FriendFinder Networks, which bills itself as an social networking and video sharing technology company but is basically a porn and dating site network operator, has just reported its first results for the quarter since it’s (not so hot) May IPO, which raised $50 million.
It’s a mixed bag. Income increased nearly 52 percent year-over-year to $19.7 million, while adjusted EBITDA increased a decent 33 percent to $27.2 million in the same time span.
Revenue for Q1 2011 was $83.5 million, but the company is still in the red overall: net loss for the first quarter of 2011 amounted to $3.7 million, admittedly down 55 percent from the $8.3 million net less FriendFinder booked in the first quarter of 2011.
FriendFinder went public last May, raising $50 million in its initial public offering.
However, the net proceeds of the IPO were mostly used to repay a portion of its existing debt, which is considerable in size.
As of March 31, 2011, FriendFinder had an outstanding debt load of $543.5 million, which was reduced to nearly $500 million after the company went public on NASDAQ.
The company, which operates such websites as FriendFinder.com, BigChurch.com, Amigos.com and MillionaireMate.com, in 2010 offered to buy Playboy Enterprises for $210 million. However, in early January this year, Playboy Enterprises said it has agreed to a $6.15 per share offer by its founder Hugh Hefner to take the company private.
FriendFinder originally filed a registration statement with the SEC in December 2008, hoping to raise $460 million in at the time (this was later adjusted to $220 million).
It cancelled subsequent IPO plans in February 2010, citing poor market conditions.
FriendFinder is the leading global online relationship network, allowing over 100 million registered members to meet people with similar interests and mindsets in a fun environment. Founded in 1996 and privately owned by FriendFinder Networks, FriendFinder operates with a staff of more than 200 from its corporate headquarters in sunny Palo Alto, California.
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