friendfinder

Still Trying To Get It Up. FriendFinder Reports $3.7 Million Loss After IPO

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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.