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Gemstar-TV Guide Q3 Revenue Off 16%

11/15/2002 09:37:00 AM Eastern

Pasadena, Calif. - Global technology and media company Gemstar-TV Guide International reported a decrease in revenue and profit in the third quarter.

Revenue for the company, whose technology includes the VCR Plus+ system and IPG products and services, dropped about 16 percent in the third quarter, to $253.4 million, compared with $299.9 million in the year-ago period.

Net loss, however, reached $17.3 million in the third quarter, down substantially from a net loss of $140.3 million in the same period last year.

Consolidated Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) decreased to $62.5 million in the third quarter, ended Sept. 30, down from EBITDA of $91.7 million in the same three months last year.

For the nine months, revenue dropped about 11 percent to $815.5 million, down from $917.5 million in the same period last year.

Net loss for the nine-month period climbed to $6.2 billion, including the effect of a $5.3 billion accounting change, up from a loss of $423.5 million in the same nine months in 2001.

Looking at the company by its three sectors, technology and licensing had revenue of $40.4 million in the third quarter, down from $54.1 million in the same period last year. EBITDA for the sector was reduced to $19.6 million in the three months, compared with EBITDA of $36.9 million year-on-year.

Gemstar's interactive platform sector registered revenue of $21.8 million in the third quarter, flat when compared with the $21.9 million recorded in the same quarter in 2001. EBITDA was $2.7 million, compared with negative EBITDA of $5.4 million year over year.

In the media and services sector, revenue for the third quarter hit $191.1 million, down from $223.9 million in the same period last year. EBITDA dropped to $40.2 million in the three months, compared with EBITDA of $60.2 million in the year-ago period.