TiVo Inc. fast-forwarded its revenue, hit pause on new subscriber additions
and rewound its losses in the fourth quarter of 2002 and, in the process,
recorded its first cash-flow-positive period.
The San Jose, Calif.-based digital-video-recorder service added 115,000 new
subscribers for the quarter ending Jan. 31, but that was well below its earlier
target of 120,000 to 130,000. It now claims 624,000 subscribers.
TiVo did boost revenue during the quarter, particularly in the service and
technology column. There, revenues rose to $13.7 million, a 103 percent increase
compared with the $6.8 million posted for the same quarter last year.
Net loss totaled $14.7 million, or 25 cents per share, down from the $41.6
million it lost in the fourth quarter last year.
The company also generated $2.2 million in cash flow for the fourth quarter,
a significant improvement from the $23.8 million cash drain it sustained in the
same quarter last year.
For the full year, adjusted earnings before interest, taxes, depreciation and
amortization came in at negative $21 million, but that was an $80 million
improvement versus the $100.4 million negative EBITDA it saw in the previous
TiVo's technology-licensing efforts also contributed to the bottom line
through deals forged with several consumer digital-box makers including Sony
Corp., Philips Consumer Electronics Co., Toshiba America Information Products
Inc. and Hughes Network Services' DirecTV Inc.
The company also has announced that Hughes is developing a high-definition
receiver with TiVo functions.
For the coming year, the company expects to add 450,000 to 600,000
subscribers, reaching an install base of more than 1 million by the end of