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Gemstar Swings to Profit

Stock quotes in this article: GMST , NWS  

Gemstar-TV Guide International(GMST Quote) swung to a third-quarter profit, thanks to improvement at its TVG Network and a significant tax gain.

The company made $51 million, or 12 cents a share, reversing the year-ago loss of $98 million, or 23 cents a share. Revenue fell to $171.6 million from $174 million during the same period the year before. Thomson-surveyed analysts had expected a loss of 5 cents a share on revenue of $172.73 million.

Substantially all of the latest-quarter earnings came from the recognition of a $51.1 million income tax benefit. ...

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