OpenTV Reports Fourth Quarter and Full Year 2008 ResultsWednesday, February 25th, 2009
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, 2008.
For the year ended December 31, 2008, revenues were $116.5 million, 5.9% higher than revenues of $110.0 million in 2007, reflecting gains in the middleware and advanced advertising product lines. Royalties and licenses revenues in 2008 increased 4.6% to $77.1 million. Services and other revenues in 2008 increased 8.5% to $39.4 million. Adjusted EBITDA, before unusual items, improved to $17.6 million in 2008, compared to $8.3 million in 2007.
Net income for the year ended December 31, 2008 was $9.6 million, or $0.07 per share, compared to a net loss of $5.2 million, or $(0.04) per share, in 2007.
Summary of Recent Announcements
The following is a summary of key press releases issued by the Company during the fourth quarter of 2008:
- OpenTV announced that HOT, Israel’s largest operator, has launched OpenTV Core2™ to power its new high definition television services. The OpenTV-enabled digital television services provided by HOT reach approximately one million households in Israel.
- OpenTV announced that it launched a unique and dynamic movie portal application in partnership with Bell TV, Canada’s leading satellite and high definition television provider. The Bell TV movie portal developed by OpenTV enables movie content providers to promote specific channels, as well as the movies they feature, through a fully customizable application that runs on OpenTV’s Core middleware platform. In addition, the application features a unique scheduling option that allows viewers to schedule movie recordings and also aims to drive increased viewership from non-subscribers by giving them the option to subscribe to the featured channel directly through the portal.
- OpenTV announced that OpenTV EclipsePlus™, its next generation advertising campaign management solution, launched in two additional Comcast Spotlight markets, Philadelphia and Seattle, which are among the top US Designated Market Areas (DMAs). Comcast Spotlight, the advertising sales division of Comcast Cable, first launched the solution in the Baltimore market in the summer 2008, soon after the general availability of the product. EclipsePlus is designed to meet the ever-evolving needs and increasing complexity of cable spot buy operations through its ability to handle thousands of local and interconnect networks, schedule complicated channel environments and run multiple DMAs within a single database.
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