Gemstar Cuts 1Q Net Loss5/05/2004 10:38 AM Eastern
Gemstar-TV Guide International Inc. reported a first-quarter net loss of $39.8 million, or $0.09 per diluted share, compared with $45.4 million ($0.11) in the year-ago period.
Revenue was $195.2 million versus $178.4 million in the first quarter of 2003.
The company said operating income from continuing operations was $26.6 million, which included stock compensation, depreciation and amortization charges of $8.8 million, as well as nonrecurring payments from certain consumer-electronics manufacturers and recognized revenue of $19.4 million.
In the year-earlier quarter, Gemstar-TV Guide posted an operating loss of $86.4 million, which included stock compensation, depreciation and amortization charges of $95.3 million.
“The first quarter was a critical period for the company as we resolved our primary shareholder litigation, entered into broad licensing agreements with Pioneer [Cable and Communications Group], EchoStar [Communications Corp. and Comcast [Corp.] and sold our noncore and declining SNG businesses [Superstar/Netlink LLC and UVTV],” CEO Jeff Shell said in a prepared statement.
“As a result of these developments, our balance sheet is strong, distribution for our key products is secure and we have removed many of the distractions that have hindered our company from realizing the true value of our outstanding array of assets,” he added.