Gemstar-TV Guide Slides in 3Q11/02/2006 9:48 AM Eastern
Gemstar-TV Guide International reported lower revenue and net income in the third quarter of 2006 versus year-earlier numbers, but higher operating income.
The company posted revenue of $148.9 million, down from $152.5 million in the prior-year quarter.
Operating income was $12.9 million, which included depreciation and amortization charges of $8.4 million, compared with an operating loss of $5.9 million in the third quarter of 2005, which included depreciation and amortization charges of $7.1 million.
Net income was $17.5 million, or $0.04 per share, including an income-tax expense of $2.3 million, down from $51 million ($0.12) in the year-ago period, which included a $51.1 million income-tax benefit.
“The third quarter saw some important developments -- we redesigned TVGuide.com [www.tvguide.com] and focused the site more expressly on broadband and multimedia, we entered into strategic agreements with both Yahoo! and TiVo, and we extended our relationship with Panasonic in Japan,” CEO Rich Battista said in a prepared statement.
“Moving forward, we will remain focused on cross-platform initiatives in advertising, content creation and product development,” he added.