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TiVo Affirms Fiscal Q2, Year Outlook

San Jose, Calif. – Personal television recording services provider TiVo confirmed its previous projections that will post second-quarter sales of $3.5 million to $4 million, and full-year revenue of $20 million to $24 million for the periods ending July 31 and Jan. 31, 2002.

In fiscal 2003, TiVo said total revenues would triple fiscal 2002 guidance, with non-subscription revenue – mainly from advertising and technology licensing sources – expected to reach about 30 percent to 40 percent of total revenue. Range of expected total revenue for the year ending January 2003 is expected to be $63 million to $72 million, said TiVo.

Although TiVo said it expects to reach cash flow breakeven by the end of the year, the company said it still would register an operating loss of $145 million to $155 million in fiscal 2002. This loss should be reduced to $96 million to $108 million in fiscal 2003, said the company.

Cumulative subscribers should range from 334,000 to 374,000 by the end of fiscal 2002, jumping to a range of 634,000 to 674,000 by the end of fiscal 2003, said TiVo.

‘We expect new subscriber additions in fiscal year 2003 to be about 300,000, and expect to end fiscal year 2003 with over 650,000 total subscribers to the TiVo service, an 85 percent increase in total subscribers, compared with the prior fiscal year guidance,’ said Mike Ramsey, president/CEO.

TiVo’s Personal TV Service digitally records TV shows, without videotape, which allows viewers to customize TV viewing by automatically recording TV shows on a computer hard drive for playback on television at a later time.