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TiVo affirms 2002 sales
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July 10, 2001: 4:44 p.m. ET
Personal TV programming firm sees revenues tripling in 2003
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NEW YORK (CNNfn) - TiVo Inc., whose devices let users customize television programming, affirmed guidance for fiscal 2002 and said it expects new subscribers in 2003 to grow 85 percent over the previous year.
The San Jose, Calif.-based company said it stands by previous yearly revenue guidance of $20 million to $24 million for fiscal 2002 and estimated revenues of $63 million to $72 million for fiscal 2003.
"We expect new subscriber additions in fiscal year 2003 to be approximately 300,000 and expect to end fiscal year 2003 with over 650,000 total subscribers to the TiVo Service, an 85 percent increase in total subscribers compared to the prior fiscal year guidance," said TiVo president and CEO Mike Ramsay in a statement.
In May TiVo reported a net loss for the 2002 first quarter of $50.2 million, or $1.20 per share, 3 cents narrower than the loss expected by the two brokers First Call surveyed. Revenue for the quarter rose to $3.2 million, up from $499,000 last year.
Analysts surveyed by First Call expect the company to lose 96 cents in its second quarter.
Shares of TiVo (TIVO: Research, Estimates) dropped 22 cents to $6.66 in after-hours trading. 
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