Gemstar-TV Guide Q4 Platform Revenue Drops 12.8%

By Jeff Malester On Mar 22 2004 - 8:00am

A revenue decrease of $2.8 million at TV Guide Interactive was among the factors influencing a fourth quarter revenue drop of 12.8 percent for the interactive platform sector, also known as the cable and satellite segment, of interactive program guide services and products company, Gemstar-TV Guide International.

Cable and satellite segment revenue decreased to $84.2 million in the fourth quarter, ended Dec. 31, from $96.6 million in the year-ago period, while adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) decreased to $25.2 million in the final three months of 2003, compared with $41.1 million in the year-ago period.

The decrease in TV Guide Interactive revenue was primarily due to a decrease in advertising revenue. TV Guide Interactive added more than 400,000 subscribers during the last three months of 2003.

Revenue in the consumer electronics licensing segment at Gemstar-TV Guide was essentially flat, compared with the same three months a year earlier, coming in at $24.9 million, up from $24.8 million year-on-year. Adjusted EBITDA for the segment moved into the black in the fourth quarter, however, hitting $5.2 million, compared with negative EBITDA of $6.1 million in the same three months a year ago. The increase was primarily attributable to a decrease in bad debt expense and lower legal expenses.

Consolidated fourth quarter revenue slipped 11.3 percent, down to $217.1 million, from $244.7 million in the same three months in 2002.

The company recorded a fourth quarter net loss of $491.4 million, down from a net loss of $1.3 billion in the same period the previous year.

Consolidated revenue in 2003 dropped by 12.3 percent to $878.7 million, down from $1 billion in 2002. The company reported a net loss of $577.4 million for the 12 months, compared with a net loss of $6.4 billion for all of 2002.

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