SeaChange loses $24M in fourth quarter
SeaChange CEO Ed Terino called the past year a transitional one for the Acton company.
Acton video technology company SeaChange International lost nearly $24 million in the fourth quarter, it reported late Monday, continuing a challenging stretch that included the elimination of more than 200 jobs earlier this year.
SeaChange had an operations loss of nearly $55 million in the 12 months ending Jan. 31 and a net loss of $71 million. That follows a $48-million net loss for the previous 12-month period.
SeaChange, which provides video software for companies such as Comcast, Verizon and RCN, has struggled against smaller challengers and an industry that has shifted from television to mobile devices. It estimated it will save more than $30 million from a recent round of cuts that included more than 200 job losses globally.
The 24-year-old company hopes to return to profitability within the fiscal year, which ends Jan. 31.
SeaChange reported higher product revenue, but overall revenue remained down. Revenue for the fourth quarter dropped to $24 million, from $27 million the prior year. For the fiscal year ending Jan. 31, the company reported $84 million in revenue, down from $107 million the previous year.
Shares of SeaChange were trading in the $2 range Tuesday. Shares have been below $4 for much of the past year, down from about $15 in late 2013. SeaChange stock peaked at nearly $70 in 2000.
CEO Ed Terino called the past year a transitional one for the company in a statement accompanying the earnings report. SeaChange has "made significant progress with our turnaround efforts and our initiatives to drive costs down and return to profitability," he said.
WBJ Web Partners
Most Recent
Most Recent
0 Comments