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In a release, the company stated:
-Revenues of $112.2 million, compared to $45.6 million for the third quarter of 2007. Third quarter 2008 GAAP net income was $8.8 million compared to net income of $14.1 million for the third quarter of 2007. GAAP diluted earnings per share for the quarter was $0.09, compared to $0.26 for the third quarter of 2007.
- As management believes including Gemstar's operating results only for the period since its acquisition on May 2, diminishes the comparative value of results from the prior year, management believes it is useful to measure the results on a non-GAAP Adjusted Pro Forma basis, assuming the Gemstar acquisition was consummated January 1, 2007. The Adjusted Pro Forma results also exclude Macrovision's Software and Games businesses that were sold April 1, discontinued Hawkeye product line, as well as the results of the TV Guide Magazine, TV Guide Network, TVG Network and eMeta businesses, all of which are classified as discontinued operations. On this basis, third quarter 2008 Adjusted Pro Forma Revenues were $112.2 million, compared to $108.8 million for the third quarter of 2007. Third quarter 2008 Adjusted Pro Forma EBITDA was $43.0 million, compared to $36.2 million for the third quarter of 2007. Adjusted Pro Forma EBITDA is defined as pro forma operating income from continuing operations, adding back non-cash items such as equity-based compensation, depreciation and amortization and items which impact comparability such as transaction, transition and integration costs, restructuring and asset impairment charges, insurance settlements and accrual reversals related to a former Gemstar CEO. Cash and investment balances from continuing operations increased from $332.3 million at the end of June 30, to $368.9 million at the end of September 30.
- The Adjusted Pro Forma combined company year-to-date results reflect five months of synergies. By January 1, 2009, the company expects to have realized annualized cost savings in excess of $50 million by rationalizing head count, eliminating corporate marketing initiatives that do not fit within the company's plans going forward, eliminating duplicate public company and IT expenses, consolidating facilities and capturing other cost efficiencies. As of September 30, the company had taken expense reduction actions that will lead to approximately $44 million in savings on an annualized basis. Additionally, actions already taken after September 30, will result in the remaining $6 million of annualized cost savings.
"I am pleased with our third quarter financial results, especially the performance in our core market segments -- consumer electronics and service providers," said Fred Amoroso, President and CEO of Macrovision. "I am also delighted that we were able to enter into an agreement to sell TV Guide Magazine. This pending sale enables us to streamline our business and demonstrates an additional proof point in our ability to execute against our business plan."
Macrovision Solutions is focused on providing a simple digital home entertainment experience by delivering solutions to businesses to protect, enhance and distribute digital goods to consumers across multiple channels.
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