Without getting into majorly boring details and long lists of numbers, OpenTV has turned a profit in the year ended December 31, 2008.
"2008 marked the first profitable year in OpenTV's 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," said Ben Bennett, OpenTV's Chief Executive Officer.
"We remain focused on growing our core businesses and continue to solidify our market position with the deployment to date by our customers of more than 121 million OpenTV-enabled devices around the world. We also continue to make significant inroads with U.S. MSO's (multiple service operators). Our EclipsePlus product now delivers spot advertising to more than 28.5 million cable subscribers in the U.S. Although we are pleased with our 2008 results, we are also mindful of the current economic environment and the impact it may have on our customers and our business. Having achieved profitability, we aim to maintain it by balancing disciplined expense management with priority investments in next generation solutions for both middleware and advanced advertising that will support our customers and our longer-term growth objectives."
For the year ended December 31, 2008, revenues were $116.5 million, 5.9% higher than revenues of $110.0 million in 2007, reflecting gains in the middleware and advanced advertising product lines. Royalties and licenses revenues in 2008 increased 4.6% to $77.1 million. Services and other revenues in 2008 increased 8.5% to $39.4 million. Adjusted EBITDA, before unusual items, improved to $17.6 million in 2008, compared to $8.3 million in 2007.
Net income for the year ended December 31, 2008 was $9.6 million, or $0.07 per share, compared to a net loss of $5.2 million, or $(0.04) per share, in 2007.
Cash flows from operations were $14.2 million in 2008, compared to $16.6 million in 2007.
As of December 31, 2008, the Company recorded a balance of $33.2 million in deferred revenue, compared to $24.1 million as of December 31, 2007.
As of December 31, 2008, the Company had cash, cash equivalents and short and long-term marketable debt securities totaling $102.8 million, compared to $81.8 million as of December 31, 2007.
Well you can't talk about profitability without numbers at all now can you?