For the quarter ended March 31, 2003, OpenTV’s revenue totaled $15.3 million compared to $18.9 million for the quarter ended March 31, 2002. OpenTV had a loss from operations for the quarter ended March 31, 2003 of $20.3 million, compared to a loss from operations of $28.2 million for the quarter ended March 31, 2002.
The loss from operations for the quarter ended March 31, 2003 included a restructuring charge of $6.9 million associated with a reduction of the Company’s workforce by approximately 70 employees in France and the reduction of excess office space. The loss from operations for the quarter ended March 31, 2002 included a restructuring charge of $9.6 million associated with a reduction of the Company’s workforce by approximately 50 employees and the reduction of excess office space.
OpenTV’s net loss for the quarter ended March 31, 2003 was $20.1 million, or $0.28 per share, compared to a net loss of $167.8 million, or $2.36 per share, for the quarter ended March 31, 2002. The net loss in 2002 included a charge of $129.9 million relating to the impairment of goodwill from the adoption of SFAS No. 142 on January 1, 2002.
As of March 31, 2003, OpenTV had cash, cash equivalents and marketable debt securities totaling $74.0 million compared to $87.7 million as of December 31, 2002. The primary uses of cash during the quarter were to fund operations, including the Company’s restructuring initiatives.
"In the first quarter of 2003, we completed the last significant step in the restructuring plans we first announced in October of last year. Over the past eight months, we have streamlined our operations and focused our personnel on tasks critical to our success in this environment," said OpenTV Chief Executive Officer, James Ackerman.
"We recently mailed a proxy to our stockholders announcing that the Company will hold its annual meeting on June 3, 2003, which will bring us into compliance with that aspect of our listing requirements with the Nasdaq. At the annual meeting our stockholders will be asked to vote on the acquisition of ACTV and other matters