Interactive TV specialist OpenTV reported reduced revenues, net income and EBITDA for the first quarter as the impact of the recession continues to bite.
The company posted revenues of US$29.4m (22m), down 13% on the same period last year. Net income fell by US$5.1m to US$1.2m, while EBITDA before exceptional items dropped by US$3.5m to US$4.1m. More positively, OpenTVÂs cash position improved quarter-on-quarter to US$114.2m, while deferred revenue amounted to US$36.3m, also up quarter-on-quarter.
CEO Ben Bennett said the results showed that the company was sustaining profitability and operational improvements in a difficult economic environment.Â
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