TiVo was one of the first names in DVR technology and introduced many to the concept of not having to learn to program a VCR. DVRs are now ubiquitous devices that are so ingrained into our daily lives that many can't live without them.
TiVo has announced its financials for Q3 2008 ending October 31. Highlights for the quarter according to TiVo include $105 million in damages resulting from litigation with EchoStar. Net income for the quarter was $100.6 million compared to a new loss of $8.3 million the same quarter a year ago.
Other important TiVo events in the quarter that helped its record setting profits was partnering with Netflix on movie streaming, Comcast rolling out TiVo service to more markets and an extended distribution agreement with DirecTV. Extending the DirecTV agreement puts TiVo in partnerships with three of the top five TV distributors in America.
TiVo president and CEO Tom Rogers said in a statement, "This was another solid quarter for TiVo, our fifth straight of Adjusted EBITDA profitability and we are well on our way to delivering our first Adjusted EBITDA positive year. Our strong balance sheet, consisting of over $200 million in cash and short term investments and no debt, along with our continued solid financial performance and the progress we have made on our strategic content and distribution relationships, positions us well for the future."
Service and technology revenues for the quarter were $51.7 million, a drop for Q3 2007 where TiVo raked in $58.3 million. EchoStar is the reason for record profits at TiVo. Had the EchoStar award not been received TiVo would have posted a loss of $0.9 million. TiVo says it added 44,000 subscriptions during the quarter compared to 69,000 gross additions a year ago.
Take away that large settlement and TiVo is losing ground not gaining, though some of that could be blamed on the economy.