OpenTV reports modest increase in revenues to $15.7 million.
Net loss narrows from $24.0 million to $9.2 million.
OpenTV's global technology and products reach over 47 million set top boxes (20 million U.S.) bringing interactive television to over 70 countries.
SAN FRANCISCO--(BUSINESS WIRE)--Aug. 14, 2003-- OpenTV (NASDAQ:OPTV) (Euronext Amsterdam: OPTV), one of the world's leading interactive television companies, today announced its financial results for the quarter ended June 30, 2003.
For the quarter ended June 30, 2003, OpenTV's revenue totaled $15.7 million compared to $14.1 million for the quarter ended June 30, 2002, an improvement of 11%.
OpenTV had a loss from operations for the quarter ended June 30, 2003 of $8.4 million, compared to a loss from operations of $22.6 million for the quarter ended June 30, 2002. OpenTV's net loss for the quarter ended June 30, 2003 was $9.2 million, or $0.13 per share, compared to a net loss of $24.0 million, or $0.33 per share, for the quarter ended June 30, 2002.
The following table and comments compare financial information for the quarter ended June 30, 2003 to the same period in 2002. EBITDA, as used in the following table, consists of earnings before interest, taxes and depreciation and amortization, including amortization of long-lived assets and share-based compensation. EBITDA was a loss of $3.6 million for the quarter ended June 30, 2003 compared to a loss of $15.0 million for the quarter ended June 30, 2002. OpenTV believes EBITDA to be relevant and useful information as EBITDA is a primary measure used by OpenTV's management to measure the financial performance of its business.
OpenTV believes that certain non-GAAP measures, when presented in conjunction with comparable GAAP measures, may be useful in that they provide the reader with the same information used by OpenTV's management. EBITDA is a non-GAAP performance measure, and does not take into account substantial costs of doing business, such as income taxes and interest expense (although for the quarter ended June 30, 2003, OpenTV recorded no interest expense and nominal tax expense).
While many in the financial community consider this term to be an important measure of comparative operating performance, it should be considered in addition to, but not as a substitute for, loss from operations, net loss, cash flow used in operating activities and other measures of financial performance prepared in accordance with accounting principles generally accepted in the United States that are presented in the financial statements included in this press release. Additionally, the Company's calculation of EBITDA may be different than the calculation used by other companies and, therefore, comparability may be affected. The following table provides reconciliations for 2003 and 2002 of EBITDA to net loss (in thousands).