Reuters: Technology News: TiVo quarterly loss wider than expected as legal costs rise

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TiVo quarterly loss wider than expected as legal costs rise May 30th 2012, 21:17 Wed May 30, 2012 5:17pm EDT (Reuters) - TiVo Inc (TIVO.O), a maker of digital television recorders, posted a wider-than-expected quarterly loss, hurt by costly legal battles, sending its shares down 3 percent in after-market trade. TiVo, whose brand is synonymous with digital voice recorders, is embroiled in a patent infringement dispute with Verizon Communications Inc (VZ.N) that is expected go to trial in Texas by the end of the year. In January, Verizon's rival AT&T Inc (T.N) agreed to pay TiVo a minimum of $215 million and additional monthly licensing fees to settle a dispute over the same patents. TiVo forecast a second-quarter net loss of $28 million to $30 million, while analysts were expecting a $16 million loss, according to Thomson Reuters I/B/E/S. Net loss for the first quarter was $20.8 million, or 17 cents per share, compared with a profit of $139 million, or $1.04 per share, a year earlier. In the year ago quarter, TiVo's profit included a one-time payment of $175.7 million from DISH Network Corp (DISH.O) related to the settlement of another patent infringement lawsuit involving TiVo's video recording technology. Revenue rose 48 percent to $67.8 million. Total subscriptions rose by 524,000, or 27 percent, to about 2.5 million. Operating costs more than doubled to $54.2 million. Analysts were expecting a loss of 15 cents per share on revenue of $54.9 million, according to Thomson Reuters I/B/E/S. TiVo sells its own set-top boxes and also licenses its technology to cable operators such as Virgin Media, Charter, DirecTV (DTV.O), Ono, RCN and Suddenlink. TiVo shares, which have fallen 13 percent in the last year, were down 3 percent at $8.70 in after-market trade. They closed at $8.96 on Wednesday on the Nasdaq. (Reporting by Chandni Doulatramani in Bangalore; Editing by Viraj Nair) Link this Share this Digg this Email Reprints

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