SeaChange extends profitability into Q4
Building on record Q3 revenue, SeaChange International reported its fourth quarter revenue for its fiscal 2008, which ended January 31, was the second-highest in its history – $47.8 million.
That fourth quarter 2008 revenue was $7.7 million more than the Q4 2007 figure. A year ago, SeaChange ended up reporting a loss of $3.6 million; in the quarter just completed, it turned a profit of $14.5 million.
Total revenue for all of fiscal 2008 was a record $179.9 million, a 12 percent increase from total revenues of $161.3 million in the prior fiscal year. Net income for fiscal 2008 was $5.4 million, compared with a net loss of $8.2 million for fiscal 2007.
SeaChange president and CEO Bill Styslinger said, “Looking at fiscal 2009, we expect year over year revenue growth, with second half revenues exceeding first half revenues, similar to what we experienced in fiscal 2008. We are also projecting profitability for the first half and for all of fiscal 2009.”
Continuing success, he said, would come from key North American customers’ spending as they expand their VOD offerings, particularly with high definition.
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