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New Open TVs turnaround - 11-August-2008, 14:50

Open TVs turnaround

Middleware company Open TVs stock price closed at $1.84 on Friday evening, down 10 cents on the previous days close but significantly ahead of the miserable situation six months ago when it was trading as low as $1. The quite remarkable turnaround was highlighted by CEO Ben Bennett during the companys latest quarterly and half-yearly results, and helped by its disposal of most of its holdings in loss-making Static 2358.
Revenues for Q2 were up 17% on last year, while last years losses have been turned at long last into profits ($2.5m for Q2, vs a $1m loss in 2007).

Bennett said: We have continued to grow our global middleware market share as we work to deepen relationships with existing customers as well as acquire new customers and enter new markets including a recent significant customer win in Japan. On the advanced advertising side, our EclipsePlus product is beginning to be deployed by leading operators. Overall, we are on track with our plans for the year.

Open TV, founded back in 1994, is majority owned by the Kudelski Group. Bennett reminded investors of OpenTVs business wins over the past few months, including its adoption by Foxtel (on the Foxtel iQ2 platform, which is an advanced, quad-tuner, high-definition, PVR- enabled set-top box running on OpenTV Core2); an important deal with NBC Universal which has selected the OpenTV Participate solution to power, centralize and manage cross-platform interactive television applications, including Web, mobile and set-top box, for NBC Universals broadcast and cable networks; the increased availability launch of OpenTV EclipsePlus, the companys next generation campaign management solution, which provides advanced traffic and billing features to cable networks; and winning business from Brazils Net Servios de Comunicao S.A., the largest cable operator in Latin America.

Thats all good news. On the negative side a former CEO at OpenTV and theyve had a few Alan Guggenheim, who left the company in August last year, is claiming that OpenTV hasnt paid him his severance pay. Guggenheim filed a complaint alleging that he had been fired after whistleblowing on illegal and/or unethical behaviour at the San Francisco-based company. OpenTV denies any wrongdoing.
   
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