TiVo Posts 1Q Loss As Revenue Falls Nearly 10 Pct

TiVo Inc. on Wednesday reported a smaller-than-expected loss for the first quarter even as revenue fell by nearly 10 percent and higher operating costs cut into its bottom line.

The maker of digital video recorders that let viewers watch their favorite TV shows at their convenience posted a loss of $4.1 million, or 4 cents per share, in the quarter ended April 30. That's down from a profit of $3.6 million, or 4 cents per share, in the year-ago period.

Total revenue slipped to $54.9 million from $60.8 million, as service and technology revenue declined to $48.5 million from $54.9 million in the year-earlier period.

Analysts polled by Thomson Reuters had expected a slightly larger loss of 5 cents per share and service and technology revenue of $48.6 million.

Adjusted earnings before interest, taxes, depreciation and amortization was $5.1 million, down from $11.1 million last year. Operating expenses rose by 5.6 percent.

Alviso, Calif.-based TiVo added 37,000 new subscribers in the quarter, before cancellations, down from 48,000 a year ago. Churn, or customer turnover, was 1.4 percent compared to 1.3 percent last year. The company has 1.6 million customers who own TiVo DVRs and subscribe to its service.