Tivo posts Q2 loss of $2.9 million

MUMBAI: Tivo which offers television services for digital video recorders (DVR), has reported a net loss of $2.9 million for the second quarter ended June 2009, compared to guidance of a net income of $2.9 million in the second quarter of last year.

For the second quarter, service and technology revenues were $48.8 million, compared with $53.5 million for the same period last year. Adjusted EBITDA was $5.2 million, compared to guidance of breakeven to $2 million and $10.6 million in the year-ago period.


As expected, adjusted EBITDA was down compared to the same quarter last year as a result of lower service and technology revenues, the longer amortisation of product lifetime revenues, increased legal expenses, and less of a benefit from inventory reserve utilization.

Net loss per share was ($0.03), compared to net income of $0.03 per share for the second quarter of last year. Finally, cash, cash equivalents and short-term investments increased to $238 million and Cash Flow From Operating Activities was approximately $5 million in the second quarter.

Tivo president and CEO Tom Rogers says, "We made significant progress on developing partnerships that enable us to access previously untapped distribution opportunities, announcing important deals with RCN and Best Buy. Our audience research and measurement business continues to prove why it will be a model that supports the future of the television advertising world as we launched local markets ratings and announced an important partnership with Quantcast, providing the first combined view of television and web viewing in the home."

Tivo has now filed complaints in the United States District Court, Eastern District of Texas against AT&T Inc. and Verizon Communications, Inc. for infringement of three Tivo patents, including the Time Warp patent. The complaints seek damages for past infringement and a permanent injunction, similar to the one issued by the United States District Court, Eastern District of Texas against Dish/EchoStar.

"We will continue to pursue enforcement where necessary to stop infringement of our intellectual property," Rogers stated.Rogers says that in terms of its advertising and audience research business, their role in a constantly changing world of television consumption is to offer solutions that can help develop a business model that works with the television industry.

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