Gemstar earnings soar on tax benefit
Gemstar-TV Guide International Inc. said third-quarter profit rose sevenfold because of a tax benefit as sales climbed 7.1%.
Net income increased to $123.2 million, or 29 cents a share, from $17.5 million, or 4 cents, a year earlier, the Los Angeles company said. The results included a $111.4-million tax benefit. Sales rose 7.1% to $159.6 million.
The company put itself up for sale in July at the behest of Rupert Murdoch’s News Corp., which has a 41% stake.
Gemstar shares fell 29 cents to $6.60.
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