Los Angeles — Gemstar-TV Guide nudged out a small $1.6 million profit for its fourth quarter, but this could not offset the $94.5 million loss posted by the company for 2004.
For the fourth quarter, ended Dec. 31, Gemstar-TV Guide increased revenue to $186 million, up from $176 million during the same period in 2003. However, the company still posted an operating loss of $2.8 million for the quarter due to amortization, depreciation and stock compensation charges, but this was a major improvement over the $483.9 million operating loss during the fourth quarter of 2003.
For the year, the company endured a $94.6 million loss, up from the $577.4 million loss the prior year, on sales of $732.3 million. In 2003 sales totaled $695.1 million.
Gemstar-TV Guide’s CEO Richard Battista said the company made good progress in 2004 toward stabilizing its businesses, but he added that the company has a great deal of hard work ahead of itself in 2005 as it continues to evaluate its various markets. In 2005 Gemstar-TV Guide will charge ahead with a significant amount of investment in its new and existing businesses.