NEW YORK (Reuters) – TiVo Inc (TIVO.O), which makes digital video recorders, reported a quarterly profit, reversing a year ago loss, thanks to the blockbuster patent settlement it reached with Dish Network Corp (DISH.O) and EchoStar Corp (SATS.O).
TiVo posted a profit of $139 million, or $1.04 a share, compared with a loss of $14.2 million, or 13 cents a share, in the same period a year ago, it said on Tuesday.
The stronger results came as revenue fell 25 percent to $45.8 million in its fiscal first quarter and are largely a reflection of a $175.7 million gain from the settlement.
The agreement with Dish and EchoStar, both controlled by Charlie Ergen, called for an initial payment to TiVo of $300 million, with another $200 million to be paid in six equal annual installments between 2012 and 2017.
(Reporting by Paul Thomasch; editing by Andre Grenon)
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