SeaChange reports $11.7M second-quarter loss
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Peter Faubert, CFO, SeaChange International.
Video software company SeaChange International reported a loss of $11.7 million, or 33 cents per share, for the second quarter of its 2017 fiscal year, the company announced after market close on Thursday. Total revenue for the quarter was $18.5 million.
The loss is more than double the operating loss from the same quarter last year, when the company reported an operating loss of $4.8 million, or 14 cents per share, and $27.9 million in revenue. CEO Ed Terino said while SeaChange has made significant progress in operational improvements, introducing new products and expanding sales, financials haven’t caught up.
“During the second quarter, we secured a large Adrenalin upgrade deal with a North American customer, as well as two Axiom to Adrenalin migrations in the Americas, and a new Rave OTT win with an international distributor of film and television content,” Terino said.
CFO Peter Faubert said that the company is in the process of completing cost reduction measures with the goal of restoring SeaChange to profitability and positive cash flow.
The losses come about five months after Terino replaced Jay Samit as CEO, after Samit was ousted by the company’s board of directors. Faubert took over as CFO in July after former CFO Anthony Dias resigned.
Third quarter revenue is projected to be in the $20 million to $23 million range, and full fiscal revenue for the year is expected to be between $83 million and $88 million, according to the company.
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