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Update UPDATE;OpenTVís Q3 numbers: 'challenging' -
UPDATE;OpenTVís Q3 numbers: 'challenging'
One way or another middleware company OpenTV is managing to make daily headlines. Yesterday, majority shareholders Kudelski extended the time to respond to its $1.55 per share offer six days until Nov 12. Todayís main news concerns OpenTVís third-quarter results, which we report below. However, Arcadia Capital, very much a thorn in Kudelskiís side, also had another pop at the offer price.
Indeed, one aspect that might be helping drive Kudelskiís bidding war is OpenTVís $113.8m cash pile (up from $102.8m since Dec 31st).
ďOpenTVís third quarter results demonstrate solid operational improvements achieved in what is still a challenging global economic environment,Ē said Ben Bennett, OpenTVís CEO. ďThe company is focused on building and delivering its suite of next generation products, which are critical for our long-term success. We remain on track to achieve our full year 2009 financial guidance.Ē
For the quarter ended September 30, 2009, revenues were $31.8m, an increase of 18% compared to $26.9m for the third quarter of 2008. Royalties and licenses revenues increased 25.5% to $20.7m. Services and other revenues increased 7% to $11.1m. Adjusted EBITDA, before unusual items, increased to $4.4m for the quarter ended September 30, 2009, compared to $3.7m for the third quarter of 2008.
Net income for the third quarter of 2009 was $2.6m, or $0.02 per share, compared to $1.0m, or $0.01 per share, for the third quarter of 2008.
Arcadia, in an SEC filing Nov 3, said that OpenTVís own Special Committee, formed to make a recommendation as to the companyís valuation, said that an appropriate price/share should be ďat or above $2Ē.