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Technology Stocks : Tivo (TIVO) Interactive TV -- Ignore unavailable to you. Want to Upgrade?

To: Road Walker who wrote (998)	5/22/2003 4:11:49 PM
From: Ron	Read Replies (1) \| Respond to of 2093

NEW YORK, May 22 (Reuters) - Television recording technology company TiVo Inc.(NasdaqNM:TIVO - News) on Thursday posted a narrower fiscal first quarter loss, led by strong subscriber growth. San Jose, California-based TiVo, whose digital video recording service lets users save massive amounts of programming, reported a net loss of $7.9 million, or 12 cents a share, compared with a loss of $35.2 million, or 74 cents a share, a year ago. The Wall Street consensus loss estimate was 22 cents a share, with loss estimates ranging from 19 cents to 28 cents, according to Thomson First Call (News - Websites). ---- Strong Consumer Demand Fuels Record Q1 Subscription Growth for TiVo; Home Media Option Contributes to Improved Bottom Line Results Thursday May 22, 4:00 pm ET - TiVo's standalone and DIRECTV subscription growth increases 88% compared to Q1 last year, for a total subscription base of 703,000 - Total service and technology revenues grew 63%, while significantly narrowing loss - TiVo extends licensing portfolio with new TiVo Basic service level to drive deployment SAN JOSE, Calif., May 22 /PRNewswire-FirstCall/ -- TiVo (Nasdaq: TIVO - News), the creator of television services for digital video recorders (DVRs), announced today financial results for its first quarter ended April 30, 2003. TiVo added approximately 79,000 new subscriptions in the first quarter, compared to 42,000 subscriptions in the first quarter of last year, bringing the total subscription base to approximately 703,000 as of April 30, 2003. Total service and technology revenues were $16.1 million in the first quarter, a 63% increase over the $9.9 million of total service and technology revenues reported in the first quarter of last year. Net revenues were $28.5 million, more than double the $13.0 million of net revenues reported in the first quarter of last year. TiVo's net loss for the quarter was $7.9 million, or $(0.12) per share, less than one quarter of the $35.2 million, or $(0.74) per share, net loss recorded in the same period last year. "Our record first quarter growth clearly shows that TiVo continues to be a brand leader in the market as consumers embrace and demand DVR products," said Mike Ramsay, TiVo's Chief Executive Officer. "And, I am particularly pleased that we saw growth in both the TiVo-branded standalone and DIRECTV offerings, demonstrating significant momentum for TiVo and the category." Home Media Option(TM) Receives Strong Response at Launch The launch of Home Media Option in the quarter contributed to strong revenue growth. The premium feature package promises to transform TiVo from a digital video recording device to an entertainment center that allows entertainment enthusiasts to effortlessly enjoy video, digital music and photos throughout the home. "Initial response to Home Media Option confirms that many of our customers are interested in entertainment services that go beyond DVR," explained Ramsay. "Home Media Option changes the way you enjoy digital content, just as TiVo changes the way viewers enjoy TV." TiVo Extends Licensing Portfolio with New TiVo Basic Service Level to Drive Deployment Earlier this month, TiVo announced it will offer a new introductory service level, TiVo Basic service (see news release entitled "Basic Service Level From TiVo Provides Consumer Electronics Licensees Competitive Advantage" -- dated May 8, 2003). This service will provide licensees the opportunity to include entry-level DVR functionality with high-value integrated products such as a combined DVD/DVR. TiVo licensee Toshiba is the first to announce an integrated product with the TiVo Basic service included. Toshiba's SD-H400 integrated DVD with TiVo is expected to be available in retail later this year. This will be one of the first products available at retail that offers a program guide and basic DVR functionality in a product that is capable of upgrade to the full TiVo service offering and networked home entertainment, making this the most advanced integrated DVR product on the market. Guidance For the current fiscal year, we expect to add 450,000 to 600,000 subscriptions, more than double the number we added in FY-03. This would result in an installed base of over 1 million subscriptions by January 31, 2004. Service and technology revenues are expected to be $62 million to $70 million. We expect total operating loss for the year to be in a range of $27 million to $38 million.