OpenTV Reports Lower Q1 Revenues, Profits

Interactive TV and advanced advertising technology provider, OpenTV, announced its first-quarter financial results Thursday:

--Revenues totaled $29.4 million, compared to $33.8 million for the year-ago quarter. Royalties and licenses revenues decreased 2.7% to $21.6 million, and services and other revenues decreased 32.8% to $7.8 million.
--Revenues from the company's Middleware Solutions segment totaled $27 million, compared to $30.1 million for the year-ago quarter. Contribution margin from the segment was $10.9 million, compared to $13.7 million for the year-ago quarter.
--Revenues from the company's Advertising Solutions segment totaled $2.4 million, compared to $3.7 million for the year-ago quarter. Contribution margin from the segment was a loss of $0.3 million, compared to a profit of $0.7 million for the year-ago quarter.
--Adjusted EBITDA, before unusual items, totaled $4.1 million, compared to $7.6 million for the year-ago quarter.
--Net income totaled $1.2 million, or $0.01 per share, compared to $6.3 million, or $0.05 per share, for the year-ago quarter.
--Cash flows from operations were $12.5 million, compared to cash used in operations of $0.6 million for the year-ago quarter.
--At the end of the quarter, the company had a balance of $36.3 million in deferred revenue, compared to $33.2 million at the end of the prior quarter.
--At the end of the quarter, the company's cash, cash-equivalents and short- and long-term marketable debt securities totaled $114.2 million, compared to $102.8 million at the end of the prior quarter.

"Our first-quarter results show sustained profitability and operational improvements achieved in a difficult global economic environment," OpenTV CEO, Ben Bennett, said in a prepared statement. "Our outlook for 2009 remains cautiously optimistic for the digital television industry as a whole, and we will continue to execute and innovate in order to further strengthen our competitive market position. OpenTV remains well positioned in its markets worldwide and maintains a healthy balance sheet. We will continue to leverage our assets to make key strategic investments in next-generation technologies in order to meet the demands of a rapidly changing and growing digital television industry."

Region: 
North America