Electronic TV guide helps fuel Gemstar
Gemstar-TV Guide International Inc., the leading provider of programming guides for print and interactive television, said fourth-quarter profit more than doubled on rising television sales.
Net income rose to $31.8 million, or 7 cents a share, from $12.7 million, or 3 cents, a year earlier, the company said. Sales increased 12% to $145 million.
Gemstar is benefiting from increased demand for its electronic television guide that can be programmed into cable TV set-top boxes and video recorders. Chief Executive Rich Battista is focusing on sales of digital and Web products as advertisers spend more money on the Internet.
Sales at Gemstar’s cable and satellite unit rose 16% to $80.7 million. Publishing revenue rose 11% to $41.2 million.
Shares of Hollywood-based Gemstar fell 6 cents to $4.04.
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