OpenTV Makes Healthy Q3 Jump
Staff -- TWICE, 12/18/2000
MOUNTAIN VIEW, CALIF . -Interactive television and media solutions company OpenTV Corp. said its third-quarter sales increased 237 percent, to $18.7 million, compared with $5.5 million recorded in the year-ago third quarter.
OpenTV's pro forma net loss for the three months ended Sept. 30 was $3.2 million, compared with a $3 million pro forma net loss in the same three months in 1999.
In accounting for its acquisition of Spyglass, completed last July, OpenTV recorded good will of $1.9 billion, which will be amortized over five years, resulting in a non-cash amortization charge of $72.3 million in the third quarter this year.
Including the impact of non-cash charges, OpenTV reported a net loss of $83.4 million for the third quarter, compared with a $5.2 million gain in the same three months in 1999.
During the third quarter, OpenTV said it had deployed its software platform to more than 10 million set-top boxes worldwide.
For the nine months, OpenTV said sales hit $40.9 million, a 132 percent jump over the $17.6 million recorded in the year-ago nine months.
The company's pro forma net loss for the nine months, excluding non-cash and non-recurring expenses, was $8.9 million, compared with a pro forma net loss of $5.3 million for the first nine months of 1999.
Including the impact of non-cash and non-recurring charges, the net loss for the first nine months of 2000 was $121.9 million, compared with a net loss of $8.5 million in the same period in 1999. n
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