Rovi Reports Loss, But Revenue Growth

Results reflect write-downs from Gemstar deal
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Digital delivery firm Rovi Corporation, formerly known as Macrovision, reported second quarter 2009 revenues of $119.5 million, compared to $73.1 million for the second quarter of 2008, and a net loss of $2.1 million compared to a net loss from continuing operations of $10.8 million for the second quarter of 2008.

Rovi said the net loss for the second quarter 2009 included $20.4 million of intangible asset amortization and $45.6 million in restructuring and impairment charges primarily related to the write-down of various acquired brand names that will be replaced with the Rovi brand, including those acquired as part of its $2.8 billion acquisition of Gemstar-TV Guide International, Inc. in 2008. Diluted earnings per share for the quarter reflected a loss of $0.02, compared to a loss per share from continuing operations of $0.13 for the second quarter of 2008.

"Q2 was an outstanding quarter across all elements of our business notwithstanding the economy," said Rovi president and CEO Fred Amoroso in a statement, citing new license deals for Rovi's guide technology and growth in the data licensing space.

Rovi CFO James Budge added that Rovi was raising its 2009 revenue estimates based on strong first-half performance, from a range of between $450 and $480 million to a range of between $465 and $485 million.

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