OpenTV Reports Slight Revenue Boost

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Interactive TV software supplier OpenTV reported Q2 revenues of $23.7 million, an increase of 13% over revenues of $20.9 million for the same quarter last year. Revenues derived from royalties and licenses increased 18% to $14.7 million, while revenues for services and other activities increased 7% to $9.0 million.

The San Francisco, Calif.-based company still posted a net loss for the second quarter of 2006 of $2.5 million, or $0.02 per share, compared to a net loss of $4.0 million, or $0.03 per share, for the second quarter of 2005. The company attributed approximately $1.0 million of the loss, or $0.01 per share, to share-based compensation expenses, which the company began reporting in 2006 pursuant to accounting rule SFAS 123R.

As of June 30, 2006, the company had $24.1 million in deferred revenue compared with $22.6 million at the end of 2005. Cash, cash equivalents and short- and long-term debt totaled $65 million, compared to $64.5 million at year-end 2005.

“The financial and operational success OpenTV demonstrated during the second quarter illustrates the continued global demand for our core middleware and advanced digital television solutions,” said OpenTV's Chairman and Chief Executive Officer, Jim Chiddix, who pointed to a multi-year licensing deal with Time Warner Cable as one of the quarter's highlights.

"That relationship, combined with our successful ongoing work with Liberty Global, and several other recent deals, firmly establishes our business in both the cable and satellite sectors, offering us a much more diverse client portfolio than several years ago," said Chiddix. "And that success continues to prove itself through an expanding global footprint, with nearly 71 million OpenTV-enabled set-top boxes now shipped worldwide.”

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