Gemstar Profit Slips

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Gemstar-TV Guide International Inc. reported third quarter net income of $17.5 million (4 cents per share), a dip from $51 million (12 cents) for the same period a year earlier. The company noted that 2005’s third quarter results included a one-time tax gain of $51.1 million, however.


Revenue for the Los Angeles-based media company also fell 3 percent to $149 million. However, Gemstar’s revenue for its cable and satellite and consumer electronics segments increased 11 percent and 32 percent, respectively, compared with the third quarter of 2005. TV Guide Interactive revenue rose 19 percent, driven by increases in digital cable and satellite use in households.


“We continue to make strides throughout our businesses as we seek to firmly position ourselves as the leading cross-platform provider of television and entertainment guidance,” Chief Executive Rich Battista said in a statement.


Shares in Gemstar closed down 4 cents to $3.40 in trading Thursday.

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