OpenTV posts "solid" Q3

OpenTV has announced financial results for its third quarter ended September 30th, 2009. “OpenTV`s third quarter results demonstrate solid operational improvements achieved in what is still a challenging global economic environment,” said Ben Bennett, OpenTV`s Chief Executive Officer. “The company is focused on building and delivering its suite of next generation products, which are critical for our long-term success. We remain on track to achieve our full year 2009 financial guidance.”

For the quarter revenues were $31.8 million, an increase of 18 per cent compared to $26.9 million for the third quarter of 2008. Royalties and licenses revenues increased 25.5 per cent to $20.7 million. Services and other revenues increased 7 per cent to $11.1 million. Adjusted EBITDA, before unusual items, increased to $4.4 million for the quarter ended September 30th, 2009, compared to $3.7 million for the third quarter of 2008.

OpenTV is currently resisting an offer from Kudleski its biggest shareholder and it said – contrary to Kudelsi claims – that investment in R&D was significantly up. "If you look at our plan for 2009, where other companies have been letting people go, we've been recruiting. Our plan is for an almost 20% increase in that[R&D] headcount."

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