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.
It cancelled subsequent IPO plans in February 2010, citing poor market conditions.