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TheStreet Open House

SeaChange International Reports First Quarter Fiscal 2014 Results

Stocks in this article: SEAC

  • Revenue of $35.6 Million at High End of Guidance
  • Non-GAAP Operating Income of $1.2 Million
  • GAAP Operating Loss of $1.8 Million
  • New Product Revenue Growth of 70% Year Over Year

ACTON, Mass., June 6, 2013 (GLOBE NEWSWIRE) -- SeaChange International, Inc. (Nasdaq:SEAC), a leading global multi-screen video software innovator, today reported first quarter fiscal 2014 revenue of $35.6 million and non-GAAP operating income of $1.2 million, or $0.04 per fully diluted share, from continuing operations. In comparison, first quarter fiscal 2013 revenue was $36.6 million and non-GAAP operating income was $2.3 million, or $0.07 per fully diluted share, from continuing operations. The Company posted a U.S. GAAP operating loss of $1.8 million, or $0.05 per basic share for the first quarter of fiscal 2014, compared to a U.S. GAAP loss from operations for the first quarter of fiscal 2013 of $1.2 million, or $0.04 per basic share. The Company's U.S. GAAP first quarter fiscal 2014 results include non-GAAP charges of $3.0 million, which consisted primarily of stock-based compensation and amortization of intangible assets from prior acquisitions.

"We're pleased to have achieved the high end of our guidance for the first quarter chiefly through new product contribution and increased product licensing revenue, which boosted gross margins," said Raghu Rau, Chief Executive Officer, SeaChange. "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 continued, "SeaChange is showcasing its new technologies at the NCTA's Cable Show next week in Washington, D.C. and senior executives of the world's largest service providers are expected to witness how our software product strategy – with advancements such as our Adrenalin multi-screen video platform, Infusion advertising platform and Nucleus Soft Box gateway – is enabling our customers to deliver innovative revenue generating services."

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