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TiVo Subscription Additions Triple In Fis. Q2

8/30/2004 08:40:00 AM Eastern

San Jose, Calif. — TiVo more than tripled its subscriber addition number in its second fiscal quarter, hitting about 288,000, up from 90,000 in the year ago period.

The provider of television services for digital video recorders reported its total installed subscriber base reached about 1. 9 million for the three months, ending July 31, compared with 793,000, at the end of the second quarter of 2003.

Total service revenue for the second quarter climbed 77 percent to $24.3 million, up from $13.8 million in the same three months a year earlier. Net revenue moved up to $39.8 million from $26.7 million.

Net loss for the second quarter widened to $10.8 million, compared with a net loss of $4.4 million in the same three months a year ago. This increase reflects TiVo’s previously announced investment in subscription acquisition activities to accelerate subscription growth during fiscal 2005.

“Everything we’ve done in the first half of the year is setting us up for the significant growth we expect in both our TiVo-owned and DirecTV-with-TiVo subscriptions in the second half,” said Mike Ramsay, chairman/CEO.

“We’re committed to growing our stand-alone business, and the investments we’ve made in low-cost products and expanded distribution, coupled with the new $99 price point, are keys to our growth in the second half of the year and beyond.” said Ramsay.

Of the 288,000 net new subs added in the second quarter, about 225,000 were DirecTV-with-TiVo subs, or about four times the number of new DirecTV-with-TiVo subs added in the second quarter of 2003, when 56,000 were recorded.

New TiVo-owned subs added in the second quarter hit about 63,000, an 85 percent rise over the 34,000 reported year-on-year. The total TiVo-owned installed base of subs at the end of the second quarter reached about 787,000, a 70 percent rise over the 467,000 recorded in the same three months a year earlier.

For the six months, TiVo service revenue jumped to $46.5 million, up from $26.5 million in the same three months last year. Net revenue reached $74.3 million in the first half, compared with a year-earlier $55.2 million.

Net loss in the first six months widened to $19.8 million from a loss of $12.3 million year-over-year.

In the first half of the fiscal year, TiVo added about 552,000 total net subs, about three times the 169,000 reported in the same period in 2003. TiVo-owned net additions in the first six months hit about 131,000, up from 71,000 in the first six months of last year. DirecTV-with-TiVo net additions for the first half came in at about 421,000, up from 98,000 in the first six months of 2003.

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