FriendFinder Networks Tries (Again) To Go Public

FriendFinder Networks, which filed to go public in late 2008, but pulled the offering a year ago, citing “market conditions,” is trying once again. The company is best known for owning Penthouse (and for unsuccessfully trying to buy Playboy (NYSE: PLA) last year) although it makes most of its money from its adult social networks and dating sites, which include,, and, yes,

In an SEC filing today, FriendFinder Networks does not say how much it hopes to raise in the offering. When it previously filed to go public, it said it hoped to raise $460 million, although it later dropped that total to about $220 million, after seeing lukewarm interest among investors for its stock.

The company is not growing very quickly. It generated $346 million in sales in 2010, up 5 percent from $328 million in 2009, while its net loss was essentially flat at $43 million. A major issue is its huge debt load and the accompanying interest payments — it has $510 million in debt — and FriendFinder Networks says it will use some of the proceeds from the IPO to reduce that total.

Some of the financials (Click to enlarge — and take a close look at that “interest and other non-operating expense” line):