SeaChange Trims Losses
First-quarter revenue for video software manufacturer SeaChange International of Acton fell slightly over last year, but the company made a massive dent in its losses, trimming them by about 83 percent, to just above $3 million, the company reported.
SeaChange said it took in $35.6 million during the quarter, which ended April 30. That was down from $36.6 million for the same quarter in 2012 (its 2013 fiscal year). But it saw a 24-percent revenue increase in product revenue, which helped cushion the blow from a 16-percent drop in its services business, which makes up most of the company's revenue.
Company CEO Raghu Rau said new products and increased product licensing revenue helped on the products side.
"The results reflect the market traction SeaChange continues to achieve with our new generation of software, which drove new product revenue growth of 70 percent over last year's first quarter," Rau said.
SeaChange reported a net loss of $1.98 million, substantially below its net loss of $19.6 million quarterly last year. But adding a loss of $1 million on foreign currency translation, SeaChange's comprehensive loss amounted to slightly more than $3 million, still substantially less than the $17.9 million it declared a year earlier.
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