Open TV profit dip

OpenTV reported a 13 percent drop in first quarter revenues to $29.4 million, down from $33.8 million in the first quarter of 2008, but it was upbeat about the company’s long-term prospects.

Net income for the quarter was $1.2 million, down considerably from the $7.6 million in profit that OpenTV reported this time last year.

CEO Ben Bennett said that the company is well-positioned for growth and maintains a healthy balance sheet, despite the slowdown. He called the outlook for 2009 “cautiously optimistic” and said the company would continue to make strategic investments to take advantage of new opportunities.

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