TiVo delivers six-fold increase in revenues
SAN JOSE - TiVo, the digital video recording firm, has reported a six-fold increase in revenues and 68% gross profit margin in second quarter.
Revenue for the quarter totalled $23.9m (£15.7m) compared with $4.1m for the same period last year. Gross profits on service and licensing revenue for the quarter was a record $16.3m, a margin of 68%.
TiVo added 42,000 net subscribers, bringing the total subscriber base to approximately 464,000. TiVo's subscriber base has more than doubled in the past 12 months.
Operating cash usage, as measured by adjusted earnings before tax, depreciation and amortisation, improved 63% to $8.8m, from $24m in the second quarter of last year. TiVo' s net loss for the quarter was $3m, or six cents per share.
Mike Ramsay, TiVo's chairman and CEO, said: "Our record top-line results for the quarter validate our growth strategy and clearly demonstrate TiVo's ongoing progress toward profitability. The revenue momentum behind our licensing efforts reflects the growing importance of TiVo's DVR technology and patents to the world's leading consumer electronics companies and service providers."
TiVo also announced that Sony will offer a new digital video recorder with the TiVo service in the US to be launched in time for Christmas. The next generation unit, based on a Sony design, uses technology licensed from TiVo. The introduction follows Sony's recent launch of a DVR in the Japanese market also using technology licensed from TiVo.
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