OpenTV increases revenues across the board

Interactive TV specialist OpenTV’s CEO Ben Bennett has described Kudelski’s offer to acquire the remaining shares in the interactive TV company that it does not already own as “complex”.

Speaking during a conference call announcing OpenTV’s third-quarter results, Bennett said the company was firmly focused on the future. “We’ll continue to invest in the business, both in developing new markets for our products and growing our overall R&D capabilities,” he said, adding that despite the tender offer, OpenTV’s management team’s focus “will continue to be on running the operation as effectively [as possible] and executing a strategy that delivers long-term sustainable growth and sustainability.” He said that regardless of whether OpenTV’s shareholders accept the offer of US$1.55 (€1.05) per share, “a strong working relationship with the Kudelski Group is important for the long term success of OpenTV’s business.”

OpenTV reported an 18% year-on-on year rise in revenues for the third quarter.

The comapny posted revenues of US$31.8m for the three months ending September 30, compared with US$26.9m a year earlier. Revenues from the company’s middleware solutions segment were US$28.9m, compared to US$23.9m in the third quarter of 2008, while revenues from the advertising solutions segment were down slightly to US$2.9m, from US$3m.

The company shipped 4.3 million OpenTV-enabled set-top boxes during the third quarter. Of those, one million were DVRs, up 53% year-on-year. The company has now shipped a total of 11 million enabled DVRs to-date.

Adjusted EBITDA was up US$0.7m to US$4.4m during the quarter.