"OpenTV's third quarter results demonstrate solid operational improvements achieved in what is still a challenging global economic environment," said Ben Bennett, OpenTV's Chief Executive Officer. "The company is focused on building and delivering its suite of next generation products, which are critical for our long-term success. We remain on track to achieve our full year 2009 financial guidance."

Key Operating Measures

                                                                                                                                                                                                                    
 USD Millions                                            Three months endedSept. 30, 2009   Three months endedSept. 30, 2008   Change   Nine months endedSept. 30, 2009   Nine months endedSept. 30, 2008   Change  
 Revenues                                                $31.8m                             $26.9m                             18.2%    $88.8m                            $87.5m                            1.5%    
 Net Income                                              $2.6m                              $1.0m                              $1.6m    $5.5m                             $7.3m                             $(1.8)m 
 Adjusted EBITDA before unusual items                    $4.4m                              $3.7m                              $0.7m    $12.5m                            $13.7m                            $(1.2)m 
 Cash, Cash Equivalents and Marketable Debt Securities   $113.8m                            $98.7m                             15.3%    $113.8m                           $98.7m                            15.3%   


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Third Quarter 2009 Results

For the quarter ended September 30, 2009, revenues were $31.8 million, an increase of 18% compared to $26.9 million for the third quarter of 2008. Royalties and licenses revenues increased 25.5% to $20.7 million. Services and other revenues increased 7% to $11.1 million. Adjusted EBITDA, before unusual items, increased to $4.4 million for the quarter ended September 30, 2009, compared to $3.7 million for the third quarter of 2008.

Net income for the third quarter of 2009 was $2.6 million, or $0.02 per share, compared to $1.0 million, or $0.01 per share, for the third quarter of 2008.

Cash flow from operations was $4.0 million in the third quarter of 2009, compared to cash flow from operations of $0.3 million in the comparable 2008 period.

As of September 30, 2009, the Company had a balance of $39.0 million in deferred revenue, compared to $33.2million as of December 31, 2008.

As of September 30, 2009, the Company had cash, cash equivalents and short and long-term marketable debt securities totaling $113.8 million, compared to $102.8 million as of December 31, 2008.

Segment Information

Revenues

In the third quarter of 2009, revenues from the Middleware Solutions segment were $28.9 million, compared to $23.9 million for the same period in the prior year.

In the third quarter of 2009, revenues from the Advertising Solutions segment were $2.9 million, compared to $3.0 million for the same period in the prior year.

Contribution Margin

In the third quarter of 2009, Middleware Solutions' contribution margin was $11.6 million, compared to $9.3 million for the same period in the prior year.

In the third quarter of 2009, Advertising Solutions' contribution margin was $0.2 million, compared to $(0.1) million for the same period in the prior year.

For the third quarter of 2009, total contribution margin from the Company's operating segments was $11.8 million, compared to $9.2 million in the third quarter of 2008. Unallocated corporate overhead was $7.4 million in the third quarter of 2009, compared to unallocated corporate overhead of $5.5 million in the third quarter of 2008.

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 are also included at the end of this release and on the investor relations page of our Web site located at www.opentv.com.

Summary of Other Recent Announcements

The following is a summary of key press releases since the Company's last earnings release:

OpenTV extended its partnership with longstanding customer BSkyB and commenced work on a proof of concept which could lead to the deployment of OpenTV Core3. As part of the arrangement, BSkyB also licensed OpenTV's intellectual property rights to support ongoing development of the company's digital television platform.

OpenTV won "Best Graphic and Design" at the AFDESI awards for OpenTV Core nX, its advanced user interface. In addition, Dishtv, India's leading direct-to-home operator, won AFDESI's "New Entrant" award for its Dish ACTIVE portal, which is powered by OpenTV middleware.

Digiturk, a leading Turkish direct-to-home network operator, launched video-on-demand and high-definition personal video recording solutions through an innovative partnership with OpenTV, Irdeto, Pace and TeleIDEA. Digiturk is deploying advanced digital video offerings to its customers, including push and subscription video on demand (P/S-VOD) with high-definition personal video recording (HD PVR) functionalities. This is one of the first P/S-VOD offerings to be launched in a satellite environment and one of the most innovative solutions in the region.

OpenTV announced OpenTV Core3, a pioneering approach to the delivery of advanced television services. Engineered to enable technology choice by operators, OpenTV Core3 combines a top-to-bottom open architecture with a unique design that simplifies the integration and deployment of everything from complex user interfaces to consumer services and application widgets.

OpenTV announced that it is licensing its suite of application development tools to the developer community at no charge. The OpenTV SDK Development Suite is an integrated interactive application development environment for OpenTV middleware that allows developers to create applications for interactive television using the complete functionality of an OpenTV-enabled set-top box.

OpenTV announced that it will open its TV measurement platform allowing the developer community, data analysis partners and other service providers to integrate with OpenTV's measurement solution more easily, and foster the creation of next generation set-top-box services with enhanced personalization features, such as addressable and interactive advertising, content addressability, and other value-added services.

OpenTV announced that EclipsePlus, its campaign management technology, went live at Suddenlink Media, the advertising division of Suddenlink Communications, a leading US operator of cable broadband systems. OpenTV EclipsePlus will manage all of Suddenlink's local ad sales operations for the operator's Central and Western U.S. ad sales divisions.

Conference Call Details

OpenTV will conduct a conference call to discuss the Company's financial results for the quarter ended September 30, 2009. The details of the call are as follows:

 Date and Time:                  Tuesday, November 3, 2009, at 5:00pm ET / 2:00pm PT 
 Dial-in Number US:              866.770.7120                                        
 Dial-in Number International:   617.213.8065                                        
 Passcode:                       47 09 93 83                                         
 Participants:                   Ben Bennett, Chief Executive Officer                
                                 Shum Mukherjee, Chief Financial Officer             
                                 Mark Beariault, General Counsel                     


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The Company will also make available on the Investor Relations section of its Web site a slide presentation in PDF format containing additional information about the Company that may be discussed on the conference call.

The conference call replay will be available from November 3, 2009 at 5:00pm PT / 8:00pm ET through November 10, 2009 at 11:59pm PT / 2:59am ET (next day).

 Replay Number US:              888.286.8010 
 Replay Number International:   617.801.6888 
 Passcode:                      34 21 04 43  


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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 minority 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.