Layoffs At SeaChange
Acton-based video technology firm SeaChange International has announced a $5 million cost-reduction plan, which includes layoffs, but officials would not say how many.
The news follows an announcement last month that CFO Kevin M. Bisson had resigned. A week later, the company announced that Michael Bornak was appointed CFO, treasurer, secretary and senior vice president of finance and administration. Bornak is a former CFO with Tollgrade Communications, which is in Pennsylvania.
The cost reductions will be achieved through a number of measures the company has taken, it announced late Tuesday. In addition to the layoffs, the company will sell some of its under-used facilities, but officials said no Central Massachusetts locations will be impacted.
The layoffs are in the sales and general administrative areas, not in the company's research and development functions, company spokesperson Tammy Snook said. She added that a "relatively very small" number of the layoffs will impact Massachusetts employees.
Revenues for the company's most recent quarter rose on a year-over-year basis to $53.3 million, while the company swung from a $5.2 million loss last year to a $408,000 profit this year. The company's fiscal year end was Jan. 31, and Snook said year-end and fourth-quarter financial data should be available in March.
Clarification: An earlier version of this story did not specify that the facilities SeaChange will be selling off are underutilized.
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