TiVo Posts Profit In Q3 With $103M From Settlement

TiVo received compensation in the amount of approximately $105 million in initial litigation damages from EchoStar.

"Though we are pleased with our results this quarter, we recognize that no business is immune to the challenges of the current economic climate, which we expect will impact overall consumer electronics sales during the holiday season," Tom Rogers, President and CEO of TiVo said in a statement.

He added, "Like most companies, we are taking steps to further reduce and more effectively manage our spending across all areas of the company as evidenced by our recently announced reduction in workforce in order to maintain our strong financial position."

Net Income for the third quarter was $100.6 million compared to a loss of ($8.3) million in the year-ago quarter. Excluding the EchoStar damages award net loss would have been ($0.9) million.

Adjusted EBITDA for the third quarter was $95.3 million, compared to $0.2 million in the year-ago quarter. Excluding the EchoStar damages award Adjusted EBITDA would have been $7.5 million.

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