OpenTV Shows Q4 Progress
Set-Top-Software Supplier Posts Strong Financial Results
By Glen Dickson -- Broadcasting & Cable, 2/22/2008 7:39:00 AM
Set-top-software supplier OpenTV posted improved financial results for the fourth quarter and full 2007 fiscal year, posting a 52% jump in revenues compared with the fourth quarter of last year, from $25.1 million to $38.2 million, and cutting its net loss for the year in half, from $10.8 million in 2006 to $5.2 million, or $0.04 per share, in 2007.
The San Francisco-based firm, which is controlled by Swiss conditional-access giant Kudelski Group, recorded 2007 full-year revenues of $110 million, 16% higher than revenues of $95.2 million in 2006, reflecting gains in its set-top-middleware and advertising-product lines but also impacted by the discontinuation of OpenTV’s betting and gaming product lines.
Royalties and licenses for 2007 increased 12% to $73.7 million, while services and other revenues for 2007 increased 24% to $36.2 million.
OpenTV said its software is now deployed on some 100 million set-tops and digital TVs for customers including News Corp., EchoStar Communications and Liberty Global, and the company is starting to benefit from its relationship with Kudelski, which acquired a controlling stake in January 2007.
Its most recent deal -- a sale of set-top software to Portuguese cable and satellite operator Zon TV Cabo -- was made in conjunction with Kudelski’s Nagravision conditional-access unit.
"2007 marked an important year for OpenTV as we refocused our business strategy on our core middleware and advanced advertising businesses and took steps to move the company closer to achieving sustainable profitability,” OpenTV chief operating officer and acting CEO Ben Bennett said in a statement. “We streamlined our business, disposing of unprofitable operations and consolidating business units to effect a more efficient and nimble operating structure."
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