Macrovision Turns Tidy Profit7 Aug, 2008 By: Chris Tribbey
Digital rights management experts Macrovision Solution Corp. reported second-quarter 2008 profits of nearly $86 million, compared to just $2.5 million during the same period last year.
The growth was mostly due to Macrovision's acquisition of Gemstar-TV Guide and more demand for its technologies, executives said during a conference call with investors.
“We believe sales of consumer electronics devices continue to expand despite the soft macroeconomic environment in the United States,” said CEO Frank Amoroso. “In particular, flat-panel TVs … have been one of the industry's stars with sales to dealers 51% ahead of last year in the first 22 weeks of 2008, based on recent data from the Census Bureau.”
Revenue from Macrovision's consumer electronics division was up 15% to $44 million.“This growth was driven by increased product shipments and customer wins,” said CFO James Budge.
Revenue during the quarter was up to $103.6 million, compared to $23.4 million during the same period of 2007.