TiVo (Nasdaq: TIVO) Shared Results for the Third Quarter Fiscal Year 2010 Ended October 31, 2009

Ft. Lauderdale 11/25/2009 08:05 PM GMT (TransWorldNews)

TiVo Inc. (Nasdaq: TIVO) the creator of and a leader in television services for digital video recorders, recently shared financial results for the third quarter ended October 31, 2009. "TiVo recorded another strong quarter, posting the ninth straight quarter of Adjusted EBITDA profitability, exceeding guidance," said Tom Rogers, President and CEO of TiVo. "We have made substantial progress since last quarter in our efforts to drive distribution of TiVo globally through our just announced strategic partnership with Virgin Media in the UK and our launch earlier this month in New Zealand.

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In addition, development of our audience research and measurement business continues, as we announced a deal with Google earlier today. We also continued our efforts this quarter at laying the groundwork for our key 2010 initiatives including our planned domestic rollouts with DIRECTV and RCN, an expected acceleration in Comcast's deployment of the TiVo service, and preparations for the commencement of Best Buy's substantially increased marketing efforts for our products and services. "Importantly, we continued our successful defense of our intellectual property this quarter as the United States District Court, Eastern District of Texas ruled to impose damages and contempt sanctions of approximately $200 million against EchoStar for its continued violation of a permanent injunction, taking the total damages awarded to date to approximately $400 million."

Rogers shared, "On the international distribution front, we made significant progress since last quarter in our ongoing efforts to expand our global reach. Today, we announced a long-term, strategic partnership with Virgin Media, one of the largest international cable operators and the UK's single largest cable system, to offer Virgin Media's nearly four million UK customers TiVo's advanced television software and user interface on both its traditional and DVR set-top boxes, including TiVo's broadband to the television capabilities. "We also recently marked the official launch of TiVo in New Zealand underscoring yet another value added business model that TiVo is employing with international media companies to help them protect their competitive market position. The significance here is that TVNZ, the leading broadcaster in the market, is heavily promoting the TiVo offering and is teaming up with Telecom New Zealand, the leading telephony company in the market, which is using its retail outlets as key hubs for the offering. "Furthermore, during the quarter, we also continued other progress with our domestic mass distribution efforts. In particular, we expect to continue to partner with Comcast for another year of development work toward porting the TiVo experience onto Comcast boxes. This development will support increased functionality and ongoing work toward tru2way which we expect will facilitate TiVo's move into additional markets. Additionally, Comcast recently reinitiated its marketing efforts across the New England market, now that the vast majority of technical hurdles have been cleared. In particular, Comcast has started running a new TV spot that focuses on the new unique capability to offer TiVo On-line Scheduler to their subscribers, and recently launched a new series of radio promotions and billboards. Rogers continued, "We believe others in the industry will follow RCN's lead and embrace both TiVo's hardware and software platforms as an efficient, cost effective way to fully integrate linear television and VOD service with TiVo's robust broadband delivered content, stitched together with TiVo's intuitive user interface. "On the TiVo-Owned side of the business, Best Buy shares our excitement about our strategic marketing relationship that is set to kick-off early next year. Our development work to create unique user interface elements for the Best Buy launch is nearing completion and will be timed with Best Buy's strategic marketing initiatives early next year. Additionally, we look forward to working with Best Buy to integrate its recently announced digital content through the TiVo service. "At the core of our retail distribution efforts is the fact that TiVo is a television viewing behavior company focused on how people consume television. TiVo truly understands how viewers want to watch television in a linear and on-demand world and is the only retail solution that seamlessly ties these options together into a single user experience. The idea that the TiVo service offers millions of content options to the television beyond what cable and satellite are doing today is still something that is not understood by a vast majority of television viewers. We believe this fact is a very powerful differentiator of the TiVo brand and we expect Best Buy will play a critical role in driving this fact into the consciousness of consumers next year.”

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