Earnings: Macrovision Q2 Revs Up 11 Percent; $50M Cost Savings Outlook Intact
This story was written by Joseph Weisenthal.
Macrovision (NSDQ: MVSN) Solutions, the successor to Macrovision and Gemstar, has reported Q2 revenue of $148.6 million, up 10.7 percent compared to $133.9 million. The numbers assume that the two had been merged last year, and it excludes certain ops marked for discontinuation, like TV Guide and the games business, which has been sold. Adjusted pro-forma EBITDA (yes, that's three layers of adjustments but necessary to get a clean comparison out of this release) was $39.2 million, up from $33.5 million. The technology solutions business grew 21 percent to $105.9 million, while the media networks side fell to $42.6 million from $46.7 million. The company says integration of the companies is going smoothly and that they're on track for $50 million in annual cost savings.
Besides TV Guide magazine, which it is counting as a discontinued business, it is also including eMeta, the publishing right access company it bought in 2006 for $35 million, in the discontinued line. Not sure if it is close to selling off that part, but likely.
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By Joseph Weisenthal