TiVo Cuts Losses, to Restate 4Q

Author:
Publish date:
Updated on

TiVo Inc.'s stock took a healthy upward turn after the company reported a
narrower-than-expected quarterly loss.

But TiVo also acknowledged that it had found an accounting error that would
require restating its fiscal fourth-quarter 2001.

The personal-video-recording-technology provider reported a $3 million net
loss for the quarter ending July 31, totaling 6 cents per share. That was well
ahead of analyst estimates of a loss of 18 cents per share.

TiVo added 42,000 new subscribers for the quarter, and revenue totaled $23.1
million, up from the $4.1 million posted in the same quarter of 2001.

But the company acknowledged that its new auditor, KPMG International, has
discovered some accounting errors in recording noncash, nonoperating items from
convertible notes issued in August 2001. This will require the company to
restate its fourth-quarter-2001 earnings.

Related