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Gemstar Posts Major 3d-Quarter Gains

By Jeff Malester -- TWICE, 12/3/2001

Pasadena, Calif. — Global technology and media company Gemstar-TV Guide International reported continuing strong growth in its Interactive Platform sector, with revenue increasing nearly fivefold to $29.2 million in the third quarter ending Sept. 30, compared with $6.6 million in the same quarter last year.

The Interactive Program Guide (IPG) company reported expenses in its Interactive Platform sector climbed to $33.9 million during the third quarter, up from $19 million in the year-ago three months. However, the segment reduced its negative EBITDA (operating income, or loss, before stock compensation expense, depreciation and amortization) to $4.7 million during the third quarter, down from a negative EBITDA of $12.3 million in the same quarter in 2000.

For the third quarter, consolidated revenue totaled $335.1 million, up 8.1 percent from the $309.8 million reported in the same three months last year. Compared with pro forma results for the same quarter in 2000, revenue increased 1 percent. Consolidated EBITDA climbed 20 percent, to $110.7 million, up from $92.1 million in the year-ago three months.

The company reported a $222.1 million charge for amortization if intangible assets as part of its acquisition of TV Guide in 2000.

Gemstar recorded a net loss of $131.5 million for the three months, up from $115.8 million in the same quarter in 2000.

For the nine months, the Interactive Platform sector reported revenue of $64.4 million, up from $12.4 million in the year-ago period. Negative EBITDA for the nine months was reduced to $22.9 million, down from $37.8 million in the same nine months last year.

Consolidated revenue for the nine months totaled $1 billion, compared with $457 million in the same period in 2000. The net loss for the nine months climbed to $389.5 million, up from $59.6 million in the year-ago nine months.

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