Tivo In New Zealand

TVNZ posts $2m profit

TVNZ has seen a big jump in revenue in the past year and today posted an after tax profit of $2.1 million.

The rise, which has come on the back of a 6.5% increase in advertising revenue, means it will pay a dividend of $13.8 million to the Government, up from $4.9 million in 2010.

Today's result compared with an after tax loss of $26 million last year.

Chief Executive Rick Ellis said: "The results for the past year confirm the growing strength of television in the modern media mix.

"In addition, TVNZ's growing portfolio of digital channels and digital media solutions was being embraced by clients and their advertising agency partners."

Ellis said that although the business environment remains challenging TVNZ is confident about the future.

"As New Zealand's leading television and digital media company, TVNZ will continue its strategy of transformation and diversification."

Two new channels, free-to-air channel U and a second pay channel, TVNZ Kidzone 24 on SKY, were launched during the year.

Advertising revenue was $302.7 million, $18.4 million higher than the previous year. TVNZ increased its share of television advertising revenue to 63% from 61% over the previous year and secured 80.6% of the total market growth for the 12 months ended 30 June 2011. TVNZ reported total revenue of $377.9 million, an increase of $22.6 million.

Ellis added: "The Christchurch earthquakes and Pike River mine disaster brought home the vital importance of TVNZ's news service to the country. I want to pay special tribute to our hardworking staff who delivered unprecedented news coverage that kept New Zealand informed during these difficult times."

TVNZ has impaired its investment in Hybrid Television Services (ANZ) Pty Ltd, recognised a share of operating losses and made provision for future operating costs of the company. This has resulted in a one-off charge of $17.7 million being recognised.

"While the investment in Hybrid has not produced the expected returns, TVNZ is committed to Hybrid's ongoing support of the TiVo PVR product in Australia and New Zealand," Ellis said.

TiVo talks cable, satellite deals in Q2 results; DirecTiVo exposed ...

-- Early success from new operator deals returns TiVo to positive MSO/Broadcaster subscription gains -- Service & Technology revenue up 18% year-over-year, exceeding guidance -- Adjusted EBITDA and Net loss both exceed guidance -- Strong early success at Virgin Media highlighted by more than 50,000 subscriber installs in first three months since launch -- Grande Communications deal showcases TiVo's leadership among small and medium sized operators -- Insignia Connected TV with TiVo Design rolled out at Best Buy -- Announced a stock repurchase program of up to $100 million Tom Rogers, President and CEO of TiVo, said, "This was another milestone quarter for TiVo, highlighted by our successful execution on key strategic growth initiatives. On the heels of our historic settlement with DISH Network, in the second quarter we delivered better than anticipated revenue, Adjusted EBITDA and net income, exceeding our guidance. Further, the deals we have signed over the past years as a source of growth are now delivering a substantial number of subscribers, and we believe this trend should accelerate with more deployments later this year. Finally, we added yet another distribution relationship in the U.S., this time with Grande Communications. This agreement leverages our R&D investment from existing distribution relationships, highlighting our ability to provide a quick and cost effective advanced television solution for operators globally." For the second quarter, service and technology revenues were $49.6 million, compared to our guidance of $46 million to $48 million and up 18% compared to $42.1 million for the same period last year and $38.8 million in the fiscal first quarter 2012. TiVo reported a net loss of ($19.6) million, compared to guidance of a net loss of ($25) million to ($27) million and a net loss of ($15.3) million in the year ago quarter. Net loss per share this quarter on a basic share basis was ($0.17). Additionally, Adjusted EBITDA was a loss of ($9.

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