Rovi Corporation Reports First Quarter Financial Performance
finance.yahoo.com
SANTA CLARA, Calif., May 6, 2010 (GLOBE NEWSWIRE) -- Rovi Corporation (Nasdaq:ROVI) announced today, first quarter 2010 revenues of $130.1 million, compared to $111.2 million for the first quarter of 2009. First quarter 2010 GAAP net income was $68.1 million, compared to a net loss of $41.5 million for the first quarter of 2009. First quarter 2010 earnings included an income tax benefit of $108.5 million. GAAP diluted net income per common share for the quarter was $0.64, compared to a loss per common share of $0.41 for the first quarter of 2009.
"We completed another excellent quarter, growing revenue by 17% in Q1 2010 compared to Q1 2009, and with profit measures growing even more than revenue during the same period," said Fred Amoroso, President and CEO of Rovi. "In addition, we achieved a number of important business objectives, including entering into a comprehensive agreement with Comcast, winning initial business for TotalGuide, growing advertising revenues to their highest levels ever, completing the IRS review and receiving confirmation of the $2.4 billion net operating loss and refinancing our debt. We are very pleased with the progress we have made."
"Given the strength of our first quarter performance, we are raising both our 2010 revenue and our Adjusted Pro Forma Income Per Common Share estimates to a range of $510 million to $540 million and $1.85 to $2.05, respectively," added James Budge, Chief Financial Officer. |
