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TiVo reported a net loss of $17.7 million for the fiscal second quarter, ended July 31, almost triple the loss compared to last year's second-quarter loss of $6.45 million.
This year's second-quarter loss included a combined inventory write-down and inventory purchase commitment charge of $11.2 million, as compared with TiVo's net loss guidance of $5 million to $8 million that didn't contemplate the inventory related write-down. The inventory-related charge primarily relates to long-lead time dual-tuner Series2(TM) standard-definition DVR inventory, the company said.
Net revenues were $62.7 million for the quarter, up from $59.3 million from last year's second quarter.
TiVo-owned subscription gross additions for the second quarter were 41,000, compared to 74,000 gross additions for the year-ago period.
Overall, TiVo-owned subscriptions totaled 1.71 million, up 136,000 on an annual basis compared to the year ago-period. As expected, TiVo reported a net decline in DirecTV TiVo subscriptions during the period as DirecTV is no longer deploying new TiVo boxes. Cumulative total subscriptions as of July 31 were 4.2 million.