OpenTV hit by downturn in first quarter

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, OpenTV’s 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.