After an uninspiring third quarter, Gemstar-TV Guide (NASDAQ:GMST) reported a loss of $18.1 million, or $0.04 per share, as revenues fell 12.4% to $207.6 million.

Publishing revenues dropped 8.9% to $101.8 million, as newsstand sales of flagship TV Guide continued to decline. However, those declines were partially offset by gains in advertising, and the company is somewhat optimistic following September's re-launch of the jazzed-up, soon to be higher-priced magazine.

TV Guide's interactive programming guide (IPG), expected to drive Gemstar's growth into the future, is gaining some momentum. Last month, Gemstar licensed IPG to Time Warner Cable, a unit of Time Warner (NYSE:TWX), rounding out the top three cable operators. Gemstar already has deals with Comcast (NASDAQ:CMCSA) and Charter Communications (NASDAQ:CHTR).

Meanwhile, revenues at the cable-and-satellite unit fell 18% to $81.6 million, as subscriber conversions to rival EchoStar's (NASDAQ:DISH) DISH network continued.

Notably, Gemstar forecast 2004 earnings of $0.02 to $0.06 per share, its first earnings forecast since 42%-owner News Corp. (NYSE:NWS) instituted new management at the embattled company. In itself that won't support a share price that has fallen below $5, even if some contend that IPG's potential and the company's asset value make Gemstar a reasonable value.

Is Gemstar cheap? Say so on the Gemstar discussion board -- only on Jeff Hwang can be reached at