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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Opentv (MM) | NASDAQ:OPTV | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 1.55 | 0 | 01:00:00 |
OpenTV Corp. (NASDAQ:OPTV), a leading software and technology provider of advanced digital television solutions, today announced financial results for its fourth quarter and full year ended December 31, 2009.
Key Operating Measures
USD MillionsThreemonthsendedDecember31, 2009
ThreemonthsendedDecember31, 2008
ChangeTwelve monthsendedDecember 31,2009
Twelve monthsendedDecember 31,2008
Change Revenues $31.2m $28.9m 8.0% $120m $116.5m 3.0% Net Income $0.7m $2.3m $(1.6)m $6.2m $9.6m $(3.4)m Adjusted EBITDA, before unusual items $4.4m $3.9m $0.5m $16.9m $17.6m $(0.7)m Cash, Cash Equivalents and Marketable Debt Securities $118.5m $102.8m 15.3% $118.5m $102.8m 15.3%Full-Year 2009 Results
For the year ended December 31, 2009, revenues were $120.0 million, an increase of 3.0% compared to $116.5 million in 2008. Royalties and licenses revenues increased 8.9% to $84.0 million. Services and other revenues decreased 8.6% to $36.0 million. Adjusted EBITDA, before unusual items, decreased to $16.9 million in 2009, compared to $17.6 million in 2008.
Net income for the year ended December 31, 2009 was $6.2 million, or $0.05 per share, compared to $9.6 million, or $0.07 per share, in 2008.
Cash flows from operations were $20.3 million in 2009, compared to $14.2 million in 2008.
As of December 31, 2009, the company recorded a balance of $39.8 million in deferred revenue, compared to $33.2 million as of December 31, 2008.
As of December 31, 2009, the company had cash, cash equivalents and short and long-term marketable debt securities totaling $118.5 million, compared to $102.8 million as of December 31, 2008.
Fourth Quarter 2009 Results
For the quarter ended December 31, 2009, revenues were $31.2 million, compared to revenues of $28.9 million in the fourth quarter of 2008. Royalties and licenses revenues were $22.2 million, compared to $20.2 million in the fourth quarter of 2008. Services and other revenues were $9.0 million in the fourth quarter of 2009, compared to $8.7 million in the prior year period. Adjusted EBITDA, before unusual items, was $4.4 million, compared to $3.9 million in fourth quarter of 2008.
Net income in the fourth quarter of 2009 was $0.7 million, or $0.01 per diluted share, compared to net income of $2.3 million, or $0.02 per diluted share, in the fourth quarter of 2008.
Segment Information
Revenues
Contribution Margin
For 2009, total contribution margin from our operating segments was $41.8 million, which is consistent with the total contribution margin for 2008. Unallocated corporate overhead in 2009 was $25.0 million, compared to $24.1 million in 2008. For the fourth quarter of 2009, total contribution margin from the company’s operating segments was $10.7 million, compared to $10.0 million for the same period in the prior year. Unallocated corporate overhead was $6.3 million in the fourth quarter of 2009, compared to $6.1 million for the same period in the prior year.
Adjusted EBITDA before unusual items and contribution margin are non-GAAP financial measures. Reconciliations of the differences between these non-GAAP financial measures and net income, which is the most directly comparable GAAP financial measure, are included at the end of this press release. Additional information regarding the derivation of Adjusted EBITDA and contribution margin and a statement of the relevance to management of this information and its possible usefulness to investors is also included at the end of this release and on the investor relations page of our Web site.
Update on Redemption
On February 24, 2010, OpenTV announced that it is redeeming all of its outstanding Class A ordinary shares, other than any such shares held by its controlling shareholder, Kudelski SA, and two of its subsidiaries, for $1.55 per share, without interest and less applicable withholding taxes. OpenTV intends to complete the redemption at 5:00 p.m., New York City time, on March 26, 2010. The company also announced that it intends to effect a voluntary delisting of its Class A ordinary shares from The NASDAQ Global Market effective upon completion of the redemption.
OpenTV does not intend to conduct a conference call to discuss the company’s financial results for the quarter and year ended December 31, 2009.
Summary of Recent Announcements
The following is a summary of key press releases since the company’s last earnings release:
About Segment Information
Because our business segments reflect the manner in which management reviews our business, they necessarily involve judgments that management believes are reasonable in light of the circumstances under which they are made. These judgments may change over time or may be modified to reflect new facts or circumstances. Segments may also be changed or modified from time to time to reflect technologies and applications that are newly created or that have changed, or other business conditions that evolve, each of which may result in management reassessing specific segments, the elements included therein and the methodologies used to assess segment performance.
Non-GAAP Financial Measures
"EBITDA" is an acronym for earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA, as used in this release, removes from EBITDA the effects of amortization of intangible assets, share-based compensation expense, other income and expense, and non-controlling interest. "Adjusted EBITDA before unusual items" removes from Adjusted EBITDA the effects of contract amendments that mitigated potential loss positions and restructuring costs.
"Contribution margin," as used in this release, is defined by the company as segment revenues less related direct or indirect allocable costs, including headcount and headcount-related overhead costs, consulting and subcontractor costs, travel, marketing and network infrastructure and bandwidth costs. Contribution margin excludes unallocated corporate support, interest, taxes, depreciation and amortization, amortization of intangible assets, share-based compensation, impairment of goodwill, impairment of intangibles, other income, noncontrolling interest, restructuring provisions, and unusual items such as contract amendments that mitigated potential loss positions. These exclusions reflect costs not considered directly allocable to individual business segments and result in a definition of contribution margin that does not take into account the substantial cost of doing business.
Management believes that “Adjusted EBITDA before unusual items” and “contribution margin” are relevant and useful measures, when considered in conjunction with the comparable GAAP measures, for use by investors in evaluating the operational performance of the company. They are some of the principal measures used by OpenTV's management to assess the financial performance of its business. OpenTV's management believes that both Adjusted EBITDA before unusual items and contribution margin provide meaningful information because each measure represents a transparent view of OpenTV's recurring operating performance and allows management to readily view operating trends, perform analytical comparisons and benchmarking between segments and identify strategies to improve operating performance. While OpenTV's management may consider Adjusted EBITDA before unusual items and contribution margin to be important measures of comparative operating performance, they should be considered in addition to, but not as a substitute for, profit from operations, net income, cash flow and other measures of financial performance prepared in accordance with accounting principles generally accepted in the United States that are presented in the financial statements included in this press release. Additionally, OpenTV's calculation of Adjusted EBITDA before unusual items and contribution margin may be different from the calculation used by other companies and, therefore, comparability may be affected. OpenTV reconciles Adjusted EBITDA before unusual items and each reported segment's contribution margin to its consolidated net income as presented in the accompanying financial statements, because OpenTV believes consolidated net income is the most directly comparable financial measure presented in accordance with GAAP.
While OpenTV believes that the presentation of non-GAAP financial measures contained in this press release complies with the rules and guidance of the SEC, it can give no assurance that it will be able to provide the same or comparable measures in future press releases or announcements. OpenTV may, in the future, present non-GAAP financial measures other than "Adjusted EBITDA before unusual items," "Adjusted EBITDA" and "contribution margin" that it believes may be useful to investors. Any such determinations will be made with the intention of providing the most useful information to investors and will reflect the information used by OpenTV's management in assessing its business, which may change from time to time.
Cautionary Language Regarding Forward-Looking Information
This press release contains certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in political, economic, business, competitive, market and regulatory factors. In particular, factors that could cause our actual results to differ include risks related to: delays in our ability to complete the redemption of our Class A ordinary shares and effect the voluntary delisting of our Class A ordinary shares from The NASDAQ Global Market due to potential regulatory, litigation or other issues; delays in the development or introduction of new versions of our products; technical difficulties with networks or operating systems; deterioration of worldwide economic conditions and the potential impact of such conditions on our customer’s purchasing and investment decisions; our ability to manage our resources effectively; and the protection of our intellectual property rights. These and other risks are more fully described in our periodic reports and registration statements filed with the Securities and Exchange Commission and can be obtained online at the Commission's web site at http://www.sec.gov. Readers should consider the information contained in this release together with other publicly available information about our company for a more informed overview of our company. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
About OpenTV
OpenTV is one of the world’s leading providers of advanced digital television solutions dedicated to creating and delivering compelling viewing experiences to consumers of digital content worldwide. The company’s software has been integrated in more than 145 million devices around the world, and enables enhanced program guides, video-on-demand, personal video recording, interactive and addressable advertising, and a variety of enhanced television applications. For more information, please visit www.opentv.com.
OPENTV CORP. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share amounts) December 31, December 31, 2009 2008 * ASSETS Current assets: Cash and cash equivalents $ 72,041 $ 93,887 Short-term marketable debt securities 36,561 7,768Accounts receivable, net of allowance for doubtful accounts of $1,075 and $1,076 at December 31, 2009 and 2008, respectively
28,639 27,275 Prepaid expenses and other current assets 6,391 4,628 Total current assets 143,632 133,558 Long-term marketable debt securities 9,902 1,178 Property and equipment, net 8,297 7,974 Goodwill 95,730 95,250 Intangible assets, net 7,184 8,519 Other assets 2,813 2,471 Total assets $ 267,558 $ 248,950 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 3,144 $ 2,287Accrued liabilities
17,671
17,602
Accrued restructuring 221 238 Deferred revenue 26,462 16,130 Total current liabilities 47,498 36,257 Accrued liabilities, net of current portion 2,568 1,160 Accrued restructuring, net of current portion 1,060 1,146 Deferred revenue, net of current portion 13,299 17,092 Total liabilities 64,425 55,655 Commitments and contingencies OpenTV Shareholders' equity: Preference shares, no par value, 500,000,000 shares authorized; none issued and outstanding - -Class A ordinary shares, no par value, 500,000,000 shares authorized; 107,986,419 and 108,385,176 shares issued and outstanding, including treasury shares, at December 31, 2009 and 2008, respectively
2,235,353 2,234,687Class B ordinary shares, no par value, 200,000,000 shares authorized; 30,206,154 shares issued and outstanding at December 31, 2009 and December 31, 2008
35,953 35,953 Additional paid-in capital 517,256 515,506 Treasury shares at cost, zero and 523,647 shares at December 31, 2009 and December 31, 2008, respectively - (623 ) Accumulated other comprehensive loss (1,600 ) (2,163 ) Accumulated deficit (2,584,254 ) (2,590,496 ) Total OpenTV shareholders' equity 202,708 192,864 Noncontrolling interest 425 431 Total equity 203,133 193,295 Total liabilities and equity $ 267,558 $ 248,950* The condensed consolidated balance sheet at December 31, 2008 has been derived from the company's audited consolidated financial statements at that date.
OPENTV CORP. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share amounts) Three Months Ended December 31, Year Ended December 31, 2009 2008 2009 2008 Revenues: Royalties and licenses $ 22,167 $ 20,222 $ 84,032 $ 77,133 Services and other 9,050 8,703 35,980 39,341 Total revenues 31,217 28,925 120,012 116,474 Cost of revenues: Royalties and licenses 1,086 1,033 3,887 4,994 Services and other 10,933 9,874 42,047 39,059 Total cost of revenues 12,019 10,907 45,934 44,053 Gross profit 19,198 18,018 74,078 72,421 Operating expenses: Research and development 10,070 8,631 35,971 34,400 Sales and marketing 1,948 1,867 8,073 9,371 General and administrative 6,096 5,269 21,655 20,299 Restructuring and impairment 5 - 154 575 Amortization of intangible assets 50 184 250 734 Impairment of intangible assets - 767 - 767 Total operating expenses 18,169 16,718 66,103 66,146 Profit from operations 1,029 1,300 7,975 6,275 Interest income 181 364 467 2,230 Other income (expense) 55 804 (734 ) 1,581 Profit before income taxes 1,265 2,468 7,708 10,086 Income tax expense 523 148 1,466 473 Net income 742 2,320 6,242 9,613 Less: Net income attributable to the noncontrolling interest (1 ) (2 ) (6 ) (20 ) Net income attributable to OpenTV $ 741 $ 2,318 $ 6,236 $ 9,593 Net income attributable to OpenTV per share, basic $ 0.01 $ 0.02 $ 0.05 $ 0.07 Net income attributable to OpenTV per share, diluted $ 0.01 $ 0.02 $ 0.04 $ 0.07 Shares used in per share calculation, basic 138,136,184 139,097,785 138,108,085 139,496,297 Shares used in per share calculation, diluted 138,388,194 139,796,495 138,729,963 140,211,084 OPENTV CORP. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Year Ended December 31, 2009 2008 Cash flows from operating activities: Net income $ 6,242 $ 9,613 Less: Net income attributable to the noncontrolling interest (6 ) (20 ) Net income attributable to OpenTV 6,236 9,593 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization of property and equipment 4,419 4,193 Amortization of intangible assets 1,335 3,303 Share-based compensation 2,983 2,516 Non-cash employee compensation 2 12 Non-cash restructuring costs 19 - Provision for doubtful accounts 770 511 Impairment costs - 767 Gain on sale of cost investment (120 ) (220 ) Loss on disposal of fixed assets 36 5 Loss on investment in marketable debt securities - 58 Changes in operating assets and liabilities: Accounts receivable (2,919 ) (11,052 ) Prepaid expenses and other current assets (1,764 ) (1,087 ) Other assets (343 ) (547 ) Accounts payable 1,085 (505 ) Accrued liabilities 1,355 (1,682 ) Accrued restructuring (103 ) (796 ) Deferred revenue 7,323 9,088 Net cash provided by operating activities 20,314 14,157 Cash flows from investing activities: Purchase of property and equipment (4,705 ) (5,198 ) Cash used in acquisition, net of cash acquired - (228 ) Proceeds from sale of cost investment 120 1,959 Proceeds from disposal of property and equipment 2 - Proceeds from sale of marketable debt securities 13,396 20,334 Purchase of marketable debt securities (51,072 ) (6,380 ) Net cash provided by (used in) investing activities of continuing operations (42,259 ) 10,487 Net cash provided by investing activities of discontinued operations - 225 Net cash provided by (used in) investing activities (42,259 ) 10,712 Cash flows from financing activities: Repurchase of restricted shares (495 ) (532 ) Repurchase of treasury shares (228 ) (1,307 ) Capital contribution from the former controlling shareholder - 14,333 Proceeds from issuance of ordinary shares 217 17 Net cash provided by (used in) financing activities (506 ) 12,511 Effect of exchange rate changes on cash and cash equivalents 605 (2,092 ) Net increase (decrease) in cash and cash equivalents (21,846 ) 35,288 Cash and cash equivalents, beginning of period 93,887 58,599 Cash and cash equivalents, end of period $ 72,041 $ 93,887 Supplemental disclosure of cash flow information: Cash paid for income taxes $ (940 ) $ (1,528 ) Non-cash investing and financing activities: Conversion of exchangeable shares $ 300 $ 2 Retirement of treasury shares $ 623 $ 912 OPENTV CORP. UNAUDITED SEGMENT INFORMATION AND RECONCILIATION OF CONTRIBUTION MARGIN AND ADJUSTED EBITDA TO NET INCOME (In thousands) Three Months Ended December 31, Year Ended December 31, 2009 2008 2009 2008 Revenues: Middleware solutions Royalties and licenses $ 21,495 $ 18,822 $ 81,451 $ 71,166 Services and other 6,974 6,842 27,695 32,030 Subtotal - Middleware solutions 28,469 25,664 109,146 103,196 Advertising solutions Royalties and licenses 672 1,400 2,581 5,967 Services and other 2,076 1,861 8,285 7,311 Subtotal - Advertising solutions 2,748 3,261 10,866 13,278 Total revenues $ 31,217 $ 28,925 $ 120,012 $ 116,474 Contribution margin (loss): Middleware solutions $ 10,818 $ 9,847 $ 41,803 $ 40,779 Advertising solutions (134 ) 158 21 960 Total contribution margin 10,684 10,005 41,824 41,739 Unallocated corporate support (6,333 ) (6,095 ) (24,957 ) (24,098 ) Adjusted EBITDA before unusual items 4,351 3,910 16,867 17,641 Restructuring and impairment (5 ) - (154 ) (575 ) Adjusted EBITDA 4,346 3,910 16,713 17,066 Depreciation and amortization (1,100 ) (1,073 ) (4,420 ) (4,193 ) Amortization of intangible assets (322 ) (455 ) (1,335 ) (3,303 ) Share-based and non-cash compensation (1,895 ) (315 ) (2,983 ) (2,528 ) Interest income 181 364 467 2,230 Other income (expense) 55 804 (734 ) 1,581 Impairment of intangible assets - (767 ) - (767 ) Profit before income taxes 1,265 2,468 7,708 10,086 Income tax expense 523 148 1,466 473 Net income 742 2,320 6,242 9,613 Less: Net income attributable to the noncontrolling interest (1 ) (2 ) (6 ) (20 ) Net income attributable to OpenTV $ 741 $ 2,318 $ 6,236 $ 9,593
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