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New Frontier Media Reports Fiscal 2008 Fourth Quarter and Full Year Results

BOULDER, Colo.– New Frontier Media, Inc. (Nasdaq: NOOF), a leading producer and distributor of branded television networks, on-demand programming, and general motion picture entertainment, today announced its 2008 fiscal fourth quarter and full year results.

For the quarter ended March 31, 2008, New Frontier Media reported that net income increased to $1.9 million from $1.7 million in the same prior year quarter, and earnings per share increased to $0.08 from $0.07 in
the same prior year quarter.

“New Frontier Media’s financial performance during the fourth fiscal
quarter was solid,” said Michael Weiner, Chief Executive Officer of New
Frontier Media. “The Company’s fundamentals are strong and we intend to
leverage our strong balance sheet, including over $19 million of cash and
investments, to pursue selective projects and acquisitions geared to future

“Our fiscal year 2009 initiatives include growing our core Transactional TV business with the continued rollout of our Penthouse(R)TV brand,” said Mr. Weiner. “In addition, as a result of the strong euro and our domestic economies of scale, we expect an increase in new distribution opportunities in Europe and in the Americas.

“Further, as part of our international expansion efforts, we will be testing a direct-to-consumer TV set-top box technology in Europe. In light of this recent influx of opportunities, which may include accretive acquisitions, our Board of Directors has elected to suspend indefinitely our quarterly cash dividend.

“New Frontier Media plans to use its strong cash flows to selectively act on these new high-growth-market opportunities. In addition, New Frontier
Media’s Board of Directors has extended the Company’s stock repurchase
program through June 2010. The previously approved program was set to
expire later this month.”


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