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Gemstar-TV Guide Program Guide Revenue Slides

8/18/2003 03:18:00 PM Eastern

Los Angeles - Interactive program guide services and products company Gemstar-TV Guide reported a $2.8 million second quarter decrease in advertising and subscriber revenue for its on-screen program guide for digital cable, called TV Guide Interactive.

The $2.8 million drop was split $1.3 million in reduced ad revenue and $1.5 million in decreased subscriber revenue. The subscriber results were the result of lower average license fees, due to the acquisition of one of the company's licensees by another lower paying licensee. TV Guide Interactive, however, added more than 600,000 subscribers during the quarter.

Gemstar's cable and satellite segment, which includes TV Guide Interactive, saw a 15.8 percent decrease in revenue in the second quarter, ended June 30, down to $88 million, from $104.5 million in the year-ago period.

For the three months, adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) for the cable and satellite segment were $31 million, a 17.8 percent decrease from the $37.7 million reported in the same quarter last year.

Gemstar, however, reduced its overall net loss to $22.5 million in the second quarter, down from $886 million year-on-year. The net loss in the second quarter of 2002 included a $1.3 billion pre-tax charge.

Second quarter overall company revenue dropped 12.8 percent, reaching $226.1 million, down from $259.3 million in the comparable prior-year quarter.

For the first half, Gemstar reported a net loss of $67.9 million, compared with a net loss of $5.1 billion for the same six months a year ago. Revenue in the first half was off 12.7 percent, down to $454 million, from $519.8 million year over year.

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