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TiVo Fiscal Q2 Revenue Rises Five-Fold

9/04/2001 04:49:00 PM Eastern

San Jose, Calif. -TiVO posted a five-fold increase in revenue for the fiscal second quarter ended July 31 with sales hitting $4.1 million, compared with $869,000 in the year-ago quarter.

Revenue for the third quarter increased 28 percent, compared with $3.2 million for the three-month period ended April 30, 2001.

TiVo said major drivers contributing to strong second-quarter revenue growth included price incentives from the company's consumer electronics partners, strong retail execution, increased brand awareness and a successful new advertising campaign.

Net loss for the second quarter narrowed to $34.5 million, compared with $39 million in the same quarter last year. Net loss in the first quarter was $50.2 million.

TiVo said it activated 40,000 new subscribers to its service during the second quarter, an increase of 21 percent, bringing the total subscriber base to about 229,000 as of July 31. The subscriber increase was 332 percent, compared with the second quarter of last year.

'Most significantly, our growth this quarter was achieved while continuing to dramatically reduce cash burn,' said Mike Ramsey, president/CEO. Operating cash usage for the second quarter declined by 40 percent from the previous quarter.

At the end of August, TiVo said it had closed a $51.75 million private placement with financial and strategic investors. Three of TiVo's commercial partners - Discovery, NBC and British Sky Broadcasting - contributed a total of $22 million in cash and promotional services to this offering.

For the six months, TiVo revenue hit $7.3 million, compared with $1.4 million in the same period in 2000. The company's net loss for the six months, however, increased to $82.7 million from $62.4 million in the same period a year ago.

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