San Jose, Calif. - PVR service provider TiVo more than tripled its revenue for its fiscal fourth quarter hitting $6.8 million, up from $2.2 million in the year-ago period.
The company reduced its net loss dramatically in the fourth quarter ended Jan. 31, reaching $38.1 million, down from $80.2 million in the same quarter last year.
TiVo said it added 100,000 new subscribers in the fourth quarter, compared with 70,000 in the same three months the previous year.
The company's total subscriber base as of Jan. 31, 2002 rose to 380,000, up from 154,000 year over year.
Revenue for the fiscal year grew to $19.4 million, up substantially from the $4.6 million reported in 2001.
Net loss for the year dropped to $154.7 million, down from $214.7 million in the previous 12 months.
The company added 226,000 new subscribers in the 12 months, compared with 131,000 the previous year.
Looking ahead, TiVo expects to add 30,000 to 35,000 new subscribers in its first fiscal quarter ending April 30, 2002. For the 12 months ending Jan. 31, 2003, it expects to add 250,000 to 300,000 new subscribers.
The company's total subscriber base by the end of the first quarter, April 30, is expected to be 410,000 to 415,000. By the end of the fiscal year, Jan. 31, 2003, this is expected to increase to 630,000 to 680,000.
TiVo anticipates total revenue in the first quarter of fiscal 2003 will be $7.5 million to $8 million. For the fiscal year, it anticipates $50 million to $60 million in revenue.