By Lisa Johnston
New products on display at the American International Toy Fair, held in N
TiVo reported a record quarter for net income in its first fiscal quarter, ended April 30.
Net income for the first quarter was $3.6 million, compared with $835,000 in the year-ago quarter, while adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) was $11.1 million, compared with $6.5 million in the year-ago quarter. For the first quarter, service and technology revenues were $54.9 million, compared with $58.1 million for the same period last year.
At the same time TiVo also reported that its subscribers will soon be able to download movies from The Walt Disney Studios to their broadband-connected TiVo DVRs directly from the TV.
The titles will be available to rent through an agreement with Disney-ABC and CinemaNow, one of TiVo's broadband partners. The companies will offer the movies for a 24-hour rental period in standard definition, with many also available in high definition.
The service is scheduled to be available to all broadband-connected TiVo Series2 and Series3 subscribers later this year. TiVo offers more than 30,000 titles through Amazon Unbox, Music Choice and more than 50 other content providers. The company recently announced that TiVo subscribers will be able to access YouTube videos directly on the TV via the TiVo DVR this summer.
TiVo-owned subscription gross additions for the first quarter were approximately 48,000, compared with 57,000 gross additions for the year-ago period. This is the lowest year-over-year quarterly decline since the third quarter of fiscal 2007. Overall, TiVo-owned subscriptions ended the quarter at 1.7 million. Cumulative total subscriptions as of April 30 were 3.8 million. Additionally, the monthly churn rate was 1.3 percent, down from 1.5 percent.
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