OpenTV, a leading software and technology corporation providing advanced digital television solutions, based in the British Virgin islands, announced its financial results for the first quarter ended March 31, 2009.
The company reported $29.4 million revenues for the quarter ended March 31, 2009, compared to $33.8 million for the first quarter of the previous year. Royalties and licenses revenues decreased 2.7% and made $21.6 million. Services and other revenues decreased 32.8% to $7.8 million.
The reported net income for the first quarter of 2009 was $1.2 million, or $0.01 per share, compared to $6.3 million, or $0.05 per share, for the first quarter of 2008. Cash flows from operations were $12.5 million in the first quarter of 2009, compared to cash used in operations of $0.6 million in the same period of the previous year.
OpenTV Corp. had a balance of $36.3 million in deferred revenue, as of March 31, 2009. Also, by this date the company had cash, cash equivalents and securities totaling $114.2 million, compared to $102.8 million in the same period of the previous year.
Company’s chief executive said that, despite difficult global economic environment, first quarter results show sustained profitability and operational improvements. Also, according to his words, company’s outlook for 2009 remains cautiously optimistic for the digital television industry as a whole, and the company will continue to further strengthen their competitive market position.