SeaChange revenue falls 7% amid 'transition'
Video software maker SeaChange International of Acton ended its 2014 fiscal year with a 7-percent drop in revenue and a loss of slightly more than $3 million, ending what its CEO called a “transitional” year, the company said Thursday.
SeaChange reported $146.3 million in revenue for the year, down from $157.2 million. For the fourth quarter, which ended Jan. 31, the company reported $9.94 million in revenue, down substantially from $23.6 million in the same quarter a year earlier.
It also reported a $1.4 million net loss for the quarter, a decline of nearly $8 million after posting profits of $6.5 million in the final quarter of its 2013 fiscal cycle. For the year, SeaChange lost $3 million, far less than the $19.2 million it lost last year.
The company’s CEO, Raghu Rau, said SeaChange was “managing the decline” of its legacy products while establishing newer offerings such as its Adrenalin multi-screen television platform and video gateway software.
Rau said the current fiscal year “will be the third and final year of our transition.” He said the company anticipates that declines in sales of its legacy products will offset sales growth in new products, and that revenue will “likely grow only in the second half” of the fiscal year – after July – and will remain “flat to down” for the full year compared to the just-completed cycle.
However, the company’s balance sheet improved, with a 20-percent cut in liabilities and 8.4-percent growth in cash and cash equivalents.
WBJ Web Partners
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