Earnings are here...Not very impressive
FREMONT, Calif.--(BUSINESS WIRE)--March 12, 1997-- Starsight Telecast Inc today reported a net loss of $6,740,000, or $(0.26) per
share, for its fourth quarter ended December 31, 1996 and a net loss of $25,049,000, or $(1.01) per share, for the 1996 fiscal year.
These results compare to a net loss of $6,253,000, or $(0.30) per share, for the quarter ended December 31, 1995 and a net loss of
$31,780,000, or $(1.50) per share, for the fiscal year 1995. Revenue for the fourth quarter of 1996 was $3,714,000 compared to $2,210,000
for the third fiscal quarter of 1996 and $915,000 for the quarter ended December 31, 1995. StarSight Telecast's revenue of $8,698,000 for
fiscal 1996 compares to $1,913,000 in revenue for fiscal 1995.
StarSight Telecast, Inc. is a publicly held company backed by strategic partners Viacom Inc., THOMSON multimedia S.A., Cox
Communications, Inc., Tribune Company, The Providence Journal Company, and Time Warner, Inc. The company's stock is traded on The
Nasdaq Stock Market under the symbol SGHT. StarSight is a registered trademark of StarSight Telecast, Inc. The StarSight Telecast web site
is located at www.starsight.com .
StarSight Telecast, Inc.
Financial Highlights
(Unaudited)
($ in thousands - except per share amounts)
Twelve Months Twelve Months
Ended Ended
Dec. 31, Dec. 31,
1996 1995
REVENUES $8,698 $1,913
Cost of Goods Sold 1,544 676
Inventory Reserves and Write-offs 801 4,931
Gross Profit 6,353 (3,694)
COSTS AND EXPENSES:
General and administrative 10,311 9,848
Litigation costs 4,776 2,880
Engineering and development 3,420 3,539
Marketing 7,480 6,823
Network services and other expenses 6,127 5,570
Total costs and expenses 32,114 28,660
Operating Loss (25,761) (32,354)
Interest Expense (14) (33)
Interest Income 726 607
Loss Before Cumulative
Effect of Accounting Change (25,049) (31,780)
Cumulative Effect of
Accounting Change -- --
Net Loss $(25,049) $(31,780)
Net Loss Per Common Share $ (1.01) $ (1.50)
CONTACT: StarSight Telecast, Inc.
Ann McDougall or Georgeann Ikuma, 510/657-9900
or
The Market Relations Group
Renee Dorrell, 415/354-4485 |
