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Private Eliminates 65 Jobs

Not that we’re surprised; we saw this as one of our Tarot readings for August that there’d be the start of big company layoffs:

from – www.advanced-television.com

Private Media Group, a specialist in adult entertainment products, has announced its results for the three-month period ended June 30, 2011.

The company had net sales of €4.7 million compared to net sales of €6.0 million for the three months ended June 30, 2010, a decrease of €1.3 million, or 22 per cent. Internet sales decreased €0.6 million to €3.1 million. The reduction in Internet sales was attributable to a decrease in sales from North American websites as a result of foreign exchange rates. Broadcasting sales decreased €0.3 million to €0.8 million, which represents a decrease of 24 per cent. The decrease was primarily attributed to fewer newly released titles being broadcast. Wireless sales decreased €0.2 million to €0.2 million, which represents a decrease of 53 per cent. The decrease was primarily the result of migration from on-portal sales to off-portal sales from Smart Phone users which is included in Internet sales.

Commenting on the business going forward, Private Media Group CFO, Johan Gillborg stated: “During the past two years, we have developed Internet solutions for critical new markets: gay, international and mobile. Furthermore, as a response to decreased margins in the adult entertainment industry, we have reviewed, analysed and continued to restructure the operations of the non-online part of the business in order to become more cost effective. The 2009 acquisitions of GameLink and Sureflix have also presented a challenge in terms of integration. All the aforementioned processes have had impact both in terms of lost sales and additional selling, general and administrative expenses.

However, as part of these processes, during 2010 we reduced our workforce by 34 per cent from 168 to 112 employees and we expect to continue this process as we become more efficient and enjoy economies of scale from the aforementioned acquisitions. In 2011, we are starting to benefit from the restructuring and will continue to reduce costs while increasing sales as we implement, launch and market new initiatives.”

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