Gemstar-TV Guide Rebounds in 4Q2/23/2005 9:35 AM Eastern
Gemstar-TV Guide International Inc. reported net income of $1.6 million in the fourth quarter compared with a net loss of $491.4 million, or $1.18 per share, in the year-ago period. There was no per-share income in the fourth quarter of 2004.
Revenues rose to $186.6 million from $176.3 million in the prior-year quarter.
The company’s operating loss was $2.8 million, which included stock-compensation, depreciation and amortization charges of $8 million. Gemstar-TV Guide’s operating loss in the year-ago quarter was $483.9 million, which included stock-compensation, depreciation and amortization charges of $8.2 million and a $391 million impairment charge.
“Gemstar-TV Guide made good progress toward stabilizing its various businesses in 2004,” CEO Richard Battista said in a prepared statement.
“We entered into new IPG [interactive programming guide] patent-license agreements; substantially increased distribution for our television networks; formed Guideworks, an IPG-product-development joint venture with Comcast [Corp.]; and launched our new ‘I-Guide’ interactive programming guide,” he added. “We also began implementing a new programming strategy for TV Guide Channel, recruited very strong editorial talent for our magazine group and put the majority of our legal and regulatory issues behind us."