SeaChange Q1 revenues tumble
Acton-based software company SeaChange International, Inc (SEAC), reported a significant drop in net income for the first quarter of its 2015 fiscal year compared with the last fiscal cycle.
The maker of video software posted a $7.2-million operating loss, which marked an $8.4-million swing from the $1.2 million in net profits from the first quarter of 2014.
Due in part to what CEO Ragu Rau termed “significant declines in legacy products and continuing delays in customer acceptances of new products,” the company also saw a drop in first-quarter revenue of more than $11 million, to $24.3 million.
However, SeaChange said it expects to see better results and has begun to receive orders from three service providers it had expected to get earlier.
“Based on expected rollouts of our next-generation products and customer upgrades, we remain confident that our revenue and profitability will improve sequentially in each of the next three quarters,” Rau said in a statement. “We also expect to grow second half fiscal 2015 revenues and profitability year over year.”
WBJ Web Partners
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