By Lisa Johnston
New products on display at the American International Toy Fair, held in N
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.
This TWICE webinar, hosted by senior editor Alan Wolf, will take a look at what may be the hottest CE products at retail that will be sold during the all-important fourth quarter. Top technologies, market strategies and industry trends will be discussed with industry analysts and executives.