Gemstar-TV Guide Posts Second-Quarter Net Loss
Updated: Thursday, August 16, 2001 9:13 AM
Posted: Wednesday, August 15, 2001 1:59 PM
Gemstar-TV Guide International posted a second-quarter net loss of $134.8 million (33 cents per diluted share), primarily because of the $223.8-million amortization of intagible assets recorded as part of the acquisition of TV Guide.
For the second quarter, which ended June 30, consolidated revenues were $334.2 million, compared with $63.2 million for the same period in 2000.
Gemstar-TV Guide was formed by the merger of Gemstar International Group Ltd. and TV Guide on July 12, 2000. It is the parent company of the TV Games Network, which is included in the Gemstar-TV Guide media and services sector.
Second-quarter pro-forma revenues for that sector were $234.7 million, down from $280 million for the same period in 2000. Specific numbers for TVG were not included in the financial report released Tuesday.
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