Rovi Corp (ROVI) to Sell Rovi Entertainment, Boosts FY12 EPS Outlook
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Rovi Corporation (Nasdaq: ROVI) today announced that it intends to pursue the sale of its Rovi Entertainment Store business as part of its ongoing strategic efforts to focus the Company on growth opportunities related to its core enabling technologies and services. The Company has retained GCA Savvian Advisors, LLC as its financial adviser in connection with the potential sale.
As a result of this decision, Rovi will reclassify the operating results of the Rovi Entertainment Store as discontinued operations, beginning with its fourth fiscal quarter and full fiscal year 2012 results.
Rovi also announced today its updated estimates for fiscal year 2012. Had the Rovi Entertainment Store business been reclassified as discontinued operations when Rovi provided its 2012 estimates during its quarterly earnings conference call on November 1, 2012, such estimates would have been fiscal year 2012 revenue of between $645 million and $655 million, and Adjusted Pro Forma Income Per Common Share of between $2.00 and $2.10. Rovi now estimates that fiscal year 2012 revenue will be between $645 million and $650 million, and Adjusted Pro Forma Income Per Common Share will be between $2.05 and $2.10. Rovi is in the process of completing its customary year-end audit and expects to report its fourth fiscal quarter and full fiscal year 2012 results in February 2013.
The Street sees FY12 revs of $666.1 million and EPS of $1.86.
Reconciliations between GAAP pro forma and Adjusted Pro Forma results from operations, excluding the Rovi Entertainment Store business, for the first three quarters of 2012 are provided in the tables below.
As a result of this decision, Rovi will reclassify the operating results of the Rovi Entertainment Store as discontinued operations, beginning with its fourth fiscal quarter and full fiscal year 2012 results.
Rovi also announced today its updated estimates for fiscal year 2012. Had the Rovi Entertainment Store business been reclassified as discontinued operations when Rovi provided its 2012 estimates during its quarterly earnings conference call on November 1, 2012, such estimates would have been fiscal year 2012 revenue of between $645 million and $655 million, and Adjusted Pro Forma Income Per Common Share of between $2.00 and $2.10. Rovi now estimates that fiscal year 2012 revenue will be between $645 million and $650 million, and Adjusted Pro Forma Income Per Common Share will be between $2.05 and $2.10. Rovi is in the process of completing its customary year-end audit and expects to report its fourth fiscal quarter and full fiscal year 2012 results in February 2013.
The Street sees FY12 revs of $666.1 million and EPS of $1.86.
Reconciliations between GAAP pro forma and Adjusted Pro Forma results from operations, excluding the Rovi Entertainment Store business, for the first three quarters of 2012 are provided in the tables below.
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