SUNNYVALE, Calif.—FriendFinder Networks today announced financial results for the second quarter 2011. Though net losses for the quarter ending June 30 were just shy of $11.9 million, compared with $4.9 million for the same period last year, most of the difference was caused by paying off debt and settling a longstanding lawsuit with Broadstream Capital Partners.
Income from operations was reported to have increased $15.2 percent year-over-year, to $18 million, and adjusted EBITDA 14.5 percent, to $27 million. The company also reported that the average lifetime net revenue per subscriber increased 10.6 percent to $82.55.
The company also reported that it used the entirety of the $50 million it raised in its April IPO to pay down outstanding debt, and that since Dec. 31, 2010, it has repaid $72.9 million in outstanding debt, including $8.9 million in August 2011.
"We are pleased with our second quarter financial performance and our ability to increase income from operations and adjusted EBITDA,” said Marc Bell, CEO of FriendFinder Networks Inc.
For more information about FriendFinder Networks financials, go here.