WTF? FFN Stock Dives to Nearly a Dollar - CEO Marc Bell Rewards Self with Pay Raise
FFN stock (Adult Friend Finder, Penthouse, etc), is on the brink of falling below $1 a share after Q1 results showing increasing losses (FFN stock closed at $1.07 today):
Meanwhile, CEO Marc Bell, who is resigning as CEO in a few months recently rewarded himself with a substantial pay raise.
Check this out (Source: Business Insider):
Marc Bell is raking the cashbox and getting out before the FFN stock trials start... 
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FriendFinder Networks Inc. (FFN) reported a first-quarter net loss of $21.5 million or $0.68 per share, wider than the net loss of $3.7 million or $0.27 per share in the same period last year.
Loss from continuing operations for the quarter was $13.4 million or $0.43 per share, compared to $3.7 million or $0.27 per share a year ago.
Total net revenues for the quarter declined to $81.1 million from $83.5 million in the year-ago quarter. The decline was due to a decrease in overall traffic and challenges in Europe which offset the impact of new subscriber growth.
Loss from continuing operations for the quarter was $13.4 million or $0.43 per share, compared to $3.7 million or $0.27 per share a year ago.
Total net revenues for the quarter declined to $81.1 million from $83.5 million in the year-ago quarter. The decline was due to a decrease in overall traffic and challenges in Europe which offset the impact of new subscriber growth.
Meanwhile, CEO Marc Bell, who is resigning as CEO in a few months recently rewarded himself with a substantial pay raise.
Check this out (Source: Business Insider):
Marc H. Bell, CEO of Friendfinder Inc.?which owns the Penthouse adult entertainment brand and a string of sex web sites?got a nice pay raise last year. His total compensation rose from $314,000 to $818,000, paid almost entirely in cash.
The raise was curious because FFN underperformed in 2011. Revenue sank to $331 million from $346 million, subscribers to FFN's adult sites also fell from about 951,000 to 828,000. Ad revenue at Penthouse was negligible.
The company was unprofitable, again. The stock launched at $8.30 in 2011 and was trading in pennies by the end of the year.
The half-million-dollar raise came with other benefits. Bell doesn't actually work full-time for FFN. The annual report says he devotes 10 percent of his time to managing ARMOUR, a residential real estate investment trust
Bell does pretty well in the real estate business. FFN doubtless searched diligently for a location for its Boca Raton, Fla., corporate headquarters but by amazing coincidence found that the best deal on the 8,000-square-foot space came from Bell himself, who rents the space to his own company for $150,000 a year.
The raise was curious because FFN underperformed in 2011. Revenue sank to $331 million from $346 million, subscribers to FFN's adult sites also fell from about 951,000 to 828,000. Ad revenue at Penthouse was negligible.
The company was unprofitable, again. The stock launched at $8.30 in 2011 and was trading in pennies by the end of the year.
The half-million-dollar raise came with other benefits. Bell doesn't actually work full-time for FFN. The annual report says he devotes 10 percent of his time to managing ARMOUR, a residential real estate investment trust
Bell does pretty well in the real estate business. FFN doubtless searched diligently for a location for its Boca Raton, Fla., corporate headquarters but by amazing coincidence found that the best deal on the 8,000-square-foot space came from Bell himself, who rents the space to his own company for $150,000 a year.
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