The DVR pioneer says that it added 277,000 subscriptions from cable and satellite companies, the biggest increase from pay TV providers in more than seven years. And although TiVo continues to spill red ink, it wasn’t as bad as the Street envisioned. The company says it had a net loss of $10.3M in the three months that ended in April, down from a $20.8M loss in the period a year ago, on revenues of $82.6M, +21.8%. The top line far exceeded the $61.9M that analysts expected. The net loss at 9 cents a share also beat predictions for a 14 cent loss. The loss includes $10.9M in litigation expenses as TiVo prepares for a potentially important copyright infringement trial against Motorola which is due to begin on June 10 in Texas. TiVo had 3.4M subscriptions at the end of April, +8.1% vs the end of January. The growth is all due to sales of TiVo subscriptions by pay TV companies including UK’s Virgin Media, Spain’s ONO and U.S. providers including DirecTV and Suddenlink. Just 29.6% of customers receive the service directly from the company to a TiVo box — the lowest percentage ever. Still, CEO Tom Rogers says that “it is clear from our results that our vision for the future of TV is playing out as we expected it to.” He projects that, even with legal expenses, the company will be cash flow positive in the year that ends January 2014.
TiVo Beats Q1 Financial Forecasts As Pay TV Subscriptions Rise
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