OpenTV 3Q Revenue Slips

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OpenTV Corp. reported third-quarter revenue of $16.6 million, down 3% from $17.1 million in the previous-year period.

The interactive-TV vendor said the current-year figure was adversely affected by the delivery of a royalty report from a significant customer after quarter-end, and it expects to recognize approximately $1.6 million in revenue in the fourth quarter.

OpenTV cut its net loss by 60% to $4.8 million, or $0.04 per share, from $11.9 million ($0.10) in the third quarter of 2003.

"We continue to see strong growth in our middleware business, driven largely by accelerated digital rollouts that we have seen from network operators around the world," OpenTV chairman and CEO James Chiddix said in a prepared statement.

"Our ongoing focus on containing costs, allocating resources appropriately and leveraging our premier position in middleware helped us to reduce our operating expenses in the quarter, as well as our operating loss,” he added.