New Frontier Media, Inc. (NOOF), a producer of branded television networks and movies, said that it swung to a loss in the third-quarter primarily due to goodwill and asset impairment charges.
The company posted a third-quarter net loss of $8.85 million, or $0.42 per share, as compared to net income of $3.13 million, or $0.13 per share, in the prior-year quarter. The results were negatively affected mainly by goodwill and asset impairment charges, related to MRG Entertainment, Inc, of $11.13 million when compared with $778,000 last year. The impact was partially offset by a lower provision for income taxes of $80,000, as against $1.82 million in the previous year.
Revenue for the quarter decreased to $12.62 million from $17.92 million, hurt by shrink in revenue from film production to $1.8 million from $7.6 million.
Year-to-date, New Frontier reported a net loss of $6.4 million, or $0.28 a share, compared to net income of $6.8 million, or $0.28 a share, last year. Net sales declined to $39.1 million from $43.3 million.
NOOF closed Friday at $1.70 on the Nasdaq.
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