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Gemstar-TV Guide Q2 Cable/Satellite Segment Revenue Climbs 48.3%

8/06/2004 02:05:00 PM Eastern

Los Angeles — A $13.7 million increase in subscriber, licensing and advertising revenue at TV Guide Interactive helped boost second quarter revenue at the cable and satellite segment of Gemstar-TV Guide International by 48.3 percent, hitting $63 million, up from $42.5 million in the year-ago period.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the cable and satellite segment climbed to $32.2 million, more than double the $12.4 million reported in the same three months in 2003.

The consumer-electronics licensing segment at interactive program guide services and products company Gemstar-TV Guide recorded a 32.2 percent decline in revenue for the second quarter, ended June 30, down to $21 million, from $31 million, due to a discontinuance of revenue associated with set-top boxes. Adjusted EBITDA for the second quarter was $4 million, a 75.7 percent drop from a year-on-year $16.5 million.

Consolidated second quarter revenue at Gemstar-TV Guide was flat, coming in at $179.1 million, compared with $180.6 million in the same three months a year ago.

Consolidated operating income, including depreciation and amortization, reached $16.7 million, compared with a loss of $36.2 million year-on-year. This figure was positively impacted by a $10.1 million settlement of a lease obligation. Net income hit $42 million, compared with a $22.5 million loss in the same three months a year earlier.

For the six months, Gemstar-TV Guide recorded consolidated revenue of $374.3 million, up from $359.1 million the previous year. Six month operating income, including depreciation and amortization, hit $43.4 million, compared with a $122.6 million loss in the first six months of 2003. Net income was $2.2 million for the six months, compared with a year-over-year loss of $67.9 million.