Gemstar Shares Hit by Latest Results
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Gemstar-TV Guide International Inc., the Pasadena-based publisher of TV Guide magazine, reported a wider net loss for the first quarter on costs related to a decline in asset values.
Shares of Gemstar fell as much as $1.14 to $8.60 after the results were released. They had closed up 32 cents at $9.74 on Nasdaq.
Gemstar posted a loss of $208million, or 50 cents a share, including a $297.8-million charge to write down goodwill in line with new accounting rules. That contrasts with a year-ago loss of $123.2million, or 30 cents.
Excluding the write-down and other one-time items, Gemstar had a profit of $102.1 million, or 23 cents a share, matching analysts’ average estimate.
Revenue fell 13% to $296.6 million, compared with the Multex average estimate of $301.4 million.
Analysts said Gemstar shares dropped because the company didn’t issue a profit forecast.
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