Gemstar-TV Guide Intl. saw its fiscal first-quarter profit double amid a revenue spike fueled by increased licensing of its interactive-programming technology.
The Pasadena-based company, which acquired Tulsa, Okla.-based rival TV Guide on July 12, said its net income for the three-month period ended June 30 was $28.9 million. That compared with a profit of $14.4 million in the year-earlier quarter.
Revenue climbed 40% to $63.2 million. Gemstar, whose proprietary technology includes onscreen program guides for cable and broadcast viewers, cited higher worldwide licensing income from technology and intellectual property.
“We are very proud of Gemstar’s strong financial performance last quarter,” chairman and CEO Henry Yen said. “But we are even more excited by the prospects of Gemstar-TV Guide going forward. The combined assets in the form of technology, intellectual property, content, distribution and strategic relations will place us in a central position to compete for becoming the worldwide entertainment portal of the new millennium.”