The DVR pioneer attributes its bottom line shortfall to an “unanticipated” $4.8M charge for its TiVo Research and Analytics business. But CEO Tom Rogers followed the media mogul playbook for dealing with bad news: The company increased its stock repurchase authorization by $100M, which it plans to spend in the current quarter. For the quarter that ended in January, net income of $710,000 contrasts with a $15.8M loss in the period last year due in part to a $54.4M hit for litigation expenses. Revenues came in at $106.3M, +19.7%. Revenues were well ahead of the $84.1M that analysts anticipated. But earnings at a penny a share were short of the Street’s expectation for 4 cents. Total subscriptions increased 33.7% from last year to 4.2M. This also was the first time in six years that the company reported an increase in the number of people who bought DVR service directly from TiVo as opposed to through a cable or satellite company. The number was up by 6,000 from October to 966,000. Rogers attributes the increase to the release of the the TiVo Roamio DVR that enables users to stream their TV programming at home. The company is “finding that TiVo Roamio’s value proposition is being increasingly understood by our customer base,” he says. As for the TRA charge, Rogers says that “the pace of the transition from antiquated TV measurement to something more in line with online measurement has been slower than what we expected” in 2012 when it bought the operation.
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