twice connect

Gemstar-TV Guide Q2 Revenue Down 24%

9/26/2002 09:46:00 AM Eastern

Pasadena, Calif. - Interactive TV program guide Gemstar-TV Guide International recorded a 24 percent drop in revenue for its technology and licensing sector in the second quarter, hitting $51.4 million, down from $67.6 million in the year-ago period.

The company included a $119 million provision for bad debt in the second three months.

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) for the sector quarter dropped to a negative $83.6 million, compared with positive EBITDA of $45.6 million in the same quarter last year.

Gemstar's Technology and Licensing Sector is responsible for developing, licensing and protecting the company's VCR Plus+ system, interactive program guide (IPG) products and services marketed under the GUIDE Plus+ and TV Guide Interactive brands.

Consolidated revenue for the second quarter reached $271.7 million, compared with $320.5 million in the same period in 2001. EBITDA was a negative $54.2 million for the second quarter, down from a positive $108 million in the same three months a year ago.

Net loss reached $953.8 million for the three months, compared with a net loss of $134.8 million year over year. In the quarter, the company recognized an impairment loss of $1.26 million, mostly relating to the write-down of a long-lived asset associated with the acquisition of TV Guide.

Gemstar-TV Guide earlier had been notified by the Nasdaq Stock Market that its securities are subject to de-listing because of late second quarter financial filing. A hearing was held late in September.

Ultra HD OLED TVs In IFA Spotlight

At IFA, all Ultra HD makers are quickly expanding

Jack Wayman, the Father Of International CES

Tributes continue to pour in for Jack Wayman, who

Nationwide PrimeTime 2014

Scenes from Nationwide PrimeTime buy fair held in

ProSource Meeting Filled With Optimism

San Antonio — Optimism reigned at ProSource’s

Ingram Draws 500 To Spring Vendor Expo

Scottsdale, Ariz. — Ingram Micro Consumer