TiVo Inc., a provider of digital video recorders, posted a wider first-quarter loss yesterday, citing legal costs, aggressive pricing and stock option expenses.
In the three months ended April 30, the DVR pioneer said it lost $10.7 million, or 13 cents per share, compared with a loss of $857,000, or 1 cent per share, in the year-ago period. Revenue rose 38 percent to $55.1 million.
Analysts were expecting a loss of 19 cents per share on sales of $50.6 million.
The Alviso-based company said it added 91,000 TiVo-owned subscriptions in the quarter, compared with 104,000 last year. In addition, TiVo said it netted for the quarter about 2,000 new subscribers through DirecTV customers using TiVo-based products.
In all, the gains brought the company's total number of subscribers as of the end of the quarter to more than 4.4 million, a 33 percent increase from the total a year ago.
In its current quarter, TiVo said it expects to lose $12 million to $15 million on revenue of $50 million to $53 million. Analysts were projecting on average a loss of 8 cents a share on revenue of $52.2 million.
TiVo shares fell 23 cents, or 3 percent, to close at $7.14 on the Nasdaq Stock Maket. They gained a penny in late-session trading after the income report was released.
While “our results are tracking nicely against our internal plans, we fully recognize that there's still a lot of work to do to overcome some of our marketplace challenges,” TiVo CEO Tom Rogers said in a conference call with analysts.
Local earnings
Petco Animal Supplies said that first-quarter earnings dropped 36 percent to $11 million, or 19 cents a share, partially due to a $3.1 million charge for expensing stock options. Analysts polled by Thomson First Call had, on average, expected earnings of 18 cents a share.
Shares of Petco fell 16 cents to $21.81 in Nasdaq trading.
The San Diego-based pet supplies company said sales in the quarter rose 8.6 percent to $521 million, matching analysts' expectations. Sales at stores open at least one year increased 2.2 percent.
The company said it expects comparable store sales to grow by between 2 percent and 4 percent in the second quarter, with per-share income of 23 cents to 25 cents.
Other earnings
Williams-Sonoma Inc. posted a 12 percent drop in first-quarter net income, hurt by charges for new accounting measures and the closure of its Hold Everything chain. It also lowered its outlook for the current quarter slightly, citing volatile consumer demand.
The San Francisco-based home-products chain said net income decreased to $23.1 million, or 20 cents a share, from $26.2 million, or 22 cents a share, a year ago.
Revenue rose 10 percent to $794 million, driven by the addition of 17 stores and a 1.3 percent increase in sales at stores open at least a year, also known as same-store sales.
Excluding 6 cents a share in charges, earnings were 26 cents a share, the parent of the Pottery Barn, Williams-Sonoma and West Elm store brands said.
