This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Rovi Corporation Reports First Quarter 2013 Financial Performance

Stocks in this article: ROVI

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."

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,068.86 +15.15 0.08%
S&P 500 2,092.63 +3.86 0.18%
NASDAQ 4,807.8280 +0.9690 0.02%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs