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Rovi Corporation Reports Third Quarter 2013 Financial Performance

Stocks in this article: ROVI

SANTA CLARA, Calif., Oct. 30, 2013 (GLOBE NEWSWIRE) -- Rovi Corporation (Nasdaq:ROVI) today reported financial results for the third quarter ended September 30, 2013. The Company also announced that its Board of Directors has authorized a review of strategic alternatives for its DivX business.

The Company reported third quarter revenue of $143.0 million, compared to $163.7 million in the third quarter of 2012. Third quarter 2013 GAAP Income from continuing operations, net of tax, was $7.5 million, compared to a GAAP Loss from continuing operations, net of tax, of $1.9 million for the third quarter of 2012. After taking into consideration the sales of the Rovi Entertainment Store and Consumer Website business, and the accounting for such businesses in discontinued operations, the Company reported a third quarter GAAP net loss of $11.5 million, compared to a GAAP net loss of $13.3 million for the third quarter of 2012. Third quarter Income Per Common Share from continuing operations was $0.08, compared to a loss of $0.02 Per Common Share in the third quarter of 2012. The year-over-year decline in revenue was primarily attributable to continued and anticipated revenue declines within the Company's consumer electronics video delivery and display sales vertical, as well as an absence of new licensing agreements.

On a non-GAAP basis, third quarter Adjusted Pro Forma Income was $40.6 million, compared to $57.8 million in the third quarter of 2012, and third quarter Adjusted Pro Forma Income Per Common Share was $0.41, compared to $0.56 in the third quarter of 2012.

Adjusted Pro Forma Income and Adjusted Pro Forma Income Per Common Share from Continuing Operations 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.

Tom Carson, President and CEO of Rovi Corporation, stated, "While we made significant progress toward closing some major deals this past quarter, the reality is that it is taking longer than anticipated to close these transactions and, as such, we did not close any of these expected deals. While we are disappointed in the impact this has on our short-term results, we remain sharply focused on the long-term interest of our stockholders, maximizing the long-term value of our IP portfolio and confident in the value of our assets. Looking ahead, we continue to believe that we will come to agreeable terms with these parties, but feel it is prudent given the continued delay to reduce our expectations for fiscal 2013."

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