TiVo reports results for its year ended January 31, 2013Tuesday, February 26th, 2013
TiVo Reports Results for the Fourth Quarter and Fiscal Year Ended January 31, 2013
SAN JOSE, CA — TiVo Inc. (NASDAQ: TIVO), a leader in the advanced television entertainment market, today reported financial results for the fourth quarter and fiscal year ended January 31, 2013.
For the fourth quarter, service and technology revenues were $65.7 million, which was the highest in TiVo’s history. TiVo reported a net loss of $(15.8) million. This compared favourably to net income of $7.2 million in the same quarter last year when excluding the $54.4 million in litigation proceeds from the AT&T settlement.
Tom Rogers, President and CEO of TiVo, said, “In the U.K., our offering is helping drive significantly improved pay-TV growth and market share gains for Virgin Media. This past year Virgin Media added almost 900,000 TiVo subscriptions to reach a total of more than 1.3 million, or 35% of their base.”
“In Spain, our deployment with ONO continues to gain momentum and the fourth quarter was ONO’s strongest quarter to date in terms of subscription additions.”
“Our work with Com Hem in Scandinavia is progressing as our offering there is in the early testing stages with a full roll-out expected later this year.”
“Turning to our U.S. operator efforts, the strategic benefit of getting TiVo in front of subscribers has motivated many of our operator partners to look for ways to distribute TiVo beyond a single advanced-DVR experience. For example, Suddenlink, which also had its strongest quarter to date in terms of subscription additions, is now distributing our TiVo Premiere DVR, our TiVo Mini thin client, and TiVo Stream.”
“Additionally, GCI, one of the top 20 largest cable companies in the country, recently began its initial deployment of TiVo, approximately four months after the deal was announced. We anticipate several other U.S. operators will follow GCI as the year progresses.”
“On the TiVo-Owned front, we were pleased with our progress this quarter as gross subscription additions were up roughly 10% year over year while churn remained relatively low.”
Subscriptions (in thousands)
Three Months Twelve Months Ended January 31, Ended January 31, 2013 2012 2013 2012 -------- -------- -------- -------- TiVo-Owned Subscription Gross Additions: 35 32 117 114 Subscription Net Additions/(Losses): TiVo-Owned (13) (26) (80) (157) MSOs 222 260 950 387 Total Subscription Net Additions/(Losses) 209 234 870 230 Cumulative Subscriptions: TiVo-Owned 1,029 1,109 1,029 1,109 MSOs 2,120 1,170 2,120 1,170 Total Cumulative Subscriptions 3,149 2,279 3,149 2,279 Fully Amortized Active Lifetime Subscriptions 194 253 194 253 % of TiVo-Owned Cumulative Subscriptions paying recurring fees 53% 55% 53% 55%