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SANTA CLARA, Calif., May 1, 2013 (GLOBE NEWSWIRE) -- Rovi Corporation (Nasdaq:ROVI) today reported financial results for the first quarter ended March 31, 2013. All 2012 and 2013 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 first quarter revenue of $154.7 million, compared to $171.7 million in the first quarter of 2012. First quarter 2013 GAAP Income from continuing operations, net of tax, was $0.0 million, compared to a GAAP Income from continuing operations, net of tax, of $12.5 million for the first quarter of 2012. After taking into consideration discontinued operations, the Company reported a GAAP net loss of $25.7 million, compared to a GAAP net loss of $4.6 million for the first quarter of 2012. On a non-GAAP basis, first quarter Adjusted Pro Forma Income was $44.9 million, compared to $68.7 million in the first quarter of 2012, and first quarter Adjusted Pro Forma Income Per Common Share was $0.45, compared to $0.63 in the first quarter of 2012. The year-over-year declines were primarily attributable to expected revenue declines within the Company's consumer electronics video delivery and display sales vertical.
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.
"We demonstrated strong execution in the first quarter and made significant progress against our strategic initiatives, as we announced key new customers and renewals and extended our technology footprint further into mobile and over-the-top delivery ecosystems," said Tom Carson, President and CEO of Rovi. "We entered into several key IP licensing arrangements this quarter, which we believe affirms the continuing importance of Rovi's IP in the evolving digital entertainment landscape and positions the Company well for future growth."