TiVo (TIVO) Posts Static-Free Q2 Beat on Stronger Subs, Lower Costs; SAC Capital Grabs Bigger Stake

August 29, 2012 4:32 PM EDT
TiVo, Inc. (Nasdaq: TIVO) shares are explosivo in late trading Wednesday following quarterly results and increased investment from one notable hedge fund giant.

Net sales in the second-quarter of 2013 rose 6.7 percent to $65.26 million, from $61.18 million in the same period last year. Service and technology rev rose 10 percent to $54.1 million.

TiVo widened its loss from $19.6 million to $27.7 million, or 23 cents per share.

Numbers compare with consensus views calling for sales of $54.3 million and a loss of 24 cents per share.

Total net adds were 230,000 subs, from a loss of 33,000 last year. Multiple System Operator (MSO) adds were 256,000 subs, up from 10,000 in Q211. Subscription acquisition costs (SACs) fell from $253 down to $249.

Looking ahead, TiVo sees third-quarter 2013 S&T revs of $57 million to $48 million. TiVo anticipates net loss to be in the range of ($27) million to ($29) million and an Adjusted EBITDA loss to be in the range of ($14) million to ($16) million.

In addition to the quarterly results, hedge fund titan Steven Cohen's SAC Capital boosted its stake in TiVo from about 2.43 million shares at the end of the second quarter up to 6,464,344 with its latest disclosure. The August 29th filing indicates that SAC holds 5.18 percent of all outstanding TiVo shares.

TiVo is up over 4.5 percent in after-hours trading Wednesday.

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