BVI corporation OpenTV Corp., a leading provider of advanced television and advanced advertising services, announced financial results for the third quarter ended September 30, 2008. Company’s CEO, Ben Bennett, noticed company’s good performance in this period.
For the third quarter ended September 30, 2008, OpenTV’s revenues made $26.9 mln, – a 14% increase over revenues of $23.7 million for the third quarter of 2007. Royalties and licenses revenues increased 2% and reached $16.5 mln. Services and other revenues increased 39% to $10.4 mln. Net income for the third quarter of 2008 was $1.0 million, or $0.01 per diluted share, compared to a net loss of $8.2 mln, or $0.06 per diluted share, for the third quarter of 2007.
As of September 30, 2008, the BVI company recorded a balance of $30.5 mln in deferred revenue, compared to $24.1 million by December 31, 2007. By the same date, cash and cash equivalents, as well as short and long-term marketable debt securities totaled $98.7 mln, compared to $81.8 mln as of December 31, 2007.
By segments, revenues from the Middleware Solutions segment in the third quarter of 2008 made $23.9 mln, compared to $20.7 mln for the same period of the prior year, and revenues from the Advertising Solutions segment were $3.0 million, the amount which was consistent with the same period in the year 2007.
The BVI corporation also provided a summary of key press releases issued by the company since its last earnings announcement, among which there was the acquisition of Ruzz TV, the Australian privately held company providing software solutions for television broadcasters, and the introduction of an advanced video-on-demand solution for cable operators that will allow them to differentiate their service offerings through advanced features such as high-definition, start-over TV and catch-up TV.