SeaChange moves to profit in Q4

Tuesday 17 April 2018 | 12:11 CET | News
SeaChange said revenues for its fiscal fourth quarter slipped to USD 22.9 million from 23.8 million the year before, well within guidance. The net result recovered from last year’s loss of USD 27.4 million, rising to a profit of USD 20.6 million, with earnings per share going to USD 0.58 from a loss of 0.78. The profit from operating went to USD 1.2 million from a loss of 24.4 million year-on-year. Results includes a charge of USD 2.1 million, related mainly to severance and restructuring costs. 

CEO Ed Terino expressed satisfaction with the results and says the company will work on expanding its “go-to-market- initiatives to other market segments, including wireless carriers, content owners and ISPs. The company ended the quarter with USD 52 million in cash and cash equivalents, and with no debt outstanding. 

For the full year, revenues fell to USD 80.3 million from 83.8 million, with the loss from operations narrowing to USD 5.4 million from 54.1 million and the net profit amounting to USD 13.5 million from a loss the year earlier of 71.2 million. 

For the fourth quarter, SeaChange is guiding for lower revenues quarter-on-quarter of USD 13-15 million, with a loss from operations of USD 0.19-0.15. For the full year, revenues are seen at USD 80-90 million, with the operating result going from a loss of USD 0.6 to a profit of 0.09. The company noted that with the implementation of new revenue accounting standards, revenues will likely decrease by USD 1-3 million for the year.

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Categories: General
Companies: SeaChange
Countries: World
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