SeaChange misses fourth-quarter mark
Stock for Multiscreen video software maker SeaChange International of Acton was trading down over 15 percent in morning trading after fourth quarter fiscal reports missed analysts' expectations.
The company Thursday reported revenue of $31.3 million in the fourth quarter of fiscal 2015, and a loss from operations of $5.3 million, or 16 cents a share. Analysts were expecting the company to report a net loss of 4 cents per diluted share.
In the fourth quarter of fiscal 2014, the company had revenue of 35.6 million and an operating loss of $0.9 million, or 3 cents a share.
SeaChange also reported results for the full fiscal year ended Jan. 31. The company posted revenue of $115.4 million and an operating loss of $26.5 million, or 81 cents a share, for the year. That compares to revenue of $146.3 million and an operating loss of $1.6 million, or 5 cents a share, in fiscal 2014.
Included in the full fiscal 2015 results are $12.7 million in severance and other restructuring charges, stock-based compensation, amortization of intangible assets from prior acquisitions, and professional fees from divestitures and litigation. The full fiscal 2014 results included $10.1 million of similar charges.
“Our fiscal 2015 was focused intensively on delivering our next generation back office and gateway products to new customers and upgrading existing customers,” SeaChange CEO Jay Samit said in the statement.
Anthony Dias, chief financial officer, said in the statement, “We are very encouraged by the increasing interest in next generation product upgrades by existing customers, as well as new customer opportunities, particularly for our new cloud-based offerings, including Rave and Timeline. Our development efforts are focused on products that enable SaaS models for opportunities such as OTT and we expect these initiatives to begin to contribute positively to revenue in fiscal 2016.”
Dias said SeaChange anticipates first quarter fiscal 2016 revenue to be $22 million to $24 million, and operating loss to be in $0.25 to $0.19 per share. For the full fiscal year 2016, revenues are expected to be $105 million to $115 million and operating loss to be $0.38 to $0.16 per share.
WBJ Web Partners
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