CORRECTING and REPLACING Macrovision Corporation Reports First Quarter Financial Performance; Record First Quarter Results

The corrected release reads:

MACROVISION CORPORATION REPORTS FIRST QUARTER FINANCIALPERFORMANCE; RECORD FIRST QUARTER RESULTS

Macrovision Corporation (Nasdaq:MVSN) announced today record firstquarter revenues of $57.0 million. Non-GAAP (pro forma) earnings werealso a record for a first quarter at $13.2 million, compared to $11.5million in the first quarter of 2005. Non-GAAP (pro forma) dilutedearnings per share were a record $0.25 for a first quarter, comparedto $0.22 in the same quarter of 2005. Non-GAAP (pro forma) earningsexclude non-cash or one-time items such as amortization of intangiblesfrom acquisitions, discrete tax items, impairment on investments, andstock-based compensation charges, as applicable.

US GAAP net income for the first quarter of 2006 was $2.9 millioncompared to $5.5 million for the first quarter of 2005. Diluted GAAPearnings per share for the quarter were $0.06, compared with $0.11 forthe comparable quarter in 2005. The primary difference between GAAPearnings in 2005 and 2006 was the impact of the adoption of FAS123R,adopted on January 1, 2006 and to date, only applicable to firstquarter 2006 GAAP results. A reconciliation between net income on aGAAP and non-GAAP (pro forma) basis is provided in tables below.

The Company generated a first quarter record $21.3 million of cashfrom operations and its liquid cash and investments at the end of thefirst quarter were $242.2 million.

"We are pleased to be able to report record first quarter revenuesand pro forma profits for our business. We have seen significantprogress with customer acceptance of our transformation in extendingour capability in content security and licensing to digitaldistribution, commerce and hardware licensing," said Fred Amoroso,President and CEO of Macrovision. "We are increasing our outlook for2006 commensurate with the overachievement in Q1. We believe that ourfull year 2006 revenue will range between $239 million and $249million and our expectation for full year fully diluted pro formaearnings per share ranges between $1.03 and $1.07 per share. In thesecond quarter of 2006, we expect revenue between $54 million and $56million and we expect fully diluted pro forma earnings per share inthe range of $0.20 to $0.22."

"Our quarterly results were solid and we remain optimistic aboutachieving our financial targets in 2006. Our revenues were higher thanthey have ever been for a first quarter. We were able to overachieveall other meaningful metrics we set for ourselves, including pro formaoperating margin, pro forma earnings per share and cash flow fromoperations," added James Budge, Chief Financial Officer. "Also notablein the quarter is that the eMeta transaction closed on February 28,2006 and that the results of operations from close date forward areand will continue to be included in our consolidated financialresults."

Macrovision will hold an investor conference call on May 2, 2006,at 5:00 p.m. ET. Investors and analysts interested in participating inthe conference are welcome to call 800-257-1927 (or international +1303-262-2194) and reference the Macrovision call.

The conference call can also be accessed via live Webcast atwww.macrovision.com or www.fulldisclosure.com (or www.streetevents.comfor subscribers) on May 2, 2006 at 5:00 p.m. ET. The on-demand audioWebcast of Macrovision's earnings conference call can be accessedapproximately 1-2 hours after the live Webcast ends.

Investors and analysts interested in listening to a recordedreplay of the conference are welcome to call 800-405-2236 (orinternational +1 303-590-3000) and enter passcode 11058701#. Access tothe replay is available through May 3, 2006.

About Macrovision

Macrovision provides distribution, commerce and consumptionsolutions for software and entertainment content to the home video, PCgames, music, cable/satellite, consumer software, and enterprisesoftware industries, Macrovision holds a total of 236 issued orpending United States patents and 1,239 issued or pendinginternational patents, and continues to increase its patent portfoliowith new and innovative technologies in related fields. Macrovision isheadquartered in Santa Clara, California, U.S.A. with other officesacross the United States and around the world.

More information about Macrovision can be found atwww.macrovision.com.

(C)Macrovision 2006. Macrovision and eMeta are trademarks ofMacrovision Corporation. All other brands and product names andtrademarks are the registered property of their respective companies.

All statements contained herein, including the quotationsattributed to Mr. Amoroso and Mr. Budge, as well as oral statementsthat may be made by the Company or by officers, directors or employeesof the Company acting on the Company's behalf, that are not statementsof historical fact, including statements that use the words "will,""believes," "anticipates," "estimates," "expects," "intends" or"looking to the future" or similar words that describe the Company'sor its management's future plans, objectives, or goals, are"forward-looking statements" and are made pursuant to the Safe-Harborprovisions of the Private Securities Litigation Reform Act of 1995.These forward-looking statements include, but are not limited to, theCompany's forecast of future revenues and earnings and the businessstrategies and product plans of the Company.

Such forward-looking statements involve known and unknown risks,uncertainties and other factors that could cause the actual results ofthe Company to be materially different from the historical resultsand/or from any future results or outcomes expressed or implied bysuch forward-looking statements. Among the important factors thatcould cause results to differ materially are the following: thefailure of markets for home video, audio CDs, consumer or enterprisesoftware value management, or markets for the technological protectionof copyrighted materials contained in such products, to continue,develop or expand, and the failure of the Company's products toachieve or sustain market acceptance or to meet, or continue to meet,the changing demands of content or software providers. Other factorsinclude those outlined in the Company's Annual Report on Form 10-K forthe year ended December 31, 2005 and such other documents as are filedwith the Securities and Exchange Commission from time to time(available at www.sec.gov). These factors may not constitute allfactors that could cause actual results to differ materially fromthose discussed in any forward-looking statement. The Company operatesin a continually changing business environment and new factors emergefrom time to time. The Company cannot predict such factors, nor can itassess the impact, if any, of such factors on the Company or itsresults. Accordingly, forward-looking statements should not be reliedupon as a prediction of actual results. The Company assumes noobligation to revise or update any forward-looking statements in orderto reflect events or circumstances that may arise after the date ofthis release.

Macrovision uses non-GAAP (pro forma) condensed consolidatedstatements of income in the presentation of financial results andearnings guidance. Management believes that this presentation may bemore meaningful in analyzing the results of operations and incomegeneration as this is how the business is managed. The tables belowpresent the differences between non-GAAP (pro forma) earnings and GAAPnet income on an absolute and per share basis.

MACROVISION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
RECONCILIATION OF GAAP TO NON-GAAP (PRO FORMA)
QUARTER ENDED MARCH 31, 2006



Three Months
Ended March 31,
------------------------------------------------------
2006 2006 2006 2005 2005 2005
-------- -------- -------- ------- ------- --------

Non-GAAP Non-GAAP
(Pro (Pro
Forma) Non-GAAP Forma) Non-GAAP
Adjust- (Pro Adjust- (Pro
US GAAP ments Forma) US GAAP ments Forma)
-------- -------- -------- ------- ------- --------

Net
Revenues: 57,018 57,018 51,257 51,257

Cost and
expenses:
Cost of
revenues 8,306 (398)(a) 7,908 5,142 5,142
TTR
amortization 222 (222) -- 236 (236) --
Amortization
of
intangibles 3,243 (3,243) -- 2,416 (2,416) --
-------- -------- -------- ------- ------- --------
Total cost
of revenues 11,771 (3,863) 7,908 7,794 (2,652) 5,142

Research and
development 12,442 (1,475)(a) 10,967 8,697 -- 8,697
Selling and
marketing 16,466 (1,680)(a) 14,786 12,922 -- 12,922
General and
administrative 8,719 (1,422)(a) 7,297 8,426 -- 8,426
IPR&D -- -- -- -- --
Impairment
charges, net
of gains -- 5,726 (5,726) --
Restructuring
charge -- -- -- -- -- --
-------- -------- -------- ------- ------- --------

Total
costs
and
expenses 49,398 (8,440) 40,958 43,565 (8,378) 35,187

Operating
income 7,620 8,440 16,060 7,692 8,378 16,070
Interest and
other income
(expense), net 2,049 -- 2,049 937 -- 937
-------- -------- -------- ------- ------- --------


Income before
income taxes 9,669 8,440 18,109 8,629 8,378 17,007
Provision for
income taxes 6,766 (1,853) 4,913 3,162 2,365 5,527
-------- -------- -------- ------- ------- --------

Net income $2,903 $10,293 $13,196 $5,467 $6,013 $11,480
======== ======== ======== ======= ======= ========

Pro Forma
Shares
for EPS:
Basic 51,989 -- 51,989 50,349 -- 50,349
Diluted 52,543 4 52,547 51,341 -- 51,341

Basic EPS $ 0.06 $ 0.19 $ 0.25 $ 0.11 $ 0.12 $ 0.23
Diluted EPS $ 0.06 $ 0.19 $ 0.25 $ 0.11 $ 0.11 $ 0.22


(a) Stock-based compensation during the first quarter 2006 totalled
$4,975,000. There was no stock-based compensation recorded in the
first quarter of 2005.



MACROVISION CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS

March 31, December 31,
2006 2005
----------- -------------
ASSETS
Cash and cash equivalents 89,709 135,625
Short-term investments 149,345 111,039
Accounts receivable, net 48,606 45,254
Prepaid expenses and other assets 9,697 7,508
----------- -------------
Total Current Assets 297,357 299,426

Property and equipment, net 15,635 13,398
Long-term marketable investment
securities 18,166 15,040
Goodwill 136,660 107,329
Other intangibles from acquisitions,
net 34,988 32,755
Deferred tax assets 18,483 18,895
Patents and other assets 11,080 11,082
----------- -------------
TOTAL ASSETS 532,369 497,925
----------- -------------

LIABILITIES
Accounts payable 7,585 5,380
Accrued expenses 46,168 40,174
Deferred revenue 30,525 23,262
----------- -------------
Total Current Liabilities 84,278 68,816
Other liabilities 741 959
----------- -------------
TOTAL LIABILITIES 85,019 69,775
----------- -------------

STOCKHOLDERS' EQUITY 447,350 428,150
----------- -------------
TOTAL LIABILITIES & STOCKHOLDERS'
EQUITY 532,369 497,925
----------- -------------