OpenTV achieves first full year profitability
February 25, 2009 | 11:14 UK
OpenTV is enjoying its first full year in the black moving from a $5.2 million net loss in 2007 to a $9.6 million profit in 2008.
The supplier of middleware and advanced advertising technology to companies including BSkyB, UPC and HOT increased annual revenues by 5.9% to $116.5 million.
ď2008 marked the first profitable year in OpenTVís history. We exceeded both our revenue and net income guidance for the year by improving our service delivery to customers and by building a more efficient operating structure,Ē said Ben Bennett, OpenTVís Chief Executive Officer.
Fourth quarter revenues were however hit by the recognition of $10.5 million of previously deferred revenue from UPC Broadband. The charge pushed down the income libe to $28.9 million from the $38.2 million in the fourth quarter of 2007.
To date there have been 121 million deployments of OpenTV technology.