TiVo Subs, Financials Grow in Fourth Quarter
NEW YORK - DVR pioneer TiVo on Thursday reported improved fiscal fourth-quarter financials and its highest quarterly subscriber increase in about six years.
The company swung to earnings of $7.2 million for the quarter ended Jan. 31, compared with a year-ago loss of $34.4 million. The latest financials included several items related to a recent legal settlement with telecom giant AT&T, including $2.0 million in licensing fees, $54.4 million of litigation proceeds relating to past damages and settlement related expenses of $16.0 million.
Revenue rose from $55.8 million to $66.5 million.TiVo increased total net subscriptions by 234,000 in the fourth quarter to about 2.3 million.
"This was a break-out year for TiVo on a number of fronts," TiVO Tom Rogers said. "We believe that as we continue to execute on our operator deals, continue to drive value from our intellectual property, and continue to innovate in advanced television, we will be in a position for sustained growth."
For the current fiscal first quarter, the company expects to return to a loss though, projecting it to be in the $18 million-$20 million range.