OpenTV’s Q2 revenues increase 3%

Fri, 08/07/2009 - 8:15am
Mike Robuck

OpenTV’s second-quarter revenues rose 3 percent from $26.8 million in the same quarter a year ago to $27.6 million in the quarter that ended June 30.

OpenTV’s net income was $1.7 million, or 1 cent per share, in the second quarter, compared with breakeven results a year ago.

The company’s royalties and licenses revenues increased 7.1 percent to $19.5 million. Services and other revenues decreased 5.8 percent to $8.1 million. Adjusted EBITDA before unusual items increased to $4 million, compared with $2.5 million for the second quarter of 2008.

Cash used in operations were $2.6 million in the second quarter of 2009, compared with cash flow from operations of $5.8 million in the comparable 2008 period.

As of June 30, the company had a balance of $38.7 million in deferred revenue, compared with $33.2 million as of Dec. 31.

At the end of the second quarter, OpenTV said it had cash, cash equivalents and short- and long-term marketable debt securities totaling $111.3 million, compared with $102.8 million as of Dec. 31.

“We are satisfied with the improvement of the operating performance of OpenTV over the last several quarters, and we are fully committed to further investing in the future development of OpenTV with the aim of sustaining its market-leading position in digital TV middleware and advanced advertising,” said André Kudelski, OpenTV’s executive chairman.

OpenTV said revenues from its middleware division were $24.8 million, compared with $23.5 million for the same period in the prior year, while revenues from the advertising division were $2.8 million, compared with $3.3 million.

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