Penthouse (CE) (USOTC:PHSL)
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Penthouse International Discloses General Media's Unaudited Results For the
Quarter Ended December 31, 2003
NEW YORK, Feb. 10 /PRNewswire-FirstCall/ -- Penthouse International (BULLETIN
BOARD: PHSL) , a diversified holding company with operating subsidiaries in
adult entertainment and real estate, which owns 99.5% of the capital stock of
General Media, today disclosed General Media's unaudited financial results for
the quarter ended December 31, 2003 on Form 8-K filed with the U.S. Securities
andExchange Commission.
For the quarter ending December 31, 2003, General Media reported consolidated
net revenue of $12,601,489 and consolidated operating income of $3,466,160.
After giving effect to a bankruptcy restructuring expense of $1,506,049, after
tax net income for the quarter ending December 31, 2003 was $1,801,742. The
above unaudited financial information is set forth in the mandatory financial
reports filed with the Court.
For the month of December 2003, General Media reported consolidated net revenue
of $4,536,723, up from $3,924,975 in November 2003, an increase of $611,748.
Consolidated operating income for the month of December 2003 was $1,532,238, up
from $1,051,000 in November 2003, an increase of $481,238. After giving effect
toa bankruptcy restructuring expense of $372,484 in December 2003, after tax
net income in December 2003 was $1,098,441. The increase in net revenue, net
operating income and after tax net income was principally attributable to
General Media resuming full publication of its six magazines.
Additional information can be found on the Company's Form 8-K available at
http://www.sec.gov/.
Periodic financial information is mandatory being disclosed by General Media and
may not be broadly accessible to the public. As a result, disclosures made in
accordance with bankruptcy procedure may be material non-public information.
Penthouse is disclosing the unaudited summary financial information set forth
below on this Form 8-K in order to provide broad access tothe public.
Reference is also made to publicly available documents filed with the bankruptcy
court to determine the most current status of all matters related to the
bankruptcy case of General Media and to disclosures made on Form 8-K dated
January 13, 2004, including disclosure information on the impact of the
bankruptcy proceedings. Penthouse International, Inc. (the "Registrant") owns
99.5% of the capital stock of General Media. The Registrant did not file for
protection under the Bankruptcy Codeand its activities are not subject to
Bankruptcy Court supervision.
About Penthouse International, Inc.
Penthouse International, Inc., through its 99.5% owned subsidiaries General
Media, Inc. and Del Sol Investments LLC, is a brand-driven global entertainment
business founded in 1965 by Robert C. Guccione. General Media's flagship
PENTHOUSE brand is one of the most recognized consumer brands in the world and
is widely identified with premium entertainment for adult audiences. General
Media caters to men's interests through various trademarked publications,
movies, the Internet, location-based live entertainment clubs
and consumer product licenses. General Media licenses the PENTHOUSE trademarks
to third parties worldwide in exchange for recurring royalty payments.
Safe Harbor
This release contains statements relating to future results of the Company
(including certain projections and business trends) that are "forward-looking
statements" as defined in the Private Securities Litigation ReformAct of 1995.
Actual results may differ materially from those projected as a result of certain
risks and uncertainties, including but not limited to the availability of DIP
financing for the General Media subsidiary, the impact that public disclosures
of the Company's liquidity situation and Chapter 11 filing may have on the
Company's businesses, the fact that no assurances can be given that the General
Media Plan of Reorganization will enhance the Company's competitive position, as
well as other risks and uncertainties detailed from time to time in the filings
of the Company with the Securities and Exchange Commission. On August 12, 2003,
General Media and its direct and indirect subsidiaries (the Debtors) filed
voluntary petitions for relief underChapter 11 of Title 11 of the United States
Code in the United States Bankruptcy Court for the Southern District of New
York. Penthouse International, Inc. owns 99.5% of the capital stock of General
Media. Penthouse did not file for protection under the Bankruptcy Code and its
activities are not subject to Bankruptcy Court supervision. On December 22,
2003, the Debtors filed their Joint Plan of Reorganization and the disclosure
statement with respect to the Plan (as such Disclosure Statement may be
amended). If the Plan is confirmed pursuant to its current terms, no
distribution on account of equity is proposed under its terms. For additional
information, reference is made to publicly available documents filed with the
bankruptcy court to determinethe most current status of all matters related to
the bankruptcy case of General Media. The website of the Bankruptcy Court is
http://www.nysb.uscourts.gov/.
For more information, contact:
Gary Geraci
OTC Financial Network
781-444-6100 ext. 629
See also: http://www.otcfn.com/phsl
DATASOURCE: Penthouse International, Inc.
CONTACT: Gary Geraci of OTC Financial Network, +1-781-444-6100 ext. 629,
or , for Penthouse International, Inc.
Web site: http://www.otcfn.com/phsl