SeaChange Revenue Down In Q3
Acton-based video software company SeaChange International Inc. said its third-quarter revenue was down from last year, but profits rose slightly.
The company increased its earnings guidance for fiscal 2013 to between $155 and $159 million.
Revenue for the third quarter ended Oct. 31 was $39.2 million, down from $42.9 million in the same quarter last year. Profits totaled $578,000 in the third quarter, up from $408,000 a year ago.
For the first nine months of the year, SeaChange posted revenue of $112.6 million, down from $121.5 million during the same period last year. The company posted a loss of $24.3 million for that period, compared to a profit of $811,000 last year.
The company said its results this year have been impacted by inventory write-downs, professional fees, severance and restructuring charges, and costs related to acquisitions.
Despite losses, CEO Raghu Rau said he is happy with the company's third-quarter results, saying they came in at the high end of expectations.
"The outperformance was driven by increased revenue from new products and continued execution on our cost reduction efforts," Rau said.
WBJ Web Partners
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