TVG Network reported that revenues for the quarter ending June 30 totaled $3.9 million, an increase of 82.7% over the same period one year ago. For the first six months of this year, revenues rose 91.4% from the year-earlier period to total $5.8 million.
TVG, which filed its results as part of the quarterly report filed by parent Gemstar-TV Guide with the Securities and Exchange Commission, attributed the increases to the addition of a licensee in May 2002 and increased wagering volume due to "new distribution and market launches." Those market launches included the addition of certain DirecTV subscribers as of April 2003. TVG, which is available in about 11.1 million domestic satellite and cable homes, also reported overall increases in wagering revenues "due to a seasonally strong second quarter."
The parent Gemstar-TV Guide International, Inc. reported a net loss of $22.5 million, or $(0.06) per diluted share for the quarter, compared with a net loss of $886.0 million, or $(2.15) per diluted share in the second quarter of 2002. The net loss in the second quarter of 2002 includes a $1,294.3 million pretax charge for the impairment of certain intangible assets. Second quarter revenues decreased by $33.2 million, or 12.8% to $226.1 million, down from $259.3 million in the comparable prior year quarter.