TiVo beats expectations for quarter
Company to supply DVR technology to Virgin Media UKWhile reporting quarterly financial results that bested expectations, TiVo said Tuesday it will become a primary supplier of DVR software to Virgin Media UK, giving it access to about 4 million consumers.
TiVo CEO Tom Rogers also boasted that its longtime association with Comcast could be close to bearing some more-meaningful fruit now that technological hurdles have been met and the giant cabler is marketing TiVo again in certain parts of the country.
TiVo also has Cox, DirecTV and a host of Internet companies in its stable of partners, giving it what Rogers called Tuesday "all the pieces of advanced television offerings."
The company reported revenue that dipped 12% to $56.9 million and a net loss of $6.7 million, reversing a $100.7 million profit in the year-ago quarter that was boosted by money EchoStar was ordered to pay TiVo as a result of a victory in a patent lawsuit.
That lawsuit isn't yet fully settled and Rogers said TiVo might be in line for another $300 million or so.
TiVo also said it had to adjust downward some revenue and subscription numbers because of accounting errors made by partner DirecTV in the past 18 months. The reductions amount to $1.8 million and 146,000 subscribers.
TiVo said it ended its fiscal third quarter with cash and equivalents of $245 million, up $40 million from a year ago.
TiVo has been steadily losing subscribers for years and the current quarter was no exception, shedding 314,000 to 2.77 million. A year ago TiVo had 3.46 million subscribers.