OpenTV Reports Fourth Quarter and Full Year 2009 ResultsThursday, February 25th, 2010
SAN FRANCISCO — OpenTV Corp. (NASDAQ:OPTV), a leading software and technology provider of advanced digital television solutions, today announced financial results for its fourth quarter and full year ended December 31, 2009.
Full-Year 2009 Results
For the year ended December 31, 2009, revenues were $120.0 million, an increase of 3.0% compared to $116.5 million in 2008. Royalties and licenses revenues increased 8.9% to $84.0 million. Services and other revenues decreased 8.6% to $36.0 million. Adjusted EBITDA, before unusual items, decreased to $16.9 million in 2009, compared to $17.6 million in 2008.
Net income for the year ended December 31, 2009 was $6.2 million, or $0.05 per share, compared to $9.6 million, or $0.07 per share, in 2008.
Fourth Quarter 2009 Results
For the quarter ended December 31, 2009, revenues were $31.2 million, compared to revenues of $28.9 million in the fourth quarter of 2008. Royalties and licenses revenues were $22.2 million, compared to $20.2 million in the fourth quarter of 2008. Services and other revenues were $9.0 million in the fourth quarter of 2009, compared to $8.7 million in the prior year period. Adjusted EBITDA, before unusual items, was $4.4 million, compared to $3.9 million in fourth quarter of 2008.
Net income in the fourth quarter of 2009 was $0.7 million, or $0.01 per diluted share, compared to net income of $2.3 million, or $0.02 per diluted share, in the fourth quarter of 2008.
Summary of Recent Announcements
The following is a summary of key press releases since the company’s last earnings release:
- OpenTV announced the launch of a unique, multi-platform interactive application for the FOXTEL and AUSTAR networks, two of the company’s longstanding customers in Australia, that enables enhanced coverage of the Vancouver Olympic Winter Games. The interactive application allowed the network to offer their customers a rich and wide array of interactive data and information to enhance and complement the most extensive coverage of an Olympic Winter Games ever offered in Australia.
- OpenTV announced its collaboration with Coverity, a leader in software integrity solutions, to further complement OpenTV’s middleware testing environment by offering Coverity Static Analysis software models to its integration and development customers and partners. These models will help OpenTV customers and partners enhance the quality and performance of the integration work they are able to perform with OpenTV’s middleware in their own development labs, thereby saving a significant amount of time in the integration phase of an OpenTV customer launch.
- OpenTV announced that longstanding customer FOXTEL in Australia launched its next generation platform in collaboration with OpenTV. Powered by OpenTV middleware and using OpenTV’s latest interactive TV technology, the operator’s new platform features an array of new channels and innovative applications that were developed by FOXTEL and OpenTV and are now available to FOXTEL’s subscribers.
- OpenTV announced that Bresnan Communications had deployed OpenTV’s EclipsePlus™ advertising product to manage its advertising sales operations. Bresnan Communications is the United States’ thirteenth largest MSO, serving more than 300,000 customers. OpenTV EclipsePlus will manage Bresnan’s advertising sales operations across the operator’s footprint, which serves subscribers in Colorado, Montana, Wyoming and Utah.
- OpenTV announced the launch of a beta testing program for its new Software Development Kit, the OpenTV SDK Development Suite C2.2. This program will provide developers with access to OpenTV’s new SDK starting in March 2010, which will allow them to create applications for interactive television using all the latest functionality of an OpenTV-enabled set-top box.
More: Earnings Release