SeaChange Reports Q4, Annual Loss
Acton-based multi-screen video software provider SeaChange International said acquisition and restructuring costs helped lead to a net loss of $4 million for the fiscal year ending Jan. 31.
The company earned $29.4 million during the previous fiscal year, which included a $27.1 million pre-tax gain on the sale of the company's equity investment in Casa Systems and InSite One.
Revenue for fiscal 2012 was $197.7 million compared to $201.6 the year before.
For the fourth quarter of its fiscal year, SeaChange lost $4.8 million compared to a profit of $10.9 million the year before. Revenues were $51.6 million, down from $57.8 million.
The decrease during the quarter was led by lower service revenues in the company's software business and fewer server shipments, the company said.
SeaChange recently announced its intent to sell its broadcast server and storage business line. The company said it is focusing on becoming a "pure play" software company.
The company announced a $5-million cost reduction plan in February that included layoffs of sales and administrative employees.
CEO Raghu Rau said operating expense reductions would continue in the first half of this year.
WBJ Web Partners
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