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SeaChange posts record revenues

Thu, 08/31/2006 - 8:13am
Jeff Baumgartner, CED

SeaChange International turned in a big fiscal Q2, serving up record revenues of $45.4 million, up 73 percent versus the year-ago period.

The company also posted net income of $600,000 (2 cents per share), versus a net loss of $6.6 million (23 cents per share) a year earlier.

Investors applauded those figures, as SeaChange shares jumped 88 cents (11.28 percent) to $8.68 apiece in early trading Thursday.

SeaChange's broadband unit, which includes video-on-demand and ad insertion gear and software, reached $23.7 million, 45 percent higher than the previous quarter.

The sequential surge was driven by $9.9 million tied to a middleware contract and its new two-year VOD purchase agreement with Comcast Corp.

The company's VOD systems revenue rose slightly to $12.9 million, from $11 million in the previous quarter. Ad insertion revenue, meanwhile, dipped to $900,000, versus $1.7 million in Q1. SeaChange attributed the drop to orders received late in the quarter that will be recognized in Q3.

SeaChange said it ended Q2 with cash and marketable securities of $43.7 million and no debt, versus $52.1 million and no debt at the end of Q1.

"We anticipated a very strong quarter and we delivered," said SeaChange President & CEO Bill Styslinger. He added that the company expects the second half of the fiscal year will be "modestly higher than the first half."

More details on SeaChange's Q2 results will appear in next week's issue of xOD Capsule, CED's electronic newsletter on video-on-demand and interactive television.

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