• SeaChange International saw Q4 revenue climb from $25.8 million in 2001 to $33.4 million in 2002 — its highest yet, it says.
The company's fourth quarter ended with net income of $2.1 million, or 9 cents a share, up from a net loss of $1 million, or 5 cents a share, for the same year-ago period.
The company also pulled out of the $1 million in net loss from fiscal year 2001: Its 2002 revenue, ended Jan. 31, 2002, showed a net income of $381,000 on $115.8 million in revenue. The company reported $98.5 million in revenue in 2001.
VOD revenue for the quarter, ended Jan. 31, reached $10.3 million, and $43 million for 2002, and the company shipped 642 video servers during the quarter.
SeaChange expects revenue in the $30 million to $33 million range, and 1 cent to 4 cents a share in earnings in its next quarter, ending April 30.
• Blonder Tongue Laboratories narrowed its losses for the fourth quarter and saw its revenue rise slightly, although year-end revenue dropped.
The equipment maker reported Q4 2001 losses of $109,000, or 1 cent a share, compared with $584,000, or 8 cents a share for the same period a year ago. Fourth-quarter net sales reached $14.1 million, compared with $12 million a year ago.
Interdiction sales in fiscal year 2001 were about $8 million, compared with $29.4 million in 2000. Sales of its core products, including the digital products it debuted in 2001, rose to $45.7 million from $40.8 million in 2000.
Overall, Blonder Tongue's net sales for fiscal year 2001 fell to $53.6 million from $70.2 million in 2000. Net earnings for the year fell to $1.2 million, or 16 cents a share, from $3.6 million, or 47 cents a share, in 2000.
Company Chair and COO James A. Luksch projects revenue of $56 million in fiscal year 2002, $11.8 million in the first quarter and $15.7 million in the second quarter. Earnings for 2002 should reach 42 cents a share, he says in a statement, and 4 cents and 15 cents a share in the first and second quarters.
• N2 Broadband landed $10 million in financing for a total of $17 million. The round was led by Highland Capital Partners with follow-on from AOL Time Warner Ventures. Highland Managing General Partner Dan Nova has joined N2's board.
N2 had secured about $6.5 million in strategic financing in the second quarter of last year from AOL TW Ventures, The Convex Group CEO Jeff Arnold, and media analyst Paul Kagan, says spokesman Dwight Witherspoon. The company launched with about $1 million in seed financing from friends and family.
N2, which in part provides plug-and-play interoperability of back-end systems for interactive services, will use the funds to expand its cable product lines, including maturing its MediaPath asset delivery system and developing its asset management system, Witherspoon says.