Penthouse International Discloses General Media's Unaudited Results For the Quarter Ended December 31, 2003
February 10 2004 - 5:30AM
PR Newswire (US)
Penthouse International Discloses General Media's Unaudited Results
For the Quarter Ended December 31, 2003 NEW YORK, Feb. 10
/PRNewswire-FirstCall/ -- Penthouse International (BULLETIN BOARD:
PHSL) , a diversified holding company with operating subsidiaries
in adult entertainment and real estate, which owns 99.5% of the
capital stock of General Media, today disclosed General Media's
unaudited financial results for the quarter ended December 31, 2003
on Form 8-K filed with the U.S. Securities andExchange Commission.
For the quarter ending December 31, 2003, General Media reported
consolidated net revenue of $12,601,489 and consolidated operating
income of $3,466,160. After giving effect to a bankruptcy
restructuring expense of $1,506,049, after tax net income for the
quarter ending December 31, 2003 was $1,801,742. The above
unaudited financial information is set forth in the mandatory
financial reports filed with the Court. For the month of December
2003, General Media reported consolidated net revenue of
$4,536,723, up from $3,924,975 in November 2003, an increase of
$611,748. Consolidated operating income for the month of December
2003 was $1,532,238, up from $1,051,000 in November 2003, an
increase of $481,238. After giving effect toa bankruptcy
restructuring expense of $372,484 in December 2003, after tax net
income in December 2003 was $1,098,441. The increase in net
revenue, net operating income and after tax net income was
principally attributable to General Media resuming full publication
of its six magazines. Additional information can be found on the
Company's Form 8-K available at http://www.sec.gov/. Periodic
financial information is mandatory being disclosed by General Media
and may not be broadly accessible to the public. As a result,
disclosures made in accordance with bankruptcy procedure may be
material non-public information. Penthouse is disclosing the
unaudited summary financial information set forth below on this
Form 8-K in order to provide broad access tothe public. Reference
is also made to publicly available documents filed with the
bankruptcy court to determine the most current status of all
matters related to the bankruptcy case of General Media and to
disclosures made on Form 8-K dated January 13, 2004, including
disclosure information on the impact of the bankruptcy proceedings.
Penthouse International, Inc. (the "Registrant") owns 99.5% of the
capital stock of General Media. The Registrant did not file for
protection under the Bankruptcy Codeand its activities are not
subject to Bankruptcy Court supervision. About Penthouse
International, Inc. Penthouse International, Inc., through its
99.5% owned subsidiaries General Media, Inc. and Del Sol
Investments LLC, is a brand-driven global entertainment business
founded in 1965 by Robert C. Guccione. General Media's flagship
PENTHOUSE brand is one of the most recognized consumer brands in
the world and is widely identified with premium entertainment for
adult audiences. General Media caters to men's interests through
various trademarked publications, movies, the Internet,
location-based live entertainment clubs and consumer product
licenses. General Media licenses the PENTHOUSE trademarks to third
parties worldwide in exchange for recurring royalty payments. Safe
Harbor This release contains statements relating to future results
of the Company (including certain projections and business trends)
that are "forward-looking statements" as defined in the Private
Securities Litigation ReformAct of 1995. Actual results may differ
materially from those projected as a result of certain risks and
uncertainties, including but not limited to the availability of DIP
financing for the General Media subsidiary, the impact that public
disclosures of the Company's liquidity situation and Chapter 11
filing may have on the Company's businesses, the fact that no
assurances can be given that the General Media Plan of
Reorganization will enhance the Company's competitive position, as
well as other risks and uncertainties detailed from time to time in
the filings of the Company with the Securities and Exchange
Commission. On August 12, 2003, General Media and its direct and
indirect subsidiaries (the Debtors) filed voluntary petitions for
relief underChapter 11 of Title 11 of the United States Code in the
United States Bankruptcy Court for the Southern District of New
York. Penthouse International, Inc. owns 99.5% of the capital stock
of General Media. Penthouse did not file for protection under the
Bankruptcy Code and its activities are not subject to Bankruptcy
Court supervision. On December 22, 2003, the Debtors filed their
Joint Plan of Reorganization and the disclosure statement with
respect to the Plan (as such Disclosure Statement may be amended).
If the Plan is confirmed pursuant to its current terms, no
distribution on account of equity is proposed under its terms. For
additional information, reference is made to publicly available
documents filed with the bankruptcy court to determinethe most
current status of all matters related to the bankruptcy case of
General Media. The website of the Bankruptcy Court is
http://www.nysb.uscourts.gov/. For more information, contact: Gary
Geraci OTC Financial Network 781-444-6100 ext. 629 See also:
http://www.otcfn.com/phsl DATASOURCE: Penthouse International, Inc.
CONTACT: Gary Geraci of OTC Financial Network, +1-781-444-6100 ext.
629, or , for Penthouse International, Inc. Web site:
http://www.otcfn.com/phsl
Copyright