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TiVo Reports Ramp-Up of Nationwide Retail Presence Generates 150 Percent Growth In Subscriber Base
TiVo, Inc., (Nasdaq: TIVO) the creator of personal television, today announced financial results for the quarter ended September 30, 1999. Revenue for the third quarter of 1999 was $33,000, compared to no revenue in the third quarter of 1998. Net loss was $20 million, or $3.40 per share, in the third quarter of 1999, compared to a net loss of $2.7 million, or $0.89 per share, in the third quarter of 1998. Revenue for the nine months ended September 30, 1999 was $41,000, compared to no revenue in the nine months ended September 30, 1998. Net loss was $32 million, or $6.50 per share, for the nine months ended September 30, 1999, compared to a net loss of $5.7 million, or $1.94 per share, for the nine months ended September 30, 1998. ""In the third quarter we achieved an important milestone in TiVo's evolution - we initiated retail distribution of TiVo's Personal Video Recorder,"" said Mike Ramsay, TiVo's President and CEO. ""We achieved 150 percent growth in our subscriber base over the previous quarter. We are particularly gratified with this growth given that we only launched nationwide retail distribution very late in the quarter."" Ramsay continued, ""More specifically, at quarter end, we had approximately 2,500 total TiVo Personal TV subscribers. Most of the growth occurred in September, coinciding with the expansion of retail distribution capacity, which was comprised of 520 retail stores by month end. This rapid increase in momentum has been sustained, adding a further 1,800 retail stores. Month to date, our total subscription base has grown to over 4,300. Additionally, we introduced exciting new enhancements to the TiVo Service and completed a successful Initial Public Offering raising over $92 million. These accomplishments combined with our industry leading service, position TiVo to take advantage of the emerging personal TV market."" Third Quarter Highlights: - Completed a successful IPO, which raised $92 million in working capital for the company. - Launched a significant retail distribution channel with partners such a Circuit City, Best Buy and Sears. - Phillips Personal TV Receiver with the TiVo Service is available in 520 retail stores nationwide. - Sony Corporation of America made a significant equity investment and signed a letter of intent for the manufacturing of personal video recorders and integration of original content and services. - Announced alliance with America Online for AOL TV. TiVo and AOL will bring consumers a new interactive experience by combining TiVo's personal TV services with AOL TVs enhanced interactive television capabilities. In addition, AOL made an equity investment in TiVo. - Received equity investments from CBS, Comcast Corporation, Cox Communications, Discovery Communications, Inc., The Walt Disney Company, Liberty Media, Advance/Newhouse and TV Guide Interactive. About TiVo Founded in August 1997, TiVo is a creator of personal television. The TiVo service lets consumers take control of their television viewing by allowing them to watch what they want, when they want. TiVo enables consumers to pause, rewind, instant replay and playback in slow motion any live television broadcast. As part of TiVo's easy-to-use service and unique technology, viewers can time-shift their favorite television shows and create a customized television lineup for viewing at anytime. TiVo's intelligent ""thumbs up, thumbs down"" ratings provide a personalized selection of new programming suggestions, which ensure that the TiVo enabled receiver is always able to provide the best programs available on television to fit individual viewer preferences. The TiVo service always puts viewers' personal privacy first. To insure this, TiVo has established strict policies to help protect the privacy of consumers' personal information, while providing a valuable personalized TV experience. Source: TiVo, Inc.