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TV Guide publisher’s quarterly profit tops expectations

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first_img“I believe this year is the appropriate time to devote resources to a new TV Guide brand marketing initiative,” he said. The campaign, part of an estimated $15 million to $20 million for corporate marketing, will be national in scope, he said. “The goal is to get more consumption of our products across all TV Guide platforms,” he said. For the year, net income rose 32 percent to $72.5 million, or 17 cents per share, and revenue fell 5 percent to $571.3 million. Analysts had expected 13 cents per share on revenue of $566.9 million. Gemstar shares fell 6 cents to close at $4.04 on the Nasdaq but rose 14 cents to $4.18 in after-hours activity. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! Gemstar-TV Guide International Inc., publisher of the weekly TV Guide magazine, said Wednesday its fourth-quarter earnings more than doubled, driven by higher advertising and interactive revenue. Net income rose to $31.8 million, or 7 cents per share, from $12.7 million, or 3 cents per share, in the year-ago period, the company said. Revenue rose by 12 percent to $145 million from $129.4 million a year ago. Analysts polled by Thomson Financial expected profit of 4 cents per share on revenue of $140.7 million. The company also licenses searchable program-guide technology to cable and satellite TV companies and television makers. “We had a very productive fourth quarter, which closed out a solid year for the company,” CEO Richard Battista said during a conference call with Wall Street analysts. Revenue for the company’s cable and satellite division increased to $80.7 million during the quarter. Publishing sales increased to $41.2 million, while the company’s consumer electronics unit posted $23 million in sales. The company sees growth potential in developing guidance tools for emerging digital video-capable platforms, such as mobile phones. To that end, Battista said the company will focus on expanding the profile of its TV Guide brand. last_img read more

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Government Watchdog Report Says Trump Admin Should Respond To Climate Risks

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