Macrovision Reports Q1 Loss6 May, 2009 By: Chris Tribbey
Macrovision Solutions Corp. May 6 reported a first-quarter loss of $41.5 million, compared to profits of $5 million during the same period in 2008.
The losses were due mostly to discontinued operations and Macrovision’s acquisition of Gemstar. Revenues were $111 million during the quarter, compared to $30.3 million during the same period in 2008.
During the quarter, Macrovision sold its TV Guide Network and TV Guide Online business to Lionsgate for $255 million.
Macrovision president and CEO Fred Amoroso said he is pleased with the company’s ability to execute another successful quarter despite the overall economic slowdown. He cited growth in CE licensing, increases in the number of digital television subscribers, and new licensees as the reasons for revenue growth.
“I’m encouraged by the opportunity to increase customer penetration, as demonstrated by key wins across the business, including recent international service provider agreements, key wins for our emerging CE solutions and added traction in the entertainment space,” Amoroso said.
He added the company expects second quarter revenues to be anywhere between $450 million and $480 million, with per share profits jumping between $1.25 and $1.45. Shares of Macrovision were down 36 cents to $21.18 in after-hours trading May 6.