SeaChange Reverses Financial Fortunes
Acton-based video software maker SeaChange International Inc. turned a profit in the third quarter of its 2014 fiscal year, while revenues were down slightly, the company said Thursday.
Revenue for the quarter was $37.8 million, down from $39.2 million a year ago.
Meanwhile, the company posted an operating income of $529,000, or 2 cents per share, compared to a loss of $1.6 million in 2013. SeaChange said its third-quarter results include $2.4 million in charges consisting of stock-based compensation and amortization of intangible assets from acquisitions. Net income was $577,000, compared to a loss of $126,000 last year.
For the first nine months of the year, revenues were $110.7 million, down from $112.6 million a year prior. SeaChange posted an operating loss of about $800,000 as the company was able to significantly dig out from losses of $10.3 million for the same period last year.
“We continue to execute on our plan to deliver our new generation of products globally, which have grown 62 percent year over year to represent 45 percent of all product revenues, compared to 25 percent a year ago,” said SeaChange CEO Raghu Rau.
Rau said interest in the company’s products remains strong.
However, he said “product acceptances and some agreements expected for the third and fourth quarter are experiencing delays in signing due to expanded scope and the complex nature of the customer decision making process, which involves the customer selecting multiple vendors.”
CFO Anthony Dias said he expects revenues to grow in the fourth quarter and be in the range of $40 million to $45 million.
WBJ Web Partners
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