OpenTV’s revenues dip in Q1
OpenTV’s first-quarter revenues dipped down to $29.4 million compared with the $33.8 million the company reported in the same quarter a year ago.
For the quarter that ended March 31, OpenTV’s net income was $1.2 million, or 1 cent per share, compared with $6.3 million, or 5 cents per share, in the same quarter a year ago.
“Our first-quarter results show sustained profitability and operational improvements achieved in a difficult global economic environment. Our outlook for 2009 remains cautiously optimistic for the digital television industry as a whole, and we will continue to execute and innovate in order to further strengthen our competitive market position,” said Ben Bennett, OpenTV’s CEO.
Royalties and licenses revenues decreased 2.7 percent to $21.6 million, while services and other revenues decreased 32.8 percent to $7.8 million. Adjusted EBITDA, before unusual items, decreased to $4.1 million, compared with $7.6 million for the first quarter of 2008.
As of March 31, OpenTV had a balance of $36.3 million in deferred revenue, compared with $33.2 million as of Dec. 31. At the end of the first quarter, the company had cash, cash equivalents, and short- and long-term marketable debt securities totaling $114.2 million, compared with $102.8 million at the end of last year.
In the first quarter of 2009, revenues from OpenTV’s middleware segment were $27 million, compared with $30.1 million for the same period in the prior year, while revenues from advertising were $2.4 million, compared with $3.7 million for the same period in the prior year.
Yesterday, Time Warner Cable announced it would use OpenTV’s EclipsePlus advertising campaign management platform in all of its regional operating centers (story here).