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TiVo profit, revenue beat estimates on subscriber growth

Reuters

By Anya George Tharakan

(Reuters) - Digital video recorder maker TiVo Inc reported better-than-expected quarterly revenue and profit, helped by higher subscriptions.

Shares of the company, which also said it bought Poland-based Cubiware, rose 6.2 percent in extended trading on Tuesday.

TiVo's set-top boxes are in high demand from cable users as they also allow access to online video services such as Netflix Inc, Hulu and Google Inc's YouTube.

The company's total subscriptions rose about 27 percent to 5.8 million in the first quarter ended April 30.

TiVo, whose clients include DirecTV, is trying to partner with more cable TV operators to grow its business.

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TiVo sells subscriptions directly to consumers with its video recorders and also licenses its technology to cable TV operators that rent recorders to subscribers.

The company sells its products through cable TV partners such as Virgin Media in the UK, ONO in Spain and Com Hem AB in Sweden.

TiVo said the acquisition of Poland-based Cubiware would allow it to expand into 25 countries.

Cubiware, which provides software for pay-TV operators, has customers across Latin America, Europe, the Middle East and Asia.

"We will continue to look at acquisitions that we think make strategic sense," TiVo Chief Executive Tom Rogers said in an interview, adding that the company is looking at "a lot of things."

TiVo expects the deal to add to adjusted EBITDA in the year ending Jan. 31.

TiVo's net income fell to $7.9 million in the first quarter, from $8.1 million a year earlier, hurt by higher costs. On a per-share basis, however, profit rose by a cent to 8 cents on lower share count.

Total revenue costs rose about 16 percent to $44.1 million.

Net revenue rose about 7.2 percent to $114.7 million.

Analysts on average had expected a profit of 7 cents per share and revenue of $91.5 million, according to Thomson Reuters I/B/E/S.

The San Jose, California-based company's shares, which closed at $10.36 on the Nasdaq, were at $10.84 after the bell.

(Reporting by Anya George Tharakan in Bengaluru; Editing by Maju Samuel)