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Macrovision Corporation (Nasdaq:MVSN - News) announced today that fourth quarter 2004 net revenues were a record $59.6 million, compared with $39.9 million in the fourth quarter of 2003, an increase of 49%. Pro forma earnings (before amortization of intangibles from acquisitions, non-cash deferred compensation expense, impairment gains and losses on investments, adjustments for changes to our tax rate, and in-process research and development write-offs) were $16.1 million, or 48% higher than last year's fourth quarter. Pro forma diluted earnings per share for the quarter were $0.31, or 41% higher than the comparable pro forma earnings per share in the fourth quarter a year ago.

Net income for the fourth quarter of 2004 was $15.8 million. Diluted earnings per share for the quarter were $0.31.

Cash and cash equivalents, short-term investments and long-term marketable securities were $254.5 million as of December 31, 2004.

"We are very pleased with our fourth quarter results," said Bill Krepick, President and CEO at Macrovision. "Our revenues benefited from continued strong performance in our software value management business, and our DVD and pay-per-view (PPV) copy protection businesses. As we look forward to 2005, we are pleased with the progress we are making with our emerging products. We have seen strong growth in our prospect pipeline for our Update Service product for software publishers; we signed a major record label and a second movie studio to our Hawkeye peer-to-peer file sharing service, and our Ripguard DVD antipiracy product was applied to a major European DVD title release. Looking ahead, we are confirming our FY2005 guidance for revenues to be between $220 and $230 million, with pro forma EPS in the $1.03-$1.06 range, and GAAP earnings per share in the range of $0.90-$0.93. GAAP earnings do not reflect stock option expenses under accounting rules which are effective July 1, 2005, the impact of which is currently being estimated. For Q1 2005, we are estimating that our revenues will be in the range of $49-$51 million and our pro forma EPS will be in the range of $0.17-$0.18. This forecast takes into account the fact that we have a number of new products that we expect will slowly gain traction as the year progresses and will culminate in a strong Q4, which will reflect historical seasonality in both of our business units. These projections include the impact of the InstallShield® acquisition for the full year."
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