TiVo Q2 Profit Tops View - Quick Facts

(RTTNews) - TiVo Inc. (TIVO) Tuesday posted second-quarter net income was $9.3 million or $0.08 per share, compared to $268.9 million or $1.96 per share in the comparable quarter last year.

On average, 18 analysts polled by Thomson Reuters expected the company to earn $0.07 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenues were $111.86 million, up from $100.09 million last year. Service revenues were $36.91 million, compared to $34.93 million in the year-ago period, while technology revenues rose to $49.72 million from $42.06 million in the prior year period. Twelve analysts expected revenues of $87.73 million.

Looking ahead, TiVo expects to report third quarter service and technology revenues in the range of $86 million to $89 million.

Separately, the company announced a new $350 million share repurchase plan.

TiVo said these new share repurchases are planned to occur through January 31, 2017, with the intention to repurchase the first $100 million of stock during TiVo's current fiscal year ending January 31, 2015.

The new repurchase plan will replace TiVo's prior authorization. As of July 31, 2014, TiVo had purchased a total of $214.2 million of common stock under the prior repurchase program and the new plan upon completion will bring total repurchases upon completion to well over half a billion dollars, which is expected to significantly reduce the number of TiVo shares outstanding.