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TiVo trims loss, adds record subs in Q4

Thu, 03/04/2004 - 7:00pm
Jeff Baumgartner

Despite the lack of a cable deal, digital video recording pioneer TiVo Inc. added a record 330,000 subscribers in Q4, nearly tripling what it generated a year ago. The additions pushed TiVo's aggregate sub base to more than 1.3 million.

The company also posted net revenue of $42.6 million, up 85 percent from $23 million a year ago, and narrowed its net loss to $12.4 million (18 cents per share), compared to a loss of $32.5 million (56 cents per share).

TiVo attributed the strong showing to a solid holiday retail season and its ongoing relationship with DirecTV, which alone accounted for 200,000 net new subs in Q4.

TiVo said it will dip into its $143.2 million cash balance to support a $50 million growth plan that in part aims to double its subscription base during its current fiscal year. TiVo also expects to turn a profit by January 2006.

The revised guidance means TiVo now expects to add between 1.5 million to 1.6 million new subs during the year, more than double the 708,000 it added in FY 2004. About 1 million of that figure is expected to come from DirecTV. If TiVo hits the mark, it will have nearly 3 million subs by Jan. 31, 2005.

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