Court award boosts profit
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TiVo Inc., the pioneer of digital video recorders, reported a profit in its fiscal third quarter after winning $105 million from Dish Network Corp. in a patent-infringement lawsuit.
Net income was $100.6 million, or 98 cents a share, in the period ended Oct. 31, compared with a loss of $8.27 million, or 8 cents, a year earlier, Alviso, Calif.-based TiVo said. Revenue fell 15% to $64.5 million, beating the $62.8-million average of analyst estimates compiled by Bloomberg.
Dish, the second-largest U.S. satellite-television provider, agreed last month to pay TiVo the $105 million after the U.S. Supreme Court rejected its appeal.
TiVo lost 163,000 net subscribers last quarter, finishing with 3.46 million. Excluding the award from Dish, TiVo posted a loss of $900,000.
TiVo forecast a fourth-quarter loss of $10 million to $12 million, compared with a loss of $6.36 million a year earlier.
Shares fell 22 cents to $4.43.
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