Advanced digital television solutions provider OpenTV has reported a net income of $9.6 million, or $0.07 per share for the full year ended December 31, 2008, compared to a net loss of $5.2 million, or $(0.04) per share, in 2007.
For the quarter ended December 31, 2008, the company posted a net income of $2.3 million, or $0.02 per diluted share for the fourth quarter of 2008 compared to a net income of $11 million, or $0.08 per diluted share in the same quarter of 2007.
Foorth quarter revenues were $28.9 million, compared to revenues of $38.2 million in the fourth quarter of 2007. Revenues in the fourth quarter of 2007 were impacted by the recognition of $10.5 million of previously deferred revenue from UPC Broadband, a division of Liberty Global. Royalties and licenses revenues were $20.2 million in the fourth quarter of 2008, compared to $25.6 million in the prior year period.
Services and other revenues were $8.7 million in the fourth quarter of 2008, compared to $12.6 million in the prior year period. Adjusted EBITDA, before unusual items, was $3.9 million in the fourth quarter of 2008, compared to $12.1 million in the prior year period.
For the year ended December 31, 2008, revenues were $116.5 million, 5.9% higher than revenues of $110 million in 2007, reflecting gains in the middleware and advanced advertising product lines. Royalties and licenses revenues in 2008 increased 4.6% to $77.1 million. Services and other revenues in 2008 increased 8.5% to $39.4 million. Adjusted EBITDA, before unusual items, improved to $17.6 million in 2008, compared to $8.3 million in 2007.
Ben Bennett, OpenTV's CEO, said: “2008 marked the first profitable year in OpenTV's history. We exceeded both our revenue and net income guidance for the year by improving our service delivery to customers and by building a more efficient operating structure. We remain focused on growing our core businesses and continue to solidify our market position with the deployment to date by our customers of more than 121 million OpenTV-enabled devices around the world."
