GMST--Gemstar-TV Guide losses are made public
By Bloomberg News
November 14, 2000, 5:45 p.m. PT
Gemstar-TV Guide International's per-share losses became public Tuesday, a day after the company purposely left them out of its earnings press release.
Gemstar chairman Henry Yuen had said the company didn't disclose per-share results in its earnings press release Monday because of the large write-offs from purchasing TV Guide. On Tuesday, Gemstar shares fell $10, or 18 percent, to $44.69 on investor and analyst concern that the company withheld significant earnings details.
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The company is the largest distributor of software for interactive television guides.
Gemstar posted a loss of $115.8 million, or 30 cents a share, in the three months that ended Sept. 30, according to a Securities and Exchange Commission filing. That compares with net income of $16.4 million, or 7 cents, during the same period last year. Sales rose sixfold to $309.8 million from $48.3 million, boosted by TV Guide revenue.
The company bought TV Guide in July for $14.9 billion to become the top distributor of software to help search for programs by category, time and date on interactive television, which has hundreds of channels. The company had $206.6 million in fiscal second-quarter charges for depreciation and amortization, compared with $1.3 million a year earlier. |
