SeaChange Boosts Revenue, Cuts Losses
Video software manufacturer SeaChange International of Acton reported a 1.7-percent increase in revenue for its most recent quarter while making a substantial dent in its net loss from operations, as the company cited strong demand for new products.
SeaChange took in $37.4 million during the quarter, which ended July 31. That was up from $36.7 million in the same quarter in 2012. Halfway through the company’s fiscal year, year-over-year revenue is down slightly, to $72.9 million from $73.3 million.
The company’s net loss for the quarter was $215,000, but a positive translation adjustment in foreign currency helped SeaChange finish the quarter with a $125,000 “comprehensive” profit.
Still, the operational loss is down substantially from the $6-million loss reported in the same quarter last year. For the first six months of the fiscal cycle, net losses are at $2.2 million, also down substantially from $25.6 million last year.
The company’s CEO, Raghu Rau, said SeaChange was pleased with the results, although he added that they would have been better “but for delays in receiving timely acceptance within the quarter for some of our new generation software products because of ongoing custom integrations with third-party products.”
CFO Anthony Dias added: "We continue to respond to strong demand for our new products and focus on optimizing our cost structure, and we anticipate solid performance in our second half.” Dias said SeaChange expects “sequentially higher” third-quarter revenue, and even higher revenue in the fourth quarter. But he said the company expects full-year revenue will come in at the lower end of the previously predicted range of $165 million to $175 million.
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