Strong fiscal-first quarter results driven by New Frontier Media’s launch on DirecTV pushed the adult-entertainment company’s stock up Tuesday, AP reported.
New Frontier shares rose 80 cents, or 12%, to $7.51 per share, according to AP.
The company posted revenue of $16.3 million and net income of $3.5 million, or 15 cents per share, in its fiscal first quarter ended June 30, up from revenue of $11 million and net income of $2.5 million (11 cents) in the year-ago quarter, AP reported.
New Frontier cited the April launch of two pay-per-view services on DirecTV, the consolidation of a newly acquired film-production company and an increase in video-on-demand revenue where system operators "changed the editing standard to be more explicit" or from those where its service launched for the first time for the strong results, according to AP.
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