TiVo Inc. Thursday reported its results for its fiscal first quarter ended April 30.
The digital-video-recorder vendor said revenues rose 59% during the period to $40 million versus $25.2 million in the year-ago quarter.
TiVo cut its first-quarter net loss to $900,000, or 1 cent per share, compared with $9.1 million (11 cents) in the previous-year period.
The company said it added 319,000 total net new subscriptions during the quarter, boosting its total to more than 3.3 million. TiVo’s installed base of DirecTV Inc. direct-broadcast satellite subscriptions reached 2.1 million with the addition of 247,000 net new subscriptions during the quarter, while TiVo-owned subscriptions rose 72,000 to more than 1.2 million.
Highlights of the quarter included major agreements with Comcast Corp. and DirecTV.
TiVo and Comcast announced a multiyear strategic partnership to develop a version of TiVo’s service for the MSO.
New software will be developed by TiVo and incorporated into Comcast's digital-set-top platforms. The new service will be marketed with the TiVo brand, and it is expected to be available on Comcast's DVR products in a majority of the operator’s markets in mid- to late-2006.
As far as DirecTV, the two companies extended their prior services agreement, under which each company may sell and distribute TiVo's advanced advertising capabilities on DirecTV DVRs with TiVo service.
“This quarter's combination of solid revenue growth and gross-margin improvement is driving the company toward our goal of profitability,” TiVo chairman and CEO Mike Ramsay said in a prepared statement. “We are pleased to see last year's focus and investment in subscription growth continue to pay off, resulting in revenue growth now coming through to the bottom line.”
He added, “Our Comcast and DirecTV advertising agreements reinforce our position as the technology standard for service providers, and this area will be the primary outlet for developing our advertising business. To take advantage of this mass-deployment opportunity, we have increased our investment in technology development to ensure that Comcast can deploy TiVo to its customers as fast as possible."