SUNNYVALE, Calif. (AP) — FriendFinder Networks Inc., which operates adult websites and publishes Penthouse magazine, said Monday that its net loss widened in its first quarter as a publicly traded company.
FriendFinder reported a second-quarter loss of $11.9 million, or 55 cents per share, compared with a loss of $4.9 million, or 36 cents per share, a year ago. In the second quarter of 2010, the company’s per-share results were calculated using a much smaller number of shares.
The company’s results included $7.3 million in costs related to paying back debt early using proceeds from its initial public offering of stock in May. It also took $5 million in charges for a $15 million settlement of a breach of contract lawsuit filed by Broadstream Capital Partners Inc. FriendFinder is making the payment in three installments through Jan. 2.
Revenue dipped 1 percent to $83.4 million as FriendFinder saw a decline in Internet revenue, which includes revenue from offerings such as websites and social networking.
FriendFinder’s average revenue per subscriber rose 5 percent to $20.48 in the April-June quarter compared with a year ago.
The company said its subscribers totaled 911,560, on average, during the quarter, down 11 percent from a year ago.