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Rovi Corporation Reports Second Quarter 2013 Financial Performance

Stocks in this article: ROVI

SANTA CLARA, Calif., July 31, 2013 (GLOBE NEWSWIRE) -- Rovi Corporation (Nasdaq:ROVI) today reported financial results for the second quarter ended June 30, 2013. The Company also announced that it has entered into separate agreements to sell the Rovi Entertainment Store and Rovi's Consumer Website businesses, as part of the Company's continued focus on its core operations. Both transactions are expected to close in the third quarter of 2013. All 2012 and 2013 results presented in this release have been adjusted to reflect the Rovi Entertainment Store and Rovi's Consumer Website businesses reclassified to discontinued operations.

The Company reported second quarter revenue of $146.4 million, compared to $154.6 million in the second quarter of 2012. Second quarter 2013 GAAP Income from continuing operations, net of tax, was $2.8 million, compared to a GAAP Loss from continuing operations, net of tax, of $3.1 million for the second quarter of 2012. After taking into consideration discontinued operations, the Company reported a second quarter GAAP net loss of $74.1 million, compared to a GAAP net loss of $18.5 million for the second quarter of 2012. The year-over-year decline in revenue was primarily attributable to continued softness in the Company's consumer electronics sales verticals. The year-over-year increase in the loss from discontinued operations was driven by $63.9 million in impairment charges related to the Rovi Entertainment Store and Rovi's Consumer Website businesses.

On a non-GAAP basis, second quarter Adjusted Pro Forma Income was $46.1 million, compared to $48.3 million in the second quarter of 2012, and second quarter Adjusted Pro Forma Income Per Common Share was $0.46, compared to $0.45 in the second quarter of 2012.

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 and Adjusted Pro Forma results from operations are provided in the tables below.

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