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TiVo Narrows Q2 Loss

8/23/2002 08:40:00 AM Eastern

San Jose, Calif. - DVR maker TiVo reported a net loss of $3 million on sales of $23.9 million for its second quarter, ended July 31, and said it increased its total subscriber base to about 464,000.

The company also stuck a deal to place their technology in an upcoming Sony digital video recorder and is expanding its retail distribution to include Tweeter, Amazon.com, Ultimate Electronics. These will join Best Buy, The Good Guys! and Abt Electronics in selling TiVo's Series2 DVR this holiday season.

The $3 million loss was an improvement over the $34 million loss posted during the same period last year and sales this year were about six times higher than what was reported in 2001. TiVo said fort he quarter it had a net gain of 42,000 subscribers to help it more than double its customer base in the last 12 months.

Company executives also released their third quarter and full-year financial projections and gave new subscriber projections.

TiVo is expecting sales between $12 million and $14 million for the third quarter ending Oct. 31, which should result in an operating loss between $13 million and $16 million, the company said. Fiscal 2002, ending Jan. 31, sales should fall between $57 million and $62 million and expects to endure an operating loss between $64 million and $72 million.

TiVo is also projecting that it will activate between 250,000 and 500,000 new subscribers by January for a cumulative total of about 650,000 subscribers.