notes payable.......................... 279 653 Taxes payable............................................. 356 -- Accrued restructuring expenses............................ 1,018 1,026 Accrued compensation...................................... 1,054 952 Accrued liabilities....................................... 1,595 1,259 -------- -------- TOTAL CURRENT LIABILITIES............................. 6,854 7,317 -------- -------- LONG-TERM LIABILITIES: Obligations under capital leases, net of current portion................................................. 60 154 Notes payable, net of current portion..................... 133 275 Deferred tax liability.................................... 42 -- -------- -------- TOTAL LONG-TERM LIABILITIES........................... 235 429 -------- -------- TOTAL LIABILITIES................................... 7,089 7,746 -------- -------- COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' EQUITY Common stock, $.0001 par value, 50,000,000 shares authorized, 22,116,506 and 22,386,008 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................................ 53,361 49,590 Accumulated deficit....................................... (6,786) (12,576) Accumulated other comprehensive loss...................... (3) -- -------- -------- TOTAL SHAREHOLDERS' EQUITY............................ 46,574 37,016 -------- -------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY.................. $ 53,663 $ 44,762 ======== ========
The accompanying notes are an integral part of the unaudited consolidated financial statements. 4 NEW FRONTIER MEDIA, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (IN 000S)
(UNAUDITED) (UNAUDITED) QUARTER ENDED SIX MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, ---------------------- ---------------------- 2004 2003 2004 2003 -------- -------- -------- -------- NET SALES..................................... $12,026 $10,919 $23,502 $20,999 COST OF SALES................................. 4,133 4,295 8,078 8,187 ------- ------- ------- ------- GROSS MARGIN.................................. 7,893 6,624 15,424 12,812 ------- ------- ------- ------- OPERATING EXPENSES: Sales and marketing......................... 1,248 1,030 2,326 2,536 General and administrative.................. 2,331 2,457 4,884 4,881 ------- ------- ------- ------- TOTAL OPERATING EXPENSES................ 3,579 3,487 7,210 7,417 ------- ------- ------- ------- OPERATING INCOME.............................. 4,314 3,137 8,214 5,395 ------- ------- ------- ------- OTHER INCOME (EXPENSE): Interest income............................. 81 8 114 20 Interest expense............................ (28) (361) (62) (671) Other income................................ 25 49 25 112 ------- ------- ------- ------- TOTAL OTHER INCOME (EXPENSE)............ 78 (304) 77 (539) ------- ------- ------- ------- NET INCOME BEFORE PROVISION FOR INCOME TAXES....................................... 4,392 2,833 8,291 4,856 ------- ------- ------- ------- Provision for income taxes.................. (1,330) (1) (2,501) (2) ------- ------- ------- ------- NET INCOME.................................... $ 3,062 $ 2,832 $ 5,790 $ 4,854 ------- ------- ------- ------- Basic income per share........................ $ 0.14 $ 0.15 $ 0.26 $ 0.25 ======= ======= ======= ======= Diluted income per share...................... $ 0.13 $ 0.14 $ 0.25 $ 0.23 ======= ======= ======= =======
The accompanying notes are an integral part of the unaudited consolidated financial statements. 5 NEW FRONTIER MEDIA, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (IN 000S)
(UNAUDITED) SIX MONTHS ENDED SEPTEMBER 30, ------------------------- 2004 2003 -------- -------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income.................................................. $ 5,790 $ 4,854 Adjustments to reconcile net income to net cash provided by operating activities: Warrants issued/amortized for services and financing.... -- 292 Amortization of deferred debt offering costs............ -- 116 Tax Provision for capital transaction................... (657) -- Depreciation and amortization........................... 2,963 3,178 Other................................................... -- 38 Tax benefit from option/warrant exercise................ 2,863 -- (Increase) Decrease in operating assets Accounts receivable................................. (981) (1,087) Prepaid expenses and other current assets........... (122) 198 Prepaid distribution rights......................... (813) (1,069) Deferred tax asset.................................. (108) -- Other assets........................................ 114 335 Increase (Decrease) in operating liabilities Accounts payable.................................... (306) (668) Deferred revenue, net............................... (392) (502) Taxes payable....................................... 356 -- Deferred tax liability.............................. 42 -- Accrued restructuring cost.......................... (7) (295) Accrued liabilities and other current liabilities... 437 868 -------- -------- NET CASH PROVIDED BY OPERATING ACTIVITIES....... 9,179 6,258 -------- -------- CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of investments................................. (10,185) -- Purchase of equipment and furniture..................... (574) (313) Sale/Redemption of investments.......................... 1,897 -- -------- -------- NET CASH USED IN INVESTING ACTIVITIES............... (8,862) (313) -------- -------- CASH FLOWS FROM FINANCING ACTIVITIES: Payments on capital lease obligations................... (202) (731) Increase (decrease) in note payable..................... (400) 400 Issuance of common stock................................ 1,565 1,294 Retirement of common stock.............................. -- (1,500) Redemption of redeemable preferred stock................ -- (1,750) Decrease in other financing activities.................. (117) (60) -------- -------- NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES........................................ 846 (2,347) -------- -------- NET INCREASE IN CASH........................................ 1,163 3,598 CASH AND CASH EQUIVALENTS, beginning of period.............. 15,352 4,264 -------- -------- CASH AND CASH EQUIVALENTS, end of period.................... $ 16,515 $ 7,862 ======== ========
The accompanying notes are an integral part of the unaudited consolidated financial statements. 6 NEW FRONTIER MEDIA, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (IN 000S)
(UNAUDITED) (UNAUDITED) QUARTER ENDED SIX MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, ---------------------- ------------------------ 2004 2003 2004 2003 -------- -------- -------- -------- Net income........................................ $3,062 $2,832 $5,790 $4,854 Other comprehensive loss Unrealized loss on available-for-sale marketable securities, net of tax.......................... (3) -- (3) -- ------ ------ ------ ------ Total comprehensive income.................... $3,059 $3,832 $5,787 $4,854 ====== ====== ====== ======
The accompanying notes are an integral part of the unaudited consolidated financial statements. 7 NEW FRONTIER MEDIA, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (IN 000S)
(UNAUDITED) SIX MONTHS ENDED SEPTEMBER 30, ---------------------- 2004 2003 -------- -------- NEW FRONTIER MEDIA, INC. COMMON STOCK Balance at beginning of year............................ $ 2 $ 2 ------- -------- Balance at end of period................................ 2 2 ------- -------- ADDITIONAL PAID-IN CAPITAL Balance at beginning of period.......................... 49,590 45,943 Exercise of stock options/warrants...................... 1,565 1,294 Tax provision for capital transaction................... (657) -- Tax benefit for stock option/warrant exercise........... 2,863 -- Retirement of stock..................................... -- (1,500) Legal settlement........................................ -- 45 Cancellation of warrants associated with license agreement............................................. -- (1,152) Stock issued in connection with financing............... -- 410 Elimination of inter-company investment................. -- (558) Other................................................... -- 144 ------- -------- Balance at end of period................................ 53,361 44,626 ------- -------- ACCUMULATED DEFICIT Balance at beginning of year............................ (12,576) (23,489) Net income.............................................. 5,790 4,854 ------- -------- Balance at end of period................................ (6,786) (18,635) ------- -------- ACCUMULATED COMPREHENSIVE LOSS Balance at beginning of year............................ -- -- Unrealized losses on available-for-sale securities...... (3) -- ------- -------- Balance at end of period................................ (3) -- ------- -------- TOTAL SHAREHOLDERS' EQUITY.................................. $46,574 $ 25,993 ======= ========
The accompanying notes are an integral part of the unaudited consolidated financial statements. 8 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 United States 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. Management believes 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, 2004 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 VOD service and 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. Ten Sales, Inc., formed in April 2003, is responsible for selling TEN's services. Interactive Gallery, Inc. (IGI) aggregates and resells adult content over the Internet. IGI sells content to monthly subscribers through its broadband site, www.TEN.com, partners with third-party gate-keepers for the distribution of www.TEN.com and wholesales pre-packaged content to various webmasters. SIGNIFICANT ACCOUNTING POLICIES PRINCIPLES 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. 9 NEW FRONTIER MEDIA, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED) RECLASSIFICATIONS Certain prior period amounts have been reclassified to conform to the current period presentation. 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. Pro forma information regarding net income and income per share is required by SFAS 123, and has been determined as if the Company had accounted for its employee stock options under the fair value method of SFAS No. 123. The fair value for these options was estimated at the date of grant using the Black-Scholes option pricing model with the following weighted-average for the quarter and six months ended September 30, 2004: risk free interest rate of 3.47% and 3.73%, respectively; dividend yield of 0%; expected lives of 3 years and 1 year, respectively; and expected volatility of 68% and 78%, respectively; for the quarter and six months ended September 30, 2003; risk free interest rate of 2.96%; dividend yield of 0%; expected lives of 5 years; and expected volatility of 95%. 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, and net income per common share had compensation costs for the Company's stock option plans been determined based on fair value at the date of grant consistent with the provisions of SFAS No. 123 for the quarters ended June 30, 2004 and 2003 are as follows (in thousands, except share data):
(UNAUDITED) (UNAUDITED) QUARTER ENDED SIX MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, ---------------------- ------------------------ 2004 2003 2004 2003 -------- -------- -------- -------- Net income As reported................................. $ 3,062 $ 2,832 $ 5,790 $ 4,854 ------- ------- ------- ------- Deduct: Total stock-based employee compensation expense determined under fair value based method for awards granted, modified, or settled, net of tax......................... (129) (225) (199) (296) ------- ------- ------- ------- Pro forma................................... $ 2,933 $ 2,607 $ 5,591 $ 4,558 ======= ======= ======= ======= Basic income per common share As reported................................. $ 0.14 $ 0.15 $ 0.26 $ 0.25 Pro forma................................... $ 0.13 $ 0.13 $ 0.25 $ 0.23 Diluted income per common share As reported................................. $ 0.13 $ 0.14 $ 0.25 $ 0.23 Pro forma................................... $ 0.13 $ 0.13 $ 0.24 $ 0.22
10 NEW FRONTIER MEDIA, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED) NOTE 2 -- INCOME PER SHARE The components of basic and diluted income per share are as follows (in thousands):
(UNAUDITED) (UNAUDITED) QUARTER ENDED SIX MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, ---------------------- ------------------------ 2004 2003 2004 2003 -------- -------- -------- -------- Net income.................................... $ 3,062 $ 2,832 $ 5,790 $ 4,854 ======= ======= ======= ======= Average outstanding shares of common stock.... 22,002 19,436 22,174 19,584 Dilutive effect of Warrants/Employee Stock Options..................................... 807 1,312 831 1,183 ------- ------- ------- ------- Common stock and common stock equivalents..... 22,809 20,748 23,005 20,767 ======= ======= ======= ======= Basic income per share........................ $ 0.14 $ 0.15 $ 0.26 $ 0.25 ======= ======= ======= ======= Diluted income per share...................... $ 0.13 $ 0.14 $ 0.25 $ 0.23 ======= ======= ======= =======
Options and warrants which were excluded from the calculation of diluted earnings per share because the exercise price of the options and warrants was greater than the average market price of the common shares were approximately 371,000 and 3,396,000 for the quarter ended September 30, 2004 and 2003, respectively; and 371,000 and 3,525,000 for the six months ended September 30, 2004 and 2003, respectively. 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: * Pay TV Group -- distributes branded adult entertainment programming networks and Video-On-Demand (VOD) content through electronic distribution platforms including cable television, C-Band, and Direct Broadcast Satellite (DBS) * 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 is based on income before income taxes. The reportable segments are distinct business units, separately managed with different distribution channels. 11 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 SIX MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, ---------------------- ---------------------- 2004 2003 2004 2003 -------- -------- -------- -------- NET SALES Pay TV........................................ $11,349 $10,079 $22,138 $19,161 Internet Group................................ 677 840 1,364 1,838 ------- ------- ------- ------- Total..................................... $12,026 $10,919 $23,502 $20,999 ------- ------- ------- ------- SEGMENT PROFIT Pay TV........................................ $ 5,505 $ 4,244 $10,784 $ 7,652 Internet Group................................ 38 (101) (26) 31 Corporate Administration...................... (1,151) (1,310) (2,467) (2,827) ------- ------- ------- ------- Total..................................... $ 4,392 $ 2,833 $ 8,291 $ 4,856 ======= ======= ======= ======= INTEREST INCOME Internet Group................................ $ -- $ -- $ -- $ 3 Corporate Administration...................... 81 8 114 17 ------- ------- ------- ------- Total..................................... $ 81 $ 8 $ 114 $ 20 ======= ======= ======= ======= INTEREST EXPENSE Pay TV........................................ $ 21 $ 29 $ 46 $ 63 Internet Group................................ 2 108 9 154 Corporate Administration...................... 5 224 7 454 ------- ------- ------- ------- Total..................................... $ 28 $ 361 $ 62 $ 671 ======= ======= ======= ======= DEPRECIATION AND AMORTIZATION Pay TV........................................ $ 1,399 $ 1,498 $ 2,795 $ 2,978 Internet Group................................ 81 91 164 192 Corporate Administration...................... 2 5 4 8 ------- ------- ------- ------- Total..................................... $ 1,482 $ 1,594 $ 2,963 $ 3,178 ======= ======= ======= =======
(UNAUDITED) SEPTEMBER 30, MARCH 31, 2004 2004 ------------- ------------ IDENTIFIABLE ASSETS Pay TV......................................... $ 46,476 $ 36,232 Internet Group................................. 3,428 2,790 Corporate Administration....................... 29,429 20,008 Eliminations................................... (25,670) (14,268) -------- -------- Total...................................... $ 53,663 $ 44,762 ======== ========
During the quarter ended June 30, 2004, the Company moved certain prepaid distribution rights, totaling $1 million, from the Pay TV Group to the Internet Group. The Company determined that these certain prepaid distribution rights will be used exclusively by the Internet Group and have, therefore, reclassified them accordingly. As of the quarter and six months ended September 30, 2003, included in the Pay TV segment, is amortization related to these certain prepaid distribution rights of approximately $52,000. 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 Pay TV and Internet operating segments. These costs include, but are not limited to, legal and accounting 12 NEW FRONTIER MEDIA, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED) 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), Time Warner, Inc. (Time Warner) and Comcast Corporation (Comcast). EchoStar, Time Warner and Comcast are included in the Pay TV Group. Revenue from Echostar's DISH Network, Time Warner and Comcast as a percentage of total revenue for each of the quarters and six months ended September 30 are as follows:
(UNAUDITED) (UNAUDITED) SIX MONTHS QUARTER ENDED ENDED SEPTEMBER 30, SEPTEMBER 30, ----------------------- ----------------------- 2004 2003 2004 2003 -------- -------- -------- -------- EchoStar...................... 35% 34% 34% 35% Time Warner................... 20% 15% 20% 14% Comcast....................... 11% 3% 10% 4%
At September 30, 2004 and March 31, 2004, accounts receivable from EchoStar was approximately $3,425,000 and $3,333,000, respectively. At September 30, 2004 and March 31, 2004, accounts receivable from Time Warner was approximately $1,223,000 and $880,000, respectively. At September 30, 2004 and March 31, 2004, accounts receivable from Comcast was approximately $1,144,000 and $799,000, 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 -- STOCK OPTIONS During the quarter ended June 30, 2004, the Company granted 330,000 options to certain employees from the 1999 Incentive Stock Option Plan. During the quarter ended September 30, 2004, the Company granted 155,000 options to certain employees and members of the Board of Directors from the 1999 incentive stock option plan. NOTE 6 -- STOCK RETIREMENT During the quarter ended June 30, 2004, the Company cancelled 929,250 shares of common stock. The Company acquired these shares in exchange for certain domain names as part of a legal settlement with a former officer in April 2003. Subsequent to this, these shares were encumbered as security for a note payable. This note was repaid during the quarter ended June 30, 2004, and the company cancelled the shares. NOTE 7 -- FINANCIAL ARRANGEMENTS During the quarter ended June 30, 2004, the company obtained a $3 million line of credit from an outside financial institution. The line of credit expires in June of 2005 and is secured by the Pay TV Group's trade accounts receivable. The interest rate applied on the line of credit is variable based on the current prime rate. The line of credit requires that the Company maintain certain restrictive financial covenants and ratios. The Company did not draw down on the line of credit during the six months ended September 30, 2004. 13 NEW FRONTIER MEDIA, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED) NOTE 8 -- INCOME TAXES The Company's effective tax rate of 30% reflects the use of net operating losses (NOLs) in the current year as well as establishing deferred tax assets for all temporary differences other than net operating losses which may expire due to the statutory limitations. Because the Company anticipates generating taxable income that exceeds available NOLs, the Company expects to pay federal income taxes for the current year. The Company also anticipates paying certain State Income taxes in jurisdictions for which there are not enough NOLs to offset the Company's taxable income. During the quarter ended September 30, 2004, the Company recorded a tax benefit of $1.6 million related to the tax deductions in connection with stock option exercises as a component of Additional Paid-In Capital. NOTE 9 -- COMMITMENTS SERVICE CONTRACT During the quarter ended September 30, 2004, the Company entered into a service contract with an unrelated party for uplinking services. The service contract expires in May 2007. Future minimum payments under this contract as of September 30, 2004 are as follows (in thousands):
YEAR ENDED SERVICE MARCH 31, CONTRACT ---------- -------- 2005................................................... $ 424 2006................................................... 849 2007................................................... 849 2008................................................... 141 ------ Total minimum payments................................. $2,263 ======
EMPLOYMENT CONTRACTS During the quarter ended September 30, 2004, the Company entered into non-cancelable employment contracts with certain key employees. The employment contracts expire in August 2006. Future minimum payments under these contracts as of September 30, 2004 are as follows (in thousands):
YEAR ENDED EMPLOYMENT MARCH 31, CONTRACT ---------- ---------- 2005................................................... $ 268 2006................................................... 537 2007................................................... 224 ------ Total minimum obligation under employment contracts.... $1,029 ======
14 NEW FRONTIER MEDIA, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED) NOTE 10 -- INVESTMENTS Investments in debt securities are required to be categorized as either trading, available-for-sale or held-to-maturity. On September 30, 2004, the Company had no trading or held-to-maturity securities. Debt securities categorized as available-for-sale are reported at fair value as follows:
GROSS GROSS UNREALIZED AMORTIZED ----------------------- ESTIMATED COST GAINS LOSSES FAIR VALUE --------- -------- -------- ---------- Available-for-sale securities.............. Bank Debt.............................. $ 2,951 $ -- $ -- $2,951 Mortgage-backed securities............. 2,077 1 -- 2,078 Corporate debt securities.............. 2,245 -- (3) 2,242 Debt securities issued by the US Treasury............................. 2,592 -- -- 2,592 --------- -------- -------- ------ Total Available-for-sale Securities......................... $ 9,865 $ 1 $ (3) $9,863 ========= ======== ======== ======
The contractual maturities of these investments as of September 30, 2004, were as follows (in thousands):
AVAILABLE-FOR-SALE SECURITIES --------------------------- YEAR ENDED GROSS MARCH 31, AMORTIZED COST FAIR VALUE ---------- -------------- ---------- 2005...................................................... $6,176 $6,177 2006...................................................... 3,062 3,061 2007...................................................... 627 625 ------ ------ Total Available-for-Sale Securities....................... $9,865 $9,863 ====== ======
15 PART I. FINANCIAL INFORMATION 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 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 publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to: 1) our ability to retain our three major customers that account for approximately 34%, 20% and 10% of our total revenue, respectively; 2) our ability to compete effectively for quality content with our Pay TV Group's primary competitor who has significantly greater resources than us; 3) our ability to compete effectively with our Pay TV Group's major competitor or any other competitors that may distribute adult content to Cable MSOs, DBS providers, or to the Hotel industry; 4) our ability to retain our key executives; 5) 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 6) our ability to attract market support for our stock. The foregoing list of important factors is not exclusive. EXECUTIVE SUMMARY Our goal is to be the leading provider in the electronic distribution of high-quality adult entertainment via Cable, Satellite and Broadband platforms. We operate our Company in two different segments -- Pay TV and Internet. Our core business resides within the Pay TV segment and this is where the majority of our financial and human resources are concentrated. PAY TV SEGMENT Our Pay TV segment is focused on the distribution of its seven pay-per-view (PPV) networks and its Video-on-Demand (VOD) service to cable multiple system operators (MSOs) and direct broadcast satellite (DBS) providers. In addition, the Pay 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 Pay TV Group earns a percentage of revenue on each PPV, subscription, or VOD transaction related to its services. Revenue growth is expected to occur as the Pay TV Group launches its services to new cable MSOs or DBS providers, experiences growth in the number of digital subscribers for systems where its services are currently distributed (on-line growth), and launches additional services with its existing cable/DBS partners. Revenue growth is also expected to occur as the Pay TV Group experiences new and on-line growth for its VOD service, is able to effect increases in the retail price of its products, and is able to increase the buy rates for its products. The Pay TV Group seeks to achieve distribution for at least four of its services on every digital platform in the U.S. Based on the current market of 22.4 million DBS households and 22.9 million digital cable households, the Pay TV Group currently has 40% of its defined market share. Revenue growth for the Pay TV Group for the quarter ended September 30, 2004 was driven primarily by: * Growth in revenue from its VOD service provided to the Cable and Hotel industries, and * Growth in its PPV revenue primarily attributable to its most recent agreement with Time Warner, Inc. 16 Revenue from the Pay TV Group's VOD service became a significant part of its overall revenue mix during the fiscal year ended March 31, 2004, as cable operators upgraded their systems to deliver content in this manner. The Pay TV Group currently delivers its VOD content to 14.2 million cable network households as compared to 8.0 million a year ago, as well as to 840,000 hotel rooms through its distribution arrangement with On Command. The Company expects cable operators to continue to upgrade their digital cable systems to allow for the delivery of VOD content to the home. According to the National Cable and Television Association (NCTA), as of March 31, 2004 there were 22.9 million digital cable households in the U.S. We estimate that 17.3 million digital cable households are VOD enabled and, of this amount, 15.2 million provide adult content to their VOD customers. Kagan Research, LLC (Kagan) estimates that there will be 19.8 million and 23.9 million VOD enabled households by the end of calendar years 2004 and 2005, respectively. We expect that our VOD cable revenue will increase as MSOs continue the deployment of this technology to their digital cable subscribers and as they increase the amount of space allocated on their VOD servers to the adult category (currently we provide 75 hours of programming each month). Today, we are the sole provider of adult VOD content to the largest U.S. cable MSO. However, we can give no assurances that we will continue to remain the exclusive provider of adult VOD content to this cable MSO. The Pay TV Group also provides its two least-edited services to the C-Band market on a direct-to-the-consumer basis. C-Band customers contact the Pay TV Group's in-house call center directly to purchase the networks on a one-month, three-month or six-month subscription basis or PPV basis. The Pay TV Group retains 100% of the revenue from these customers and over 95% of the sales are made via credit cards. This market has been declining for several years as these consumers convert from C-Band big dish analog satellite systems to smaller, 18-inch digital DBS satellite systems. The Pay TV Group has been able to decrease its transponder, uplinking and call center costs related to this business over the years in order to maintain its margins. However, based on the rate of revenue decline and the expected erosion of its C-Band margins, the Pay TV Group expects that it will no longer be operating this business after the first quarter of its 2006 fiscal year. The Pay TV Group expects continued declines in revenue from this segment of its business during its 2005 fiscal year. INTERNET SEGMENT The Internet Group generates revenue by selling monthly memberships to its website, TEN.com, by earning a percentage of revenue from third-party gatekeepers for the distribution of TEN.com, and by selling pre-packaged video and photo content to webmasters for a monthly fee. During the 2002 and 2003 fiscal years, we significantly restructured our Internet business. The decision to restructure our Internet business was based on a number of factors including: the large number of adult websites competing for web surfers, the lack of barriers to entry into the adult web business, the increased regulation from VISA and MasterCard, and the amount of free adult content available on the Internet. Once the restructuring was completed, we shifted our focus to forming long-term revenue sharing partnerships with third-party gatekeepers such as cable companies, hospitality providers and portals for the distribution of TEN.com, whereby we could gain direct access to consumers in search of adult entertainment and leverage the gatekeepers' billing platform. We completed one such agreement with On Command for the distribution of 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. Currently, we do not generate material revenue from these third-party arrangements (less than 5% of our total Internet revenue). Over 80% of our revenue from the Internet Group continues to be generated from monthly memberships to TEN.com. However, we have seen this revenue erode over the past several years since the traffic volume to TEN.com did not generate enough new monthly sign-ups to offset the 17 cancellations in our membership base. The decline in membership revenue has slowed over the past several quarters as new marketing efforts have increased traffic to TEN.com, generating monthly sign-ups that are close to or slightly exceeding our monthly cancellation rate. We will continue to focus on ways to generate profitable traffic during the 2005 fiscal year in order to reverse the decline in membership revenue from TEN.com. We have also seen a decrease in revenue generated from selling pre-packaged content to webmasters. This decrease in revenue from the sale of pre-packaged content 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. In addition, in the past, we have not allocated any significant resources towards a sales effort for these content products. However, we contracted with a third-party marketing company at the end of this current quarter to sell our products on our behalf to the webmaster community in an attempt to gain more exposure in the marketplace and increase the revenue from this business. We view our Internet Group as an investment in the future, and we do not anticipate any significant revenue growth from this segment during the 2005 fiscal year. As technology advances, we expect to leverage our existing Internet infrastructure to take advantage of new distribution opportunities such as interactive TV applications, wireless distribution, and digital subscriber line (DSL) delivery to the set-top box. Until then, the Internet Group will focus its efforts on deriving monthly subscription revenue from traffic directed to TEN.com through advertising on the Pay TV Group's networks and affiliate webmaster programs, as well as to completing new revenue sharing partnerships through which we can gain access to captive adult consumers of the Cable MSOs. PAY TV GROUP The following table outlines the current distribution environment and network households for each network:
ESTIMATED NETWORK HOUSEHOLDS(2) ----------------------------------------- (IN THOUSANDS) AS OF AS OF SEPTEMBER 30, SEPTEMBER 30, NETWORK DISTRIBUTION METHOD 2004 2003 % CHANGE ------- ------------------- ------------- ------------- --------- Pleasure Cable/DBS 8,600 8,100 6% TEN Cable/DBS 16,100 13,500 19% TEN*Clips Cable/DBS 15,900 11,900 34% Video-On-Demand Cable 14,200 8,000 78% TEN*Blue Cable 2,700 1,600 69% TEN*Blox Cable 4,200 1,700 147% TEN*Xtsy C-band/Cable/DBS 10,600 9,400 13%(1) TEN*Blue Plus(3) C-band/Cable 0 500 N/A TEN*Max C-band/Cable 380 500 (24%)(1) TOTAL NETWORK HOUSEHOLDS 72,680 55,200
(1) % change gives effect to a 32% decline in the C-band market's total addressable households. Total addressable C-Band households declined from 466,000 as of September 30, 2003 to 316,000 as of September 30, 2004. (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 Pay TV Group's channels, since each network represents an incremental revenue stream. The Pay TV Group estimates its unique household distribution as 19.7 million and 12.8 million digital cable homes as of September 30, 2004 and 2003, respectively, and 10 million and 8.8 million DBS homes as of September 30, 2004 and 2003, respectively. (3) The Pay TV Group discontinued providing its TEN*BluePlus network in February 2004. 18 The following table sets forth certain financial information for the Pay TV Group for the quarter and six months ended September 30, 2004 and 2003:
YEAR-TO- (IN MILLIONS) QUARTERLY (IN MILLIONS) DATE QUARTER ENDED PERCENT YEAR-TO-DATE PERCENT SEPTEMBER 30, CHANGE SEPTEMBER 30, CHANGE ----------------------- ------------ ----------------------- ------------ 2004 2003 '04 VS '03 2004 2003 '04 VS '03 -------- -------- ------------ -------- -------- ------------ NET REVENUE Cable/DBS/Hotel........... $10.3 $ 8.4 23% $20.0 $15.6 28% C-Band.................... 1.0 1.7 (41%) 2.1 3.6 (42%) ----- ----- ----- ----- TOTAL....................... $11.3 $10.1 12% $22.1 $19.2 15% ----- ----- ----- ----- COST OF SALES................. $ 3.8 $ 4.0 (5%) $ 7.4 $ 7.5 (1%) ----- ----- ----- ----- GROSS PROFIT.................. $ 7.5 $ 6.1 23% $14.7 $11.7 26% ===== ===== ===== ===== GROSS MARGIN.................. 66% 60% 67% 61% ----- ----- ----- ----- OPERATING EXPENSES............ 2.0 1.8 11% 3.9 4.0 (3%) ----- ----- ----- ----- OPERATING INCOME.............. $ 5.5 $ 4.3 28% $10.8 $ 7.7 40% ===== ===== ===== =====
NET REVENUE CABLE/DBS/HOTEL REVENUE The 23% and 28% increase in our cable/DBS/hotel revenue for the quarter and six months ended September 30, 2004 was attributable to the following items: * A 32% and 51% increase in VOD revenue for the quarter and six month period, respectively * A 36% and 35% increase in our cable PPV revenue for the quarter and six month period, respectively * A 13% and 11% increase in revenues generated by our three services on the DISH platform for the quarter and six month period, respectively Revenue from our VOD service continues to be a significant contributor to our revenue growth year-over-year for the quarter and six month period. Revenue from our cable and hotel VOD service was 38% and 37% of our total Pay TV revenue for the quarter and six months ended September 30, 2004, as compared to 32% and 28% of total Pay TV revenue for the quarter and six months ended September 30, 2003. Our VOD content is available through our distribution arrangements with cable MSOs to 14.2 million cable network households as of September 30, 2004, as compared to 8.0 million for the quarter a year ago, as well as to 840,000 hotel rooms through our distribution arrangement with On Command. We are currently the sole provider of VOD content to the largest cable MSO in the U.S. Prior to the current quarter, we were also the sole provider of adult VOD content to the second largest cable MSO in the U.S. However, we will begin to share this platform with our largest competitor in future quarters. At this time, we cannot determine what the effect of additional competition on this MSO's platform will be. However, we do not anticipate any significant changes in our VOD revenue from this MSO because we have always operated in a competitive environment on cable/DBS platforms. The 36% and 35% increase in our cable PPV revenue for the quarter and six months ended September 30, 2004 is primarily related to our new distribution deal with Time Warner, Inc. that provides for the distribution of up to five of our networks on their affiliated systems. Through this deal we have added 3.8 million new network households for our TEN, TEN*Clips, TEN*Blue and TEN*Blox services since September 2003. The 13% and 11% increase in revenues from our three services on the DISH platform for the quarter and six months ended September 30, 2004 is attributable to the increase in the number of subscribers 19 to the DISH platform and to certain changes that DISH has made to the way it prices and packages its adult programming networks. C-BAND REVENUE The 41% and 42% decline in C-Band revenue for the quarter and six months ended September 30, 2004 is a result of 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 32% since September 30, 2003, from 466,000 addressable subscribers to 316,000 addressable subscribers as of September 30, 2004. During the quarter ended March 31, 2004, we discontinued selling TEN*BluePlus on the C-Band platform. Providing our other two networks to the C-Band market continues to be profitable for us, generating operating margins of 52% and 49% for the quarter and six months ended September 30, 2004, respectively, as compared to 52% for the quarter and six months ended September 30, 2003. We will continue to closely monitor this business, and we will discontinue providing our content on this platform when margins erode to an unacceptable level. COST OF SALES Our cost of sales consists of expenses associated with our digital broadcast facility, satellite uplinking, satellite transponder leases, programming acquisition and conforming costs, VOD transport costs, amortization of content licenses, and our in-house call center operations related to our C-Band business. The 5% and 1% decline in our cost of sales year-over-year for the quarter and six months is primarily related to a decline in call center and programming acquisition and conforming costs. Call center costs have decreased due to staff layoffs necessitated by declining call volume as the C-Band market continues to erode. Programming acquisition and conforming costs have decreased because we no longer outsource these services to a third-party. We have developed in-house programming and conforming departments that perform these same services at a much lower cost for us. We also experienced a decrease in our transponder lease and uplinking costs for the quarter and six months ended September 30, 2004. Our satellite transponder lease costs declined year-over-year because we terminated the delivery of our TEN*BluePlus network in February 2004, resulting in the cancellation of the transponder lease for this network. Our uplinking costs declined for this same period due to the renegotiation of our uplink service contract with our current provider. The decline in these costs was offset by an increase in transport costs for the quarter and six-months ended September 30, 2004, related to the delivery of our VOD content to cable MSOs. OPERATING INCOME Operating income increased 28% and 40% for the quarter and six months ended September 30, 2004, primarily as a result of a 12% and 15% increase in revenue for the same periods, respectively. Gross margins increased to 66% for the quarter ended September 30, 2004, from 60% for the quarter a year ago, and to 67% for the six months ended September 30, 2004, from 61% for the six month period a year ago. Operating expenses increased 11% for the quarter ended September 30, 2004 as a result of an increase in marketing costs incurred in connection with a consumer outreach event to promote the TEN* brand and services. We expect to continue to incur similar costs for promotional events in future quarters in an effort to increase recognition for the TEN* brand within our consumer base. The 3% decline in operating expense for the six months ended September 30, 2004 was related to a decrease in C-Band marketing costs, as we are no longer utilizing a barker channel to promote these services, and a decrease in trade show expenses year-over-year for the six month period. The decline in these expenses was offset by an increase in brand promotion expenses incurred during the current year quarter as discussed above. 20 INTERNET GROUP The following table sets forth certain financial information for the Internet Group for the quarter and six months ended September 30, 2004 and 2003:
YEAR-TO- (IN MILLIONS) QUARTERLY (IN MILLIONS) DATE QUARTER ENDED PERCENT YEAR-TO-DATE PERCENT SEPTEMBER 30, CHANGE SEPTEMBER 30, CHANGE ----------------------- ------------ ----------------------- ------------ 2004 2003 '04 VS '03 2004 2003 '04 VS '03 -------- -------- ------------ -------- -------- ------------ NET REVENUE Net Membership............ $ 0.6 $ 0.6 0% $ 1.2 $ 1.4 (14%) Sale of Content........... 0.1 0.2 (50%) 0.2 0.4 (50%) ----- ----- ----- ----- TOTAL....................... $ 0.7 $ 0.8 (13%) $ 1.4 $ 1.8 (22%) ----- ----- ----- ----- COST OF SALES................. $ 0.3 $ 0.3 0% $ 0.6 $ 0.7 (14%) ----- ----- ----- ----- GROSS PROFIT.................. $ 0.4 $ 0.5 (20%) $ 0.8 $ 1.1 (27%) ===== ===== ===== ===== GROSS MARGIN.................. 57% 63% 57% 61% ----- ----- ----- ----- OPERATING EXPENSES............ $ 0.3 $ 0.6 (50%) $ 0.8 $ 1.1 (27%) ----- ----- ----- ----- OPERATING INCOME (LOSS)....... $ 0.1 $(0.1) (200%) $ -- $ -- 0% ===== ===== ===== =====
NET REVENUE The 13% decline in total net revenue for the quarter and 22% decline in net revenue for the six months are related to the following: * Net membership revenue being flat to slightly down for the quarter and six months ended September 30, 2004, and * A 50% decline in revenue from the wholesale of content products created by the Internet Group Net membership revenue was flat to slightly down for the quarter and six months ended September 30, 2004 as we continue to experience the erosion of the sale of monthly memberships to our website, www.ten.com. We are implementing new pricing and marketing strategies in an effort to slow the decline in our membership revenue. During the current quarter we increased the price of a monthly membership to $29.95 from $19.95. In addition, we are now offering a three-month membership for $74.95. This price increase applies only to new members joining our site. This price increase will, therefore, have only a minimal effect on our revenue as old members are billed at the rate in effect at the time they joined the site. We continue to market www.ten.com on the Pay TV Group's networks. Additionally, we have implemented new affiliate marketing programs for webmasters sending traffic to our site. These webmasters are paid a fee for any traffic sent to our website that converts into a paying member. The amount paid to the webmaster is a one-time fee of 40%- 67% of the first month's membership revenue. The effect of these new affiliate marketing programs has been to attract additional traffic to our site, resulting in a reduction in our churn rate. At the same time, we are experiencing an increase in the number of chargebacks and credits, which is to be expected as we grow our gross revenue. Chargebacks and credits have increased from 0% to 5% of our gross membership revenue for both the quarter and six months ended September 30, 2004. The 50% decline in revenue from the sale of content products is due to a continued softening in demand for content by third-party webmasters. Webmasters continue to decrease their reliance on outside sources for content and are demanding lower prices for the content that they do purchase. In addition, we have not allocated any significant resources towards a sales effort for our content products. However, during the current quarter, we contracted with a third-party marketing company to sell our content products on our behalf. We expect that this company will be successful in increasing the revenue from the sale of these products. 21 COST OF SALES Cost of sales consists of fixed and variable expenses associated with the processing of credit cards, bandwidth, traffic acquisition costs, content costs and depreciation of assets related to our Internet infrastructure. Cost of sales was flat year-to-year for the quarter. We did experience an increase in our content costs and traffic acquisition costs during this period. Traffic acquisition costs increased from 0% to 11% of net membership revenue for the current year quarter. The increase in these costs was fully offset by a 61% decrease in depreciation expense and a 35% decrease in bandwidth costs due to the renegotiation of these contracts during the year. The 14% decrease in cost of sales for the six months ended September 30, 2004 was related to a 62% decline in depreciation expense and a 29% decrease in bandwidth costs. The decline in these costs was partially offset by an increase in content and traffic acquisition costs. Traffic acquisition costs for the six month period increased from 0% to 8% of net membership revenue. OPERATING INCOME (LOSS) The 200% increase in operating income year-over-year for the quarter is related to a 50% decrease in operating expenses which offset the 20% decline in gross profit during the current year quarter. The 50% decrease in operating expenses for the quarter was primarily related to a 63% decrease in legal expenses. Legal expenses declined due to the settlement of a lawsuit during the first quarter of the current fiscal year. Operating income was $0 for the six months ended September 30, 2004 and 2003. Operating expenses declined 27% year-over-year for the six-month period, which offset the 27% decline in gross profit for the same period. The decline in operating expenses for the current six-month period was related to a decrease in legal expenses. However, legal expenses for the six months ended September 30, 2004 included a non-recurring $0.2 million charge for the settlement of a lawsuit during the first quarter of the current fiscal year. CORPORATE ADMINISTRATION The following table sets forth certain financial information for our Corporate Administration expenses for the quarter and six months ended September 30, 2004 and 2003:
YEAR-TO- (IN MILLIONS) QUARTERLY (IN MILLIONS) DATE QUARTER ENDED PERCENT YEAR-TO-DATE PERCENT SEPTEMBER 30, CHANGE SEPTEMBER 30, CHANGE ----------------------- ------------ ----------------------- ------------ 2004 2003 '04 VS '03 2004 2003 '04 VS '03 -------- -------- ------------ -------- -------- ------------ Operating Expenses... $(1.2) $(1.1) 9% $(2.5) $(2.4) 4% ===== ===== ===== =====
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 Pay 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. The $0.1 million increase in our Corporate Administration fees for the quarter and six months ended September 30, 2004 is related to an increase in our accounting and professional fees for the implementation of Section 404 of the Sarbanes-Oxley Act with respect to our internal controls over our financial reporting. We have hired an outside consulting firm to assist us with this project, and we expect to continue to incur additional fees for this during the next six months. 22 Additionally, consulting fees for the six months ended September 30, 2004 declined $0.2 million. This decline in consulting fees, which was related to fees paid to our former Chief Executive Officer and a non-cash expense related to the extension of his options during the quarter ended June 30, 2003, was offset by an increase in listing fees paid in connection with the acceptance of our phase-up application to the NASDAQ National Market during the quarter ended June 30, 2004, and an increase in payroll costs for that same quarter. LIQUIDITY AND CAPITAL RESOURCES CASH FLOWS FROM OPERATING ACTIVITIES AND INVESTING ACTIVITIES: Our statements of cash flows are summarized as follows (in millions):
SIX MONTHS ENDED SEPTEMBER 30, ----------------------- 2004 2003 -------- -------- Net cash provided by operating activities................. $ 9.2 $ 6.3 ======== ======== Cash flows used in investing activities: Purchases of equipment and furniture.................. (0.6) (0.3) Purchase of investments............................... (10.2) 0.0 Sale/Redemption of investments........................ 1.9 0.0 -------- -------- Net cash used in investing activities..................... $ (8.9) $ (0.3) ======== ========
The increase in cash provided by operating activities year-over-year for the six-month period is primarily related to increased profits for the period as well as to a $2.9 million tax benefit from the exercise of options and warrants. Accounts receivable increased $0.9 million from March 31, 2004 and our content licensing costs were $0.8 million for the six months ended September 30, 2004. The increase in cash used in investing activities year-over-year for the six-month period is related to the purchase of investments in the amount of $10.2 million. These investments relate to certificates of deposits and fixed income debt instruments with average maturities of less than eight months. In addition, we purchased $0.6 million in equipment for the six months ended September 30, 2004. These purchases relate to the final improvements made to our broadcast facility in the amount of $0.2 million and the purchase of servers, computers, conforming and broadcast equipment in the amount of $0.4 million. Cash used in investing activities for the six months ended September 30, 2003 related to the purchase of broadcast equipment, encrypting equipment for new cable launches, storage capacity and upgrades to our broadcast facility. CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES Our cash flows provided by (used in) financing activities are as follows (in millions):
SIX MONTHS ENDED SEPTEMBER 30, ----------------------- 2004 2003 -------- -------- Cash flows provided by (used in) financing activities: Payments on capital lease obligations................. $ (0.2) $ (0.7) Increase (Decrease) notes payable..................... (0.4) 0.4 Issuance of Common Stock.............................. 1.6 1.3 Retirement of stock................................... 0.0 (1.5) Net redemption of redeemable preferred stock.......... 0.0 (1.8) Decrease in other financing obligations............... (0.1) 0.0 -------- -------- Net cash provided by (used in) financing activities:...... $ 0.9 $ (2.3) ======== ========
During the six months ended September 30, 2004 we repaid our $0.4 million secured note payable that was due to an unrelated third party. Our remaining debt is primarily related to capital lease 23 obligations and other financing obligations. Interest expense is expected to be immaterial during the current fiscal year. Cash used in financing activities for the six months ended September 30, 2003 related to payments on capital lease obligations, the repayment of $3.8 million of our Class A Redeemable Preferred Stock, and the purchase and subsequent retirement of 2.5 million shares of our stock acquired from a former officer of the Company as part of a legal settlement. The use of this cash was offset by the issuance of 2.5 million shares of Class B Redeemable Preferred Stock, 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. We currently have a $3 million line of credit available with a bank that expires in June 2005. The interest rate applied to the line of credit is variable based on the current prime rate. The balance on the line of credit is $0. The line of credit is secured by the Pay TV Group's trade account receivables and requires that we comply with certain financial covenants and ratios. If we were to lose our three major customers that account for 34%, 20%, and 10% of our revenue, respectively, our ability to fund our operating requirements would be severely impaired. We do not expect to pay any federal income taxes until later in the fiscal year, as we expect to utilize our net operating loss carryovers for tax purposes. We anticipate requiring cash of less than $0.5 million to satisfy our tax obligations for the current fiscal year. Our Pay TV Group executed a new agreement with our uplink service provider during the quarter ended September 30, 2004. This contract commits us to $2.5 million over 36 months for these services. We believe that our current cash balances and cash generated from operations will be sufficient to satisfy our operating requirements, and we believe that any capital expenditures that may be incurred can be financed through our cash flows from operations. We anticipate total capital expenditures for the current fiscal year to be less than $1.3 million. 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, 2004, the Company had cash in checking and money market accounts, certificates of deposits, and fixed income debt instruments. 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. 24 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. 25 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 24, 2004 (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) Two 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 18,298,258 0 2,691,420 0 Alan L. Isaacman 18,298,258 0 2,691,420 0 0 Hiram J. Woo 18,298,258 0 2,691,420 0 0 David Nicholas 18,298,258 0 2,691,420 0 0 Melissa Hubbard 18,298,258 0 2,691,420 0 0 Dr. Skender Fani 18,298,258 0 2,691,420 0 0
(ii) The ratification of the appointment of Grant Thornton LLP as the Company's independent auditors for the fiscal year ending March 31, 2005. The votes were cast for this matter as follows:
BROKER FOR AGAINST ABSTAIN WITHHELD NON-VOTE ----------- ----------- ----------- ----------- ----------- 20,915,486 69,500 4,692 0 0
ITEM 6. EXHIBITS a) Exhibits 31.01 Certification by CEO 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 CEO 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 10.01 Telecommunications Services Agreement between WilTel Communications, LLC and Colorado Satellite Broadcasting, Inc. 26 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, 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 10, 2004 27 10-Q 2 s11-4813_10q.pdf FORM 10-Q PDF begin 644 s11-4813_10q.pdf M)5!$1BTQ+C(-)>+CS],-"CDU(#`@;V)J#3P\(`TO3&EN96%R:7IE9"`Q(`TO M3R`Y-R`-+T@@6R`X,C,@-30U(%T@#2],(#$P-34V."`-+T4@,C(Q,C<@#2]. 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SERVICES. Subject to the Customer placing orders and WilTel accepting such orders as contemplated herein, Customer agrees to purchase, and WilTel agrees to provide, the services described in the attached service schedule(s) ("Service Schedule(s)") as indicated in APPENDIX A (check as applicable) (the "WilTel Services"), and Third Party Service described in Section 17 (WilTel Services and Third Party Service, collectively or individually, the "Services"). WilTel Services may consist of any combination of WilTel's voice products and/or data products (each referred to as "Network Services"), video products (referred to as "Vyvx Services"), and/or professional services. All Services shall be provided according to the terms and conditions in this TSA (defined below) and as specified in an accepted order for Services placed by Customer contemporaneously herewith, subsequent hereto or in contemplation hereof ("Service Order(s)"). This Telecommunications Services Agreement ("TSA" or "Agreement") is comprised of the general terms and conditions contained in Sections 1 through 22 herein (the "General Terms") together with any appendices, Service Schedules and Service Orders attached or incorporated by reference, and the foregoing shall be deemed one, integrated agreement and not as separate, severable contracts. The Service Schedules may be attached hereto, separately executed, or added by amendment. All Services are subject to availability and approval of Customer's credit by WilTel at the time of each Service Order. 2. TSA TERM. The TSA (referring not to individual Services, which will each have their own term as described in Section 3 below) shall continue in effect for three (3) years from the Effective Date ("TSA Term"), and shall then automatically renew for successive one (1) year periods ("TSA Renewal Term(s)"), unless either party gives written notice to the other party of non-renewal, such notice to be delivered at least sixty (60) calendar days before the end of the TSA Term or the TSA Renewal Term. Notwithstanding the prior sentence, unless Customer is in Default, any Service being provided at the time of termination of this TSA shall continue upon the terms and conditions of this TSA until the end of the Service Term or any applicable Extension Period for Service as specified in the applicable Service Order or until such Service Order is terminated; provided, however, that Customer may not order any new Service until Customer and WilTel have entered into a new agreement or mutually agreed in writing to extend this TSA. 3. SERVICE TERM. Except as may be provided otherwise in a particular Service Schedule, the term for each Service as described in a Service Order shall be as indicated on the Service Order ("Service Term"). At the end of the Service Term for any Service, such Service shall continue on a month-to-month basis ("Extension Period") unless either party gives written notice to the other that the Service(s) shall be disconnected, such notice to be delivered at least sixty (60) calendar days before the end of the Service Term, or if during the Extension Period, then upon at least thirty (30) calendar days' prior written notice. Customer's charges for WilTel Service, as set forth in the Service Order, shall continue to apply to Customer's Service throughout any Extension Period, unless modified pursuant to the terms of this TSA. Notwithstanding the foregoing, if Customer disconnects Service and Customer has ordered its own local access service, Customer must provide WilTel written notification of Customer's disconnect with the local access service provider in the form of a disconnection firm order commitment ("DFOC") from the local access service provider. 4. PAYMENT TERMS AND CHARGES. Customer agrees to pay recurring and non-recurring charges for WilTel Services, as set forth in applicable Service Order and/or quote ("Quote") referenced in such Service Order and all charges for Third Party Services, if applicable. WilTel provides and charges for Services in U.S. Dollars, commencing on the date WilTel notifies Customer that the relevant Service is available for use by Customer. Subject to Section 5 below, all amounts stated on each invoice are due and payable within thirty (30) calendar days of the date of the invoice, except with respect to Services related to voice products, which shall be due and payable immediately upon receipt of the invoice ("Due Date"). Customer agrees to accept delivery of invoices electronically via the Internet and agrees to remit payment via Automated Clearinghouse ("ACH") or wire transfer to WilTel Communications, LLC in care of: Bank of Oklahoma, Tulsa, OK, ABA # 103900036, Account # 010649443 (WilTel Communications, LLC), or such other bank or account as WilTel may in writing direct Customer to remit payment. In the event Customer fails to make full payment of undisputed amounts by the Due Date, Customer shall also pay a late fee in the amount of the lesser of (i) one percent (1%) per month or (ii) the maximum lawful monthly rate under applicable state law, of the unpaid balance which amount shall accrue from the Due Date ("Late Fee"). WilTel may make billing adjustments for WilTel Services for a period of one hundred eighty (180) calendar days after the date a Service is rendered, and for Third Party Services at any time within two (2) months of WilTel's receipt of any invoice from the Third Party Provider (defined in Section 17 below), or any other time frame allowed by contract, law, or government rule or regulation, whichever is later. WilTel will invoice Customer for any billing adjustments and Customer agrees to pay such amounts in accordance with this Section. 5. BILLING DISPUTES. (A) Upon disputing any charges, Customer shall: (i) pay all undisputed charges by the Due Date; (ii) present by the Due Date a written statement of amounts disputed in good faith in reasonable detail with supporting documentation; and, (iii) negotiate in good faith to resolve any bona fide dispute within sixty (60) calendar days from the Due Date. (B) Disputed charges resolved in favor of WilTel, with a Late Fee are due and payable within ten (10) calendar days of WilTel's written notice denying the dispute, which shall be the Due Date for such payment. Disputed charges resolved in favor of Customer will be credited to Customer on the following month's billing cycle and no Late Fee shall apply. 6. RIGHT TO ASSURANCE. If a Customer suffers a material adverse change in its financial condition, WilTel may: (i) request adequate assurance of Customer's performance per applicable law, and/or (ii) decline to accept or process a Service Order. 7. CREDIT DEFAULT. A "Credit Default" shall occur (i) if Customer fails to make full and timely payment for all amounts due (subject to Section 5 herein governing billing disputes) and/or (ii) if Customer fails to comply with a request for assurance (subject to Section 6 herein governing compliance with credit limits) as required under this TSA and such failure remains uncorrected for five (5) calendar days from such date or the Due Date if applicable. In the event of a Credit Default, WilTel may, in addition to its rights available to it at law or in equity: (i) suspend any or all Services to Customer upon written notice; (ii) cease accepting or processing Service Orders; and/or (iii) terminate this TSA upon written notice. If this TSA is terminated because of a Credit Default, all Early Termination Charges (defined in Section 19 below) shall apply. Page 1 of 4 TSA (2004-2Q) Vyvx and WilTel are registered trademarks of WilTel Communications Group, Inc. The WilTel logo is a service mark of WilTel Communications Group, Inc. 8. OTHER DEFAULTS, AUP VIOLATION AND REMEDIES. An "Other Default" shall occur if either party fails to perform or observe any material term or obligation, excluding payment or right of assurance terms, contained in this TSA, and any such failure remains uncorrected for the lesser of thirty (30) calendar days after written notice from the non-defaulting party or such different cure period, if any, as may be set forth below. In the event of an Other Default by Customer, WilTel may, in addition to its rights available to it at law or in equity: (i) suspend any or all Services to Customer; (ii) cease accepting or processing Service Orders; and/or (iii) terminate this TSA. If this TSA is terminated because of an Other Default by Customer, all Early Termination Charges shall apply. In the event of an Other Default by WilTel, Customer's remedies are limited to its proven direct damages and the right to terminate any or all affected Service Orders, unless this TSA provides for exclusive remedies in the applicable Service Schedule, in which case Customer's remedies are exclusively as described therein. If Customer uses the Services for any unlawful purpose or in any unlawful manner, or causes WilTel to violate any applicable law, such action shall be an Other Default and WilTel shall have the right immediately to suspend and/or terminate any or all Services hereunder without notice to Customer. Customer affirms that it has reviewed and assented to the Acceptable Use Policy ("AUP") posted on WilTel's AUP website at www.wiltel.com/customers/r_use_s.html, which is incorporated herein by reference. A violation of the AUP shall be an Other Default. If the violation of the AUP affects WilTel's network, or other parties on WilTel's network, WilTel shall have the right immediately to suspend and/or terminate any or all Services hereunder and/or the TSA without notice to Customer. For any violations of WilTel's AUP that are not affecting either WilTel's network or third parties on WilTel's network, Customer shall, upon three (3) business days notice, have the opportunity to cure such violation prior to suspension or termination. For the purposes of this TSA, a Credit Default and/or an Other Default may each be referred to individually as a "Default." 9. TAXES AND USF CHARGES. (A) If any local, state, national, international, public or quasi-public governmental entity or foreign government or its political subdivision imposes any taxes (excluding taxes based on WilTel's net income or capital or any property taxes), fees, surcharges, or other charges or impositions on WilTel as a result of WilTel's sale of Services to Customer or Customer's use of Services, Customer shall pay any such impositions ("Additional Charges") and indemnify WilTel, subject to the process set forth in Section 10(c) below, from any liability or expense associated with the Additional Charges that is not caused by WilTel's negligence. (B) In addition, if Additional Charges are assessable to support the federal Universal Service Fund ("USF") or any similar local, state, national, international, or foreign fund, WilTel may elect to calculate and charge Customer in accordance with applicable regulations of the government authority having jurisdiction ("USF Charges"), unless Customer is paying such Additional Charges directly or is otherwise exempt (as indicated by Customer in Appendix B). To the extent USF Charges apply to Services, Customer shall also pay WilTel an administrative fee equal to one percent (1%) of the total WilTel charges for such Services, provided WilTel has provided Customer notice of such administrative fee. 10. INDEMNITY. (A) Customer and WilTel will release, defend, indemnify and hold harmless the other from and against any claim by a third party including without limitation, all reasonable costs and expenses, such as reasonable litigation costs and attorneys' fees. ("Claim"), relating to damage to tangible property or bodily injury, or wrongful death, to the extent such Claim arises out of the negligence or willful misconduct of the respective indemnifying party, its employees, agents, or contractors in connection with this TSA or the provision of Services hereunder. (B) Customer will release, defend, indemnify and hold harmless WilTel and its officers, directors, employees, contractors and agents from and against any Claim to the extent such Claim (i) is brought by a downstream customer of Customer or an end user and arises out of an alleged defect in or failure of Service, or (ii) arises out of failure by Customer or downstream customers of Customer or end users to obtain approval, consent, or authorization relating to the content transmitted over WilTel's network, including without limitation claims relating to any violation of copyright law, export control laws, or that such transmissions are libelous, slanderous, an invasion of privacy or illegal. (C) Should either party wish to assert a claim for indemnification, such party ("Indemnitee") shall do so by promptly notifying the other party ("Indemnitor") in writing of such claims. The Indemnitor shall assume sole control of the defense of any such claim or action for which indemnification is sought. The Indemnitor shall (i) keep the Indemnitee fully apprised at all times as to the status of the defense, and (ii) obtain the prior written approval of the Indemnitee before entering into any settlement of such Claim imposing any obligations or restrictions on the Indemnitee or ceasing to defend against such claim. Indemnitee shall be entitled to employ counsel at its own expense to observe the handling of the Claim. The Indemnitee shall cooperate reasonably with the Indemnitor and shall provide Indemnitor with the information and authority that is reasonably necessary for Indemnitor to fulfill its indemnification obligation, at the expense of the Indemnitor, in connection with such defense and any compromise or settlement of any such action, suit, proceeding or investigation. The settlement of any such claim or action without the prior written consent of the Indemnitor will release the Indemnitor from any obligation with respect to the settled claim or action. If the Indemnitor fails to defend the Claim, the Indemnitee shall have the right to defend the claim in such manner as it may deem appropriate, at the cost and expense of the Indemnitor. The Indemnitor shall promptly reimburse the Indemnitee for all such costs and expenses. 11. LIMITATION OF LIABILITY. EXCEPT TO THE EXTENT A PARTY IS REQUIRED TO INDEMNIFY THE OTHER PARTY NEITHER PARTY SHALL BE LIABLE TO THE OTHER FOR ANY INDIRECT, CONSEQUENTIAL, SPECIAL, INCIDENTAL, PUNITIVE OR SIMILAR DAMAGES, INCLUDING BUT NOT LIMITED TO LOST PROFITS, ARISING OUT OF OR IN CONNECTION WITH SUCH PARTY'S PERFORMANCE OF OR FAILURE TO PERFORM ITS OBLIGATIONS HEREUNDER, EVEN IF THAT PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGE OR LOSS. THE INDEMNITOR SHALL BE RESPONSIBLE FOR THE FULL COST OF INDEMNIFICATION, REGARDLESS OF WHETHER THE COST IS CHARACTERIZED AS DIRECT, INDIRECT, CONSEQUENTIAL, SPECIAL, INCIDENTAL, OR PUNITIVE IN NATURE. 12. WARRANTIES AND DISCLAIMER OF WARRANTY. WILTEL'S WARRANTY WITH RESPECT TO ANY SERVICE, IF ANY, IS SET FORTH ON THE APPLICABLE SERVICE SCHEDULE. WILTEL DISCLAIMS ALL OTHER WARRANTIES WHETHER EXPRESS OR IMPLIED INCLUDING WITHOUT LIMITATION IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. WILTEL MAKES NO WARRANTY WITH RESPECT TO ANY THIRD PARTY SERVICES. 13. COMPLIANCE WITH LAW. Customer's use of the Services and WilTel's provision of the Services shall be in accordance, and comply, with all applicable laws, regulations, and rules. Customer shall obtain all approvals, consents and authorizations necessary to conduct its business and initiate or conduct any transmissions over any facilities covered by this TSA. WilTel shall obtain all approvals, consents and authorizations necessary to conduct its business and to provide the Services covered by this TSA. Customer and WilTel will release, defend, indemnify and hold harmless the other from and against any Claim arising out of, resulting from or based upon the indemnifying party's violation of any law, rule or regulation. Page 2 of 4 TSA (2004-2Q) 14. FORCE MAJEURE. Either party may adjust or suspend its performance (other than the obligation to make payment) to the extent performance is beyond its reasonable control for reasons including, without limitation, acts of God, fire, explosion, atmospheric conditions such as rain fade, cable cut caused by a third party, governmental action, national emergencies, war, riot, insurrection, terrorism, vandalism, or labor difficulties such as work stoppages, strikes, or lockouts. If the force majeure event continues for a period of thirty (30) calendar days, then either party may, without incurring liability, except for Customer's liability for any charges of a Third Party Provider, terminate the affected Services or circuits. 15. PROPRIETARY INFORMATION. Except as required by law or stock exchange rule, the terms and conditions of this TSA and all proprietary information exchanged by the parties and all documents referenced herein (including invoices) are confidential and shall not be disclosed without prior written consent of the other party. 16. INTERSTATE SERVICE REPRESENTATION. WilTel and its Affiliates (defined in Section 21 below) shall not be obligated to make available intrastate Service, e.g., any Service on a circuit which originates/terminates at points both of which are situated within a single state, unless WilTel or its Affiliates specifically offer an intrastate Service, or an information Service as defined in 47 U.S.C. Section 153(20) or unless Customer represents in writing that such Service (other than switched voice services) or circuit shall be used to carry more than ten percent (10%) interstate or foreign telecommunications traffic. Customer hereby represents that more than ten percent (10%) of the transmissions on each circuit shall be interstate transmissions or foreign transmissions as those terms are defined in 47 U.S.C. Sections 153(17) and 153(22). If it is determined at any time that such Service or circuit is subject to regulation by a U.S. State regulatory agency, the Service or circuit may be provided by WilTel or its Affiliates pursuant to applicable state laws, regulations and applicable tariffs, or WilTel and its Affiliates may discontinue provision of the affected Service or circuit. 17. THIRD PARTY SERVICES. In conjunction with WilTel Service, WilTel may, upon Customer's request, arrange for Service to be provided by a third party ("Third Party Service"), such as local access service, interexchange service, or international service. WilTel shall not be obligated to provision any Third Party Service except in connection with a Service Order for WilTel Service. In the event Customer requests that WilTel order Third Party Service, WilTel shall provision and coordinate the installation of such Service and conduct the initial testing of an interconnection between the WilTel Service and Third Party Service. WilTel will not begin billing Customer for such Third Party Service until related WilTel Service is available. Customer may be required to execute a letter of authorization ("LOA"), in a form provided by WilTel, authorizing WilTel to deliver such Third Party Service to Customer's location. When Customer requests international service, WilTel may arrange for the foreign end of the Service or for a portion of the foreign end of the Service to be provided by a third party carrier licensed in the relevant foreign point. In some cases, WilTel may be unable, and Customer may be required, to arrange the foreign end of such Service with a foreign carrier. Although this TSA governs the terms of WilTel's arrangement of Third Party Service, service level parameters and related warranties (if any), surcharges, outage credits, required commitments, termination liability, limitations, and other service-specific terms of the Third Party Service shall be those of the provider of the Third Party Service ("Third Party Provider"). All charges incurred by WilTel for such Third Party Service, including without limitation monthly recurring charges, installation charges, non-recurring charges, and applicable termination/cancellation charges of the Third Party Provider, shall be invoiced to Customer and Customer shall be responsible for payment thereof. 18. CUSTOMER ORDERED LOCAL ACCESS SERVICE. Customer may order its own local access services from a local access provider who has established entrance facilities in a WilTel point of presence upon receipt of a LOA or letter of authorization/carrier facility assignment ("LOA/CFA"). Customer may order its own local access service with a vendor who does not have established entrance facilities within WilTel's point of presence only with WilTel's written permission. Customer's local access provider shall directly bill Customer for such local access service. Customer shall ensure that Customer-ordered local access service is available at the same time as the WilTel Service and shall be obligated to pay for WilTel Service regardless of whether Customer-ordered local access service is available. 19. EARLY TERMINATION. Except as provided in an applicable Service Order and for Services ordered on a month to month basis, which may be terminated on thirty (30) days prior written notice without the payment by Customer of any additional fees for termination, Customer may disconnect any WilTel Service, after installation by providing written notification to WilTel sixty (60) calendar days in advance of the effective date of the disconnection and paying to WilTel an "Early Termination Charge" in an amount equal to: (i) the recurring charges associated with the Service Term less any recurring charges already paid (ii) any non-recurring charges not yet paid by Customer, (iii) installation charges discounted or waived at the time Service was installed, (iv) any termination liability associated with Third Party Services, and (v) the balance of any minimum commitments by Customer required under this TSA, if applicable. Notwithstanding the foregoing, Vyvx Services that are generally commercially available from WilTel and that utilize existing WilTel assets and are identified as a terminable service on the applicable Service Order ("Terminable Service") may be disconnected if a replacement service is ordered subject to the following conditions. After any Terminable Service has been in effect for a period of at least twelve (12) months, Customer shall have the option to disconnect the Terminable Service and order a new commercially available Service subject to availability as a replacement ("Replacement Service") without incurring a termination liability charge. The Replacement Service must be a Terminable Service and must be for the same or greater term and the same or greater monthly revenue as the Terminable Service being replaced. The Replacement Service may be ordered prior to disconnecting the Terminable Service but in any event must be ordered by Customer prior to sixty (60) days after the date on which Customer provides WilTel with written notice of cancellation. If Customer exercises this replacement option, Customer will be liable for (i) all termination liability charges for any other third party provided facilities that are impacted by the replacement of the Terminable Service; and (ii) all disconnect and installation one-time charges due to WilTel under WilTel's standard disconnect and new installation rates and charges. Exercise of the replacement Service option is restricted to Service on WilTel's own network, and is subject to availability. Customer's exercise of the replacement rights set forth in this Section 19 shall be limited to three (3) instances in any six (6) month period during the Term of this Agreement. If Customer terminates any WilTel Service during an Extension Period as provided in Section 3 above, Customer shall only be responsible for any non-recurring charges not yet paid by Customer together with termination liability associated with Third Party Services. It is the express intent and understanding of the parties that, this TSA and all Service Orders hereunder being one integrated agreement and not separate, severable contracts, Customer's right to early termination of any Service is not a right to "reject", on an individual basis, any Service or any Service Order pursuant to federal bankruptcy laws. In the event Customer orders its own local access service, Customer's written disconnection notice must also include a DFOC from the local access service provider as described in Section 3. Page 3 of 4 TSA (2004-2Q) 20. PUBLICITY. The parties contemplate and agree that publication of information surrounding this TSA may occur through press releases, articles, interviews, marketing materials, online materials, and/or speeches ("Publicity"). Both parties must approve the content of any such Publicity prior to its publication, which approval shall not be unreasonably withheld. Routine references to the fact that Customer is a customer of WilTel including advising others of Customer's presence in a WilTel POP and the general nature of Services that Customer purchases under this TSA are not considered Publicity for purposes of this section, and Customer and WilTel each authorize the other, during the TSA Term, to make such references unless otherwise specified in a Service Schedule. 21. MISCELLANEOUS. (A) Neither party shall assign or otherwise transfer its rights or obligations under this TSA without the prior written consent of the other party, which shall not be unreasonably withheld; provided, however, either party may freely assign this TSA, upon notice to the other party, to (i) an "Affiliate" (defined as an entity that controls, is controlled by or is under common control), or (ii) in the event of a sale of all or substantially all of its assets, to the purchaser of those assets, or (iii) in the event of a merger, acquisition or recapitalization of the assigning party, to the surviving entity (the sale of assets, merger, acquisition or recapitalization to be referred to as a "Change of Control"). For the purposes of this Section, "control" means to have more than a fifty percent (50%) ownership interest. In the event of an assignment by Customer to an Affiliate, the acquiring or surviving entity or assignee (as applicable) must be at least as creditworthy as Customer and no such assignment will release Customer from Customer's obligations herein, including, but not limited to payment, except to the extent that the acquiring or surviving entity or assignee meets its obligations under this TSA. (B) This TSA shall be governed by the laws of the State of New York without regard to choice of law principles. (C) No rule of construction requiring interpretation against the draftsman hereof shall apply in the interpretation of this TSA. (D) The provisions of this TSA are only for the benefit of the parties hereto, and no third party may seek to enforce or benefit from these provisions. (E) If any term or provision of this TSA shall, to any extent, be determined to be invalid or unenforceable by a court or body of competent jurisdiction, then (i) both parties shall be relieved of all obligations arising under such provision and this TSA shall be deemed amended by modifying such provision to the extent necessary to make it valid and enforceable while preserving its intent, and (ii) the remainder of this TSA shall be valid and enforceable. (F) The failure of either party to enforce any provision hereof shall not constitute the permanent waiver of such provision. (G) No termination of this TSA shall affect the rights or obligations of either party: (i) with respect to any payment for Services rendered before termination; or (ii) pursuant to other provisions of this TSA that, by their sense and context, are intended to survive termination of this TSA, including without limitation, indemnification, confidentiality and limitation of liability. (H) This TSA, including the General Terms and appurtenant appendices, Service Schedules and Service Orders (including Quotes referenced therein), any applicable tariff and WilTel's AUP Website, comprise all of the terms and conditions of the agreement between the parties relating to the Services and constitute the complete and exclusive statement of the understanding between the parties and supersedes all proposals and prior agreements (oral or written) between the parties relating to Services provided hereunder. (I) Customer acknowledges that the provisioning of interstate telecommunications services by WilTel to Customer is contingent upon Customer's submission to WilTel of the representation in the form set forth in APPENDIX B to this TSA; either that Customer has properly registered with the Federal Communications Commission ("FCC"), pursuant to 47 CFR 64.1195 (and WilTel's confirmation of the same), or that Customer is not a telecommunications carrier subject to the FCC's registration requirements. (J) Without in any way diminishing the nature of these General Terms, appurtenant appendices, Service Schedules and Service Orders as one, integrated, non-severable agreement, in the event of any inconsistency between or among a Service Order or Quote referenced therein, a Service Schedule, the General Terms, WilTel's AUP website, and/or any applicable tariff, the following order of precedence shall prevail (from highest priority to lowest): the applicable tariff, if any, specific pricing contained in a Service Order or Quote referenced therein, the provisions contained in the applicable Service Schedule, the General Terms, WilTel's AUP website, the applicable Service Order (except pricing). (K) In the event of a Default, the prevailing party shall have the right to recover its reasonable expenses (including attorney and collection agency fees) incurred in the enforcement of its rights under the TSA. (L) This TSA may be executed in one or more counterparts each of which shall be deemed an original, but all of which together shall constitute one and the same TSA. (M) Facsimile signatures to this TSA shall be deemed to be binding upon the parties. 22. AUTHORIZED REPRESENTATIVES. The individuals named below who are executing this TSA on behalf of the parties are duly authorized to make the representations contained herein. - ------------------------------------------ ------------------------------------- COLORADO SATELLITE BROADCASTING, INC.: WILTEL COMMUNICATIONS, LLC: - ------------------------------------------ ------------------------------------- By: /s/ Ken Boenish By: /s/ Derek Smith - ------------------------------------------ ------------------------------------- Printed Name: Ken Boenish Printed Name: Derek Smith - ------------------------------------------ ------------------------------------- Title: President Title: Vice President - ------------------------------------------ ------------------------------------- Date: 8/9/04 Date of Signature: 8/9/04 - ------------------------------------------ ------------------------------------- Page 4 of 4 TSA (2004-2Q) EX-31 4 s11-4813_ex3101.txt EXDHIBIT 31.01 EXHIBIT 31.01 CHIEF EXECUTIVE 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: November 10, 2004 /s/ Michael Weiner ------------------------------------ Michael Weiner Chief Executive Officer EX-31 5 s11-4813_ex3102.txt EXHIBIT 31.02 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 10, 2004 /s/ Karyn L. Miller ------------------------------ Karyn L. Miller Chief Financial Officer (Principal Accounting Officer) EX-32 6 s11-4813_ex3201.txt EXHIBIT 32.01 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, 2004 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 November 10, 2004 EX-32 7 s11-4813_ex3202.txt EXHIBIT 32.02 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, 2004 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 10, 2004 -----END PRIVACY-ENHANCED MESSAGE-----