Gemstar-TV Guide’s 3Q in the Red - Multichannel

Gemstar-TV Guide’s 3Q in the Red

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Gemstar-TV Guide International Inc. said Thursday that it posted an $18.1 million (4 cents per diluted share) net loss in the third quarter, compared with net income of $3.9 million (1 cent) in the same quarter last year.

Revenue fell 12.4% to $207.6 million from $236.9 million in third-quarter 2002.

"Our financial results from this quarter are in line with what we expected and reflect the challenges we continue to face as we proceed down the road toward revitalizing some of our key businesses," CEO Jeff Shell said in a release.

"While we are not satisfied with our financial results for the quarter, we believe this was an important quarter for the company as we executed several key operational initiatives that we believe will be critical to our future growth," he added.

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