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TheStreet Open House

Rovi Corporation Reports Fourth Quarter And Full Year 2012 Financial Performance

SANTA CLARA, Calif., Feb. 13, 2013 (GLOBE NEWSWIRE) -- Rovi Corporation (Nasdaq:ROVI) today reported financial results for the fourth quarter and full year 2012 ended December 31, 2012. All 2011 and 2012 results presented in this release have been adjusted to reflect the reclassification of the Rovi Entertainment Store business, which the Company has put up for sale, as discontinued operations.

The Company reported fourth quarter GAAP revenue of $157.0 million, compared to $174.3 million in the fourth quarter of 2011. Fourth quarter 2012 GAAP net income was $2.1 million, compared to a GAAP net loss of $49.3 million for the fourth quarter of 2011. The fourth quarter of 2011 included a $40.6 million impairment charge to reduce the carrying value of the intangible assets of the Roxio Consumer Software business to fair value less costs to sell. On a non-GAAP basis, fourth quarter Adjusted Pro Forma Income was $47.9 million, compared to $70.6 million in the fourth quarter of 2011, and Adjusted Pro Forma Income Per Common Share was $0.48, compared to $0.65 in the fourth quarter of 2011. The year-over-year declines were primarily attributable to reductions in revenue within the Company's consumer electronics vertical.

For the full year 2012, the Company reported 2012 GAAP revenues of $650.6 million, compared to $681.0 million for 2011. The full year 2012 GAAP net loss was $34.3 million, compared to a GAAP net loss of $41.3 million for 2011. Non-GAAP Adjusted Pro Forma Income for full year 2012 was $222.9 million, compared to $289.4 million for 2011. Adjusted Pro Forma Income Per Common Share was $2.12 for 2012, compared to $2.56 for 2011.

Adjusted Pro Forma Income and Adjusted Pro Forma Income Per Common Share are defined below in the section entitled Non-GAAP or Adjusted Pro Forma Information. Reconciliations between GAAP pro forma and Adjusted Pro Forma results from operations are provided in the tables below.

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