SeaChange Posts a Big Loss

SeaChange (SEAC Quote - Cramer on SEAC - Stock Picks) slipped anew Wednesday afternoon after the video-on-demand company rolled out first-quarter numbers that had been delayed by last week's patent setback with rival nCube.

For the first quarter ended April 30, SeaChange lost 82 cents a share, reversing the year-ago penny-a-share profit. Latest-period results included a $14.4 million charge related to the patent case. Revenue rose 12% to $33.7 million. Excluding patent-related charges in the latest period, the company earned a penny a share.

SeaChange forecast second-quarter revenue of $33 million, including video-on-demand revenue of $15 million. After legal costs, the company expects to lose 2 cents a share.

The company, whose shares have lost more than a third of their value since a Delaware jury awarded nCube $2 million in damages plus a royalty in an infringement suit, saw its shares dip 30 cents to $7.80 in after-hours trading. In Wednesday's regular session SeaChange dropped 33 cents, to $8.10.