Like many of its adult-entertainment actresses, New Frontier Media(Nasdaq: NOOF) is going topless.

How far do you have to read into this morning's earnings release to see how much the randy entertainer generated on the top line this past quarter? All the way, baby. New Frontier doesn't show us its sales until the income statement at the end, alerting investors that net revenue fell by 11%, to $12.6 million.

What a tease you've become, New Frontier. I realize that this is a far cry from the $14.6 million that Wall Street was expecting, but there's no harm in spelling that out from the beginning. The net profit of $0.08 a share, thankfully announced in the opening paragraph, is better than the $0.07 a share it earned a year ago, but short of the $0.09 analysts expected to see.

The report itself is quite the striptease.

Income investors will no doubt bail as the company axes its dividend. Saying goodbye to the chunky 9.8% yield, New Frontier tries to sugarcoat the move by suggesting that the money will be deployed to the "recent influx of opportunities" that exist in European distribution.

It's easy to see why New Frontier is hungry for the overseas market. We're spent closer to home. Transactional television and film production revenue dipped during the quarter. The company's direct-to-consumer business was flat at $0.5 million. (This used to be called its Internet segment.)