Earnings: Macrovision Has Better-Than-Expected Quarter, Raises Outlook For The Year
This story was written by Joseph Tartakoff.
Macrovision said its quarterly net loss increased to $41.5 million (41 cents per share) from a profit of $5 million (9 cents per share) a year ago, although the change was due primarily to losses incurred from the recent sale of its media properties, including its TV Guide Magazine business and the TVG Network. Revenue increased to $111.2 million, compared to $30.3 million a year ago. Adjusted earnings per share were 31 cents, up from 15 cents during the same period a year ago. Analysts had expected adjusted earnings per share of 21 cents on $106.72 million in revenue.
Macrovision (NSDQ: MVSN) also said it would increase its outlook for the remainder of the year due to its strong performance during the first quarter, which it attributed in part to growth in licensing sales to consumer-electronic companies and increases in the number of digital-television subscribers. The company said it now expected revenue of between $450 million and $480 million, up from a previous range of $440 million to $480 million. Earnings per share is expected to come in between $1.25 and $1.45, from $1.15 and $1.45.
By Joseph Tartakoff