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TiVo Q1 Net Revenue Doubles

5/23/2003 08:54:00 AM Eastern

San Jose, Calif. - Strong subscriber growth helped digital video recording maker TiVo double its net revenue and significantly reduce its loss during the company's fiscal first quarter.

Net revenue for the TV recording technology provider hit $28.5 million for the three months, ended April 30, up from $13 million in the year-ago first quarter.

TiVo recorded a net loss of $7.9 million in the first quarter, down from a net loss of $35.2 million in the same period a year ago.

TiVo reported about 79,000 new subscriptions in the first three months, compared with 42,000 subscriptions added in the last year's first quarter. The company's total subscription base reached 703,000 by April 30, compared with 422,000 on the same date in 2002.

In the second quarter, TiVo anticipates adding 65,000 to 80,000 subscribers, with the fiscal year garnering more than 1 million. The company said it is on track for 450,000 to 600,000 subs in the current fiscal year, more than double the number of a year earlier.

Service and technology revenue in the first quarter jumped 63 percent, reaching $16.1 million, up from $9.9 million in the year-ago period. In its fiscal second quarter, TiVo expects to gain $15.5 million to $16.5 million in service and technology revenue. Over the fiscal year, this revenue should range between $62 million and $70 million.

Hardware sales for the first three months hit $14.8 million, up from $3.8 million year over year.

After recording an operating loss of $6.7 million in the first quarter, compared with an operating loss of $35.6 million in the first three months of the previous year, TiVo anticipates an operating loss of $6.9 million to $8.3 million in its second quarter of this year. Total operating loss for the year is anticipated in the range of $27 million to $38 million.