PRIVATE MEDIA GROUP INC

CIK:0001068084|SEC Filings

Earnings (loss) per share (Tables)

6 Months Ended

Jun. 30, 2013

Computation of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:


	Three-months ended June 30,						Six-months ended June 30,
	2012			2013			2012			2013
Net income (loss)		58			(670	)		(863	)		(1,049	)

Cumulative preferred dividends		—			(243	)		—			(243	)

Numerator: (EUR in thousands)
Net income available to common shareholders		58			(913	)		(863	)		(1,292	)

Denominator:
Denominator for basic earnings per share – weighted average shares outstanding		22,511,404			27,613,490			22,511,404			27,613,490
Effect of dilutive securities:
Common stock warrants, convertible notes, options and other dilutive securities		—			—			—			—

Denominator for diluted earnings per share – weighted average shares and assumed conversions		—			—			—			—

Earnings (loss) per share, in EUR
Basic		(0.00	)		(0.03	)		(0.04	)		(0.05	)

Diluted		(0.00	)		(0.03	)		(0.04	)		(0.05	)

CONSOLIDATED STATEMENTS OF CASH FLOWS In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2013 USD ($)	Jun. 30, 2013 EUR (€)	Jun. 30, 2012 EUR (€)
Cash flows from operating activities:
Net income (loss)	$ (1,384)	€ (1,049)	€ (863)
Adjustment to reconcile net income (loss) to net cash flows provided by operating activities:
Provisions for doubtful debts	28	21	10
Loss on disposal of property, plant and equipment			28
Amortization of other intangible assets	33	25	25
Amortization of web pages	351	266	233
Amortization of photographs and video	1,150	871	1,454
Depreciation	136	103	194
Changes in operating assets and liabilities:
Trade accounts receivable	354	268	256
Inventories	101	77	128
Prepaid expenses and other current assets	(41)	(31)	(66)
Trade accounts payable	(549)	(416)	(195)
Accrued other liabilities	(126)	(95)	(230)
Net cash flow from operating activities	53	40	974
Cash flows from investing activities:
Investment in library of photographs and videos	(1,105)	(837)	(295)
Other capital expenditure	(150)	(114)	(181)
Investment in other assets	19	15	(2)
Net cash flow from investing activities	(1,236)	(936)	(478)
Cash flows from financing activities:
Short-term borrowings - additions	343	260	327
Short-term borrowings - repayments	(214)	(162)	(115)
Long-term borrowings - additions	1,307	990	196
Long-term borrowings - repayments	(343)	(260)	(182)
Net cash flow from financing activities	1,093	828	226
Foreign currency translation adjustments	14	11	(543)
Net increase (decrease) in cash and cash equivalents	(76)	(57)	179
Cash and cash equivalents at beginning of the period	230	174	179
Cash and cash equivalents at end of the period	154	117	358
Cash paid for interest	74	56	37
Cash paid for taxes	$ 2	€ 2	€ 2

CONSOLIDATED BALANCE SHEETS In Thousands, unless otherwise specified	Jun. 30, 2013 USD ($)	Jun. 30, 2013 EUR (€)	Dec. 31, 2012 EUR (€)
ASSETS
Cash and cash equivalents	$ 154	€ 117	€ 174
Trade accounts receivable - net	2,212	1,676	1,965
Inventories (Note 2)	517	392	469
Deferred income tax asset	652	494	494
Prepaid expenses and other current assets	293	221	190
TOTAL CURRENT ASSETS	3,828	2,900	3,292
Library of photographs and videos	3,927	2,975	3,008
Property, plant and equipment	866	656	916
Other assets	405	307	343
TOTAL ASSETS	9,026	6,838	7,559
LIABILITIES AND SHAREHOLDERS' EQUITY
Short-term borrowings			200
Current portion of long-term borrowings	385	292	322
Accounts payable trade	4,203	3,184	3,600
Dividends payable	158	120
Income taxes payable	1,111	842	842
Deferred income taxes	173	131	131
Accrued other liabilities	692	524	613
TOTAL CURRENT LIABILITIES	6,722	5,093	5,708
Long-term borrowings	3,435	2,602	1,544
TOTAL LIABILITIES	10,157	7,695	7,252
COMMITMENTS AND CONTINGENCIES
PREFERRED STOCK
EUR 10.00 Series B 6% Convertible Redeemable Preferred Stock 1,300,000 shares authorized, 800,000 issued and outstanding at December 31, 2012 and June 30, 2013	10,560	8,000	8,000
SHAREHOLDERS' EQUITY
Common Stock, $.001 par value, 100,000,000 shares authorized 27,259,869 and 27,778,894 issued and outstanding at December 31, 2012 and June 30, 2013, respectively	1,152	873	873
Additional paid-in capital	41,283	31,275	31,158
Retained earnings	(47,117)	(35,695)	(34,403)
Accumulated other comprehensive income	(7,009)	(5,310)	(5,321)
TOTAL SHAREHOLDERS' EQUITY	(11,691)	(8,857)	(7,693)
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 9,026	€ 6,838	€ 7,559