was climbing in Instinet premarket trading after the company posted better-than-expected first-quarter results and said it was on track in its drive to reach profitability.
The maker of digital video recording services said it lost $35.1 million, or 74 cents a share, in the quarter, compared with a loss of $50.2 million, or $1.20 a share, in the year-ago quarter.
Excluding nonrecurring accounting items related to an AOL investment in TiVo, the company lost $25.8 million, or 55 cents a share. On that basis, analysts polled by Thomson Financial/First Call had been expecting a loss of 66 cents a share.
Revenue more than tripled to $9.9 million from $3.2 million last year, ahead of the consensus estimate of $7.95 million. Loss before interest, taxes, depreciation and amortization was $9.7 million, compared with losses of $40.4 million last year. The company added 42,000 new subscribers, exceeding guidance, to bring the total number of subscribers to 422,000.
In a press release, TiVo said its better-than-expected subscriber growth was driven by consumer demand and the early launch of national retail distribution of the TiVo Series2 DVR. The company said, "Consumer demand for TiVo has never been stronger. And our licensing and professional services business is taking off."
Looking ahead, TiVo also raised its guidance for the year. The company now expects a second-quarter operating loss of $15 million to $20 million on revenue in the range of $10.5 million to $12.0 million, compared with the consensus estimate of revenue of $11.05 million. Loss before interest, taxes, depreciation and amotization is expected to be $5 million to $20 million for the year.
Shares of TiVo were recently up about 11% to $4.35 on the Instinet premarket trading platform after closing at $3.93 Thursday.