After an uninspiring third quarter, Gemstar-TV Guide
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
Meanwhile, revenues at the cable-and-satellite unit fell 18% to $81.6 million, as subscriber conversions to rival EchoStar's
Notably, Gemstar forecast 2004 earnings of $0.02 to $0.06 per share, its first earnings forecast since 42%-owner News Corp.