SAN JOSE, CA -- (Marketwired) -- 05/20/13 -- TiVo Inc. (NASDAQ: TIVO)
•Adjusted EBITDA of $0.8 million, including impact of litigation expense, exceeding guidance •Net Loss of ($10.3) million, exceeding guidance •Service & Technology revenue of $61.8 million in the first quarter, an increase of 13% year-over-year, meeting the high-end of the guidance range •MSO revenue increased 98% year-over-year •Largest quarterly MSO subscription increase in over seven years; MSO subscription base increased by 277,000 subscriptions •Signed a distribution deal with Atlantic Broadband, the 12th largest U.S. MSO •Midcontinent and GCI recently launched TiVo offering; Mediacom expected to deploy in June •Launch of 'What to Watch' feature on the TiVo iPad app helps users easily find personalized program recommendations in real time without the need to surf channels or use a program guide •Enhanced TiVo Research & Analytics offering with merger of the TiVo Power||Watch ratings service with purchasing behavior insights •Repurchased $31 million of stock in the first quarter •Patent trial with Motorola set to begin on June 10th
TiVo Inc. (NASDAQ: TIVO), a leader in the advanced television entertainment market, today reported financial results for the first quarter ended April 30, 2013.
Tom Rogers, President and CEO of TiVo, said, "The solid financial results this quarter were the outcome of strong operational execution across our business. Our advanced television innovation is helping to drive the global adoption of TiVo as we increased our MSO subscription base by 277,000 subscriptions, our strongest quarter of MSO subscription additions in seven years. We delivered 13% year-over-year service and technology revenue growth and reported an Adjusted EBITDA profit, which significantly exceeded our guidance. As a result, we continue to believe that we should be Adjusted EBITDA profitable, even when including litigation spend, for Fiscal 2014."
For the first quarter, service and technology revenues were $61.8 million. This compared to guidance of $60 million to $62 million and $54.5 million for the same quarter last year. TiVo reported a net loss of $(10.3) million, compared to guidance of a net loss of $(16) million to $(19) million. This compared to a net loss of $(20.8) million in the same quarter last year. Adjusted EBITDA was $0.8 million, exceeding guidance of $(5) million to $(8) million and compared to a loss of $(10.0) million in the same quarter last year. Both net income and Adjusted EBITDA included $10.9 million of litigation expense, which compared to $5.4 million in the year-ago quarter. In addition, TiVo repurchased $31 million of stock in the first quarter through open market purchases and from tax withholdings on employee restricted share vesting. Since the time our board authorized the $100 million repurchase plan, the combination of these two repurchase strategies has retired a total of almost $57 million worth of our equity.
Rogers continued, "On the operator front, we are continuing to see impressive subscription growth. Our MSO subscription additions underscore that the TiVo offering is helping operators acquire customers, reduce churn and improve revenue per subscriber.
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