Digital video recorder pioneer TiVo Inc. managed to shore up its first quarter for 2005, posting improved revenue and a smaller net loss.
The Alviso, Calif.-based provider of DVR boxes and service pulled in $40 million for the quarter ending April 30, compared to $25.2 million collected in the same quarter last year. Net loss also narrowed, down from $9.1 million in the first quarter 2004 to $900,000 for 2005.
TiVo also added 319,000 new subscribers to its service during the quarter, bringing the total subscriber count to more than 3.3 million. Of that, the lion's share came from TiVo's distribution deal with DirecTV Inc., with subscribers in that segment increasing by 247,000 to a total 2.1 million. The TiVo direct subscriber channel gained 72,000 customers to make up the remaining 1.2 million.
Other highlights of the quarter included a strategic partnership forged with Comcast Corp. to extend TiVo service to cable customers and also deploy TiVo's advertising platform to the MSO's DVR platform in the future. The TiVo-branded residential service is expected to reach a majority of Comcast markets in mid to late 2006.
"To take advantage of this mass deployment opportunity, we have increased our investment in technology development to ensure that Comcast can deploy TiVo to its customers as fast as possible," noted TiVo Chairman and CEO Mike Ramsay, in a release.
For the second quarter now under way, TiVo is projecting revenues to hold between $39.8 million to $40.6 million, with a net loss rising to between $4 million to $6 million. For the year, TiVo still expects to reach profitability by the fourth quarter, with total revenue between $155 million and $165 million, and net loss coming in between $10 million and $20 million.