OpenTV posts Q4 profit of $11M
OpenTV reported improved numbers during its fourth-quarter and year-end earnings report yesterday.
The company posted a profit of $11 million in the fourth quarter, compared with a loss of $3.4 million in the same quarter a year ago. OpenTV had sales of $38.2 million in the fourth quarter, compared with sales of $25.1 million in the fourth quarter of 2006.
For 2007, OpenTV reported a loss of $5.2 million, which was less than half of the $10.6 million loss in 2006. OpenTV’s sales for the year were up from $95.2 million in 2006 to $110 million for the year.
OpenTV completed the sale of its PlayJam unit in December, and the company exited from its NASCAR and betting and gaming product lines. OpenTV also reorganized its financial reporting to reflect two primary reporting segments: middleware solutions and advertising solutions.
"2007 marked an important year for OpenTV as we refocused our business strategy on our core middleware and advanced advertising businesses and took steps to move the company closer to achieving sustainable profitability,” said OpenTV COO and acting CEO Ben Bennett. “We streamlined our business, disposing of unprofitable operations and consolidating business units to effect a more efficient and nimble operating structure. The deployment of more than 100 million OpenTV-enabled digital devices clearly demonstrates OpenTV's leadership position.
“As we move into 2008, we are committed to further growing our business by expanding our distribution channels, remaining focused on the provision of end-to-end turnkey solutions and continuing to penetrate rapidly growing digital television markets worldwide."
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