TiVo Inc. (NASDAQ: TIVO) reported Tuesday that itswung to a first quarter profit of $139 million, or $1.04 a share, compared with a loss of $14.2 million, or 13 cents, in the year-ago period. Revenue declined to $38.8 million from $43.2 million. Analysts, on average, expected the company to post a loss of 31 cents per share on revenue of $41.98 million.
Tom Rogers, President and CEO of TiVo, said, "This has been a memorable quarter for TiVo. The recent historic half billion dollar settlement with DISH Network highlights the significant value of our intellectual property and creates a recurring high margin licensing revenue stream that greatly enhances our financial profile. Additionally, our momentum as a leader in advanced television continued through deals now in place that include significant guarantees with domestic or international providers that have more than 10 million subscribers. We believe these deals, along with our arrangements with Comcast, Cox and also DirecTV, give us the opportunity to drive significant subscription growth. This quarter we believe we are beginning to see early signs that our strategy is working as evidenced by the reduction in MSO/Broadcaster subscription losses, which are being driven by larger contributions from our new distribution deals as well as lower legacy DirecTV churn. We believe the stage is set for TiVo to continue to be at the forefront of advanced television innovation with a strong, proven portfolio of intellectual property, and growing momentum from our television service provider relationships around the world."
Looking ahead, Tivo said that it expects second-quarter net loss to be in the range of $25 million to $27 million.
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