SeaChange making $8M in reductions following more losses
Ed Terino, the CEO of SeaChange International
Acton video software company SeaChange International is making $8 million worth of cost reductions following continued financial losses.
The company did not say how the reductions would be made, such as the number of jobs being cut. But in a Securities and Exchange Commission filing this month, SeaChange said it expected to save about $8 million annually as a result of "restructuring and a reduction in force."
SeaChange also said it planned to spend around $1.5 million on restructuring and severance costs.
SeaChange has not been able to drastically turn around its financial performance following the firing of its chief executive officer, Jay Samit, last spring. Its fiscal 2016 operating loss totaled $48 million, and its second-quarter numbers, released last fall, registered an $11.7 million loss.
The latest, third-quarter numbers released last month showed an $8.4 million loss on nearly $20 million in revenue. Those loses came out to about 31 cents per share.
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