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TIVO Q1 Earnings

Late this week,Tivo (Nasdaq:TIVO), one of the pioneers in digital video recording, announced earnings for the quarter ended April 30th.  The Company beat analyst expectations and reported its first ever profitable quarter but the overall news was mixed.

Net income was $835k (or $0.01/share) over a loss of $10.7m (-0.13/share) for the same period last year. Analyst’s consensus expectations were for a loss of $0.02/share. Sales were up 6% to $60.4m. Adjusted EBITDA was $6.7 million, compared to an Adjusted EBITDA loss of ($6.9) million for the same period last year. Service revenues were $54.2 million, compared to $47.0 million. Service and technology revenues were $58.1 million, (compared with $55.0 million).

With subscription numbers, an important metric of performance for a company like Tivo, Tivo added 57,000 new subscribers but total subscriber numbers dropped 1.7% to 4.34m. TiVo-Owned subscriptions increased slightly to 1.7 million from 1.5 million for the same period last year.

Though Tivo expressed optimism about trials of its service through Comcast (the nation’s largest cable operator), and promising results with its Amazon video distribution partnership, guidance provided for the next quarter was negative. The company forecast sales of about $59m and a net loss of around $8m (or 8cents/share). Analyst forecasts were looking for a narrower loss of 2 to 3cents/share.

More detailed press coverage on Tivo’s finances can be found at:

Yahoo Finance
Google Finance
Tivo Earnings Press Release

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