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TheStreet Open House

Rovi Corporation Reports Second Quarter 2013 Financial Performance

"We continue to make good progress realigning the business around our core operations," said Tom Carson, President and CEO of Rovi. "The sales of both the Rovi Entertainment Store and the Consumer Website businesses are important steps to continue sharpening our focus on driving growth in service provider and other related business."

The Company repurchased 2.8 million shares of its stock for $65.0 million in the second quarter, bringing the total to 5.0 million shares of stock for $107.1 million during the first half of fiscal 2013. The Company now has approximately $115.8 million remaining in its existing share repurchase authorization. 

Business Outlook

As a result of classifying the Consumer Website businesses as discontinued operations, Rovi's previously announced expectations for fiscal year 2013 revenue would be adjusted from $630 million - $660 million to $623 million - $651 million.  The anticipated divestiture of the Consumer Website businesses would not impact the Company's previously announced 2013 Adjusted Pro Forma Income Per Common Share expectations. 

The Company has further adjusted its expectations in light of uncertainties with respect to the timing of closing several new agreements, currently in negotiation, under appropriate terms with international and Over-the-Top businesses.  The Company now anticipates fiscal year 2013 revenue of $600 million - $630 million and fiscal year 2013 Adjusted Pro Forma Income Per Common Share of $1.80 - $2.10.

"We remain highly focused on achieving the outlook we provided at the beginning of the year," continued Tom Carson, President and CEO of Rovi. "However, given our ongoing objective to obtain appropriate value for our key intellectual property, we have decided to revise our expectations for the second half of 2013. We do so in order not to put ourselves in a difficult negotiating position regarding contract terms in order to meet previously set expectations. We believe we will close these deals under appropriate terms, it is just a question of timing."

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