OpenTV Corp. (OPTV) filed Quarterly Report for the period ended 2009-09-30.
OpenTV Corp. is a leading worldwide provider of software that enables digital interactive television. The digital interactive solution enhances a television viewer's experience without changing viewing habits and provides a rich audio and video television environment for enhancedapplications such as e-commerce. Using a standard remote control viewers can access real-time statistics buy team merchandise and purchasetickets while watching a sporting event purchase compact discs and learn more about recording artists while watching music videos. Opentv Corp. has a market cap of $212.7 million; its shares were traded at around $1.54 with a P/E ratio of 30.8 and P/S ratio of 1.8.
Highlight of Business Operations:
Revenues for the three months ended September 30, 2009 were $31.8 million, an increase of $4.9 million, or 18%, from $26.9 million for the same period in 2008. Revenues for the nine months ended September 30, 2009 were $88.8 million, an increase of $1.3 million, or 1%, from $87.5 million for the same period in 2008.
British Sky Broadcasting (BSkyB), directly and indirectly through our set-top box manufacturer customers who sell set-top boxes to BSkyB, accounted for $3.0 million, or 14%, of our total worldwide royalties and licenses revenues for the three months ended September 30, 2009. BSkyB royalties and licenses revenues for the three months ended September 30, 2009 decreased by $0.6 million compared to the same period in 2008 primarily as a result of a volume-based price reduction that became effective as of January 1, 2009, which was partially offset by increased deployments of our products. This volume-based price reduction may negatively impact the overall level of revenues that we generate from BSkyB in the future unless we are able to offset the effect of such reduction through increased deployments of our products, an upgrade to a new version of our product that is not subject to the price reduction, or some other means. Royalties and licenses revenues from Multichoice Africa increased $2.5 million for the three months ended September 30, 2009 compared to the same period in 2008 as a result of an increase in deployments of set-top boxes containing our software and revised royalty reports received during the quarter from two set-top box manufacturers who supply set-top boxes to Multichoice Africa, which reported additional shipments of set-top boxes containing our software. Royalties and licenses revenues from TV Cabo and Portugal Telecom increased $0.5 million and $0.3 million, respectively, in the three months ended September 30, 2009 compared to the same period in 2008; both of these operators launched in 2008 and we received their initial royalty
EchoStar, including DISH Network and EchoStar Technologies LLC, accounted for $1.2 million, or 6%, of our total worldwide royalties and licenses revenues for the three months ended September 30, 2009. Royalties and licenses revenues from EchoStar for the three months ended September 30, 2009 were consistent with the same period in 2008. Royalties and licenses revenues from Time Warner Cable decreased $0.6 million compared to the same period in 2008 primarily due to a new pricing model that became effective as of January 1, 2009 as part of an upgrade sold to that customer for our latest EclipsePlus product. This pricing model includes a one-time, upfront license fee that is typically recognized over the term of the contract as compared to our prior pricing model under which we recognized recurring license fees as received. Royalties and licenses revenues from Net Servicos de Communicacao S.A (NET) and Bell TV increased by $0.3 million and $0.2 million, respectively, for the three months ended September 30, 2009 compared to the same period in 2008 primarily due to increased deployments of set-top boxes containing our software. Royalties and licenses revenues from other customers in the region accounted for a net decrease of $0.4 million compared to the same period in 2008 primarily due to decreased deployments of our products by those customers.
BSkyB, directly and indirectly through our set-top box manufacturer customers who sell set-top boxes to BSkyB, accounted for $12.6 million, or 20%, of our total worldwide royalties and licenses revenues for the nine months ended September 30, 2009. BSkyB royalties and licenses revenues for the nine months ended September 30, 2009 decreased by $0.8 million compared to the same period in 2008 primarily due to a volume-based price reduction that became effective as of January 1, 2009, which was partially offset by increased deployments of our products. As described above, this volume-based price reduction may negatively impact the overall level of revenues that we generate from BSkyB in the future. Royalties and licenses revenues from Portugal Telecom and TV Cabo increased $1.6 million and $1.4 million, respectively, in the nine months ended September 30, 2009 compared to the same period in 2008; both of these operators launched in 2008 and we received their initial royalty reports during the fourth quarter of 2008. Royalties and licenses revenues from Multichoice Africa increased $3.2 million for the nine months ended September 30, 2009
EchoStar, including DISH Network and EchoStar Technologies LLC, accounted for $5.2 million, or 8%, of our total worldwide royalties and licenses revenues for the nine months ended September 30, 2009. Royalties and licenses revenues from EchoStar for the nine months ended September 30, 2009 increased $0.9 million compared to the same period in 2008 primarily due to receipt of a late royalty report during the three months ended March 31, 2009 for set-top boxes that were shipped during 2008 but not previously reported to us. Royalties and licenses revenues from Time Warner Cable and Comcast decreased $1.8 million and $0.6 million, respectively, compared to the same period in 2008 primarily due to a new pricing model that became effective as of January 1, 2009 as part of an upgrade sold to those customers for our latest EclipsePlus product. This pricing model includes a one-time, upfront license fee that is typically recognized over the term of the contract as compared to our prior pricing model under which we recognized recurring license fees as received. Royalties and licenses revenues from Bell TV increased $0.6 million for the three months ended September 30, 2009 compared to the same period in 2008 primarily due to an increase in the number of set-top boxes reported as being shipped. Royalties and licenses revenues from other customers in the region were consistent with the same period in 2008.
Royalties and licenses revenues from Reliance decreased $1.0 million primarily due to the one-time license fee for enterprise software received from Reliance in the three months ended June 30, 2008. Royalties and license revenues from Austar decreased $1.3 million during the nine months ended September 30, 2009 compared to the same period in 2008 due to lower volumes of set-top box deployments. Royalties and license revenues from Sky Network Television increased $0.6 million during the nine months ended September 30, 2009 compared to the same period in 2008 due to higher volumes of set-top box deployments. Royalties and licenses revenues from Panasonic decreased $1.5 million primarily as a result of a volume-based price reduction for our OpenTV Integrated Browser product that became effective during the second half of 2008. Royalties and licenses revenues from JCOM decreased $0.4 million for the nine months ended September 30, 2009 compared to the same period in 2008 primarily due to a change in the timing for delivery of royalty reports for our OpenTV Integrated Browser product that resulted in an additional royalty report being delivered in the three months ended September 30, 2008. Royalties and licenses revenues from other customers in the region accounted for a net increase of $0.4 million compared to the same period in 2008 due to an increase in deployments of our products.
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