San Jose, Calif. — Personal video recorder maker TiVo said it was able to achieve strong revenue and subscriber growth in its fiscal first quarter.
The company reported a 48 percent sequential increase in revenue in its first three months, reaching $3.2 million, compared with $2.2 million in the three-month period ending Jan. 31. On a year-to-year basis, revenue in the first quarter of 2001 increased more than six-fold, compared with the $499,000 registered in the fiscal first quarter of 2000.
During the first quarter, TiVo activated 35,000 new subscribers, compared with 15,000 in the first quarter of 2000, bringing its total subscriber base to about 189,000 at the end of April, compared with 38,000 in the year-ago first quarter. To date, total subscriber activations for the TiVo Service have exceeded 200,000, with the company more than doubling its installed subscriber base over the past five months.
Earnings before income tax, depreciation and amortization (EBITDA) was reduced during the first quarter ended April 30, hitting a loss of $44.6 million, compared with a loss of $76.7 million in the January quarter. The EBITDA loss in the first quarter of 2000 was $20.7 million.
Net loss for the quarter attributable to common stock was $50.2 million, compared with a net loss of $81.5 million in the January quarter. On a year-to-year basis, net loss was $23.4 million in the first quarter of 2000.
“Late in the first quarter, TiVo unveiled a new operating plan which significantly decreases our cash needs and accelerates our time to profitability,” said Mike Ramsey, chairman/CEO. “The first quarter’s operating results reflect the initial impact of these initiatives. Overall, we expect to make further progress in reducing burn rate beyond first-quarter levels,” he said.