Q2 earnings stumble at SeaChange
Acton-based software company SeaChange International Inc. (SEAC) reported a decline in net income for the second quarter of its 2015 fiscal year compared to the same period the previous fiscal cycle.
The video software maker posted a $5.2-million operating loss, compared to a $500,000 profit it reported for the second quarter of 2014. SeaChange attributed a large portion of the loss to $2.4 million in charges that consisted of stock-based compensation and amortization of intangible assets from past acquisitions.
Although second-quarter revenue came in at the high end of its guidance for the quarter, the company said it dropped about $7.6 million, to $29.8 million, it said.
The company said revenues from several of recently signed deals, including one announced Thursday with BBC Worldwide to provide software and management for its internet-based programming, will be realized later than expected resulting in a “more back-ended loaded year.”
Because of that, SeaChange said it has revised its earlier third-quarter outlook. It’s now expecting revenues of between $29 million and $32 million and a non-GAAP operating loss of between 5 cents and 9 cents per share. For the full fiscal year 2015, SeaChange has narrowed its revenue outlook to a range of $125 million to $130 million, and a reversal of its non-GAAP operating results from a loss of12 cents per share to a profit of 2 cents per share.
WBJ Web Partners
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