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SeaChange posts Q2 profit of $1.5M

Fri, 09/05/2008 - 8:15am
Mike Robuck

SeaChange International reported a second-quarter profit of $1.5 million, thanks in large part to the sale of its VOD servers in North America.

SeaChange announced its second-quarter earnings, which ended July 31, late last night, and the $1.5 million in earnings contrasts with its loss of $7.9 million a year ago, although the year-ago earnings included a charge of $6 million.

SeaChange’s revenues were $50.7 million, compared with the $44.2 million it posted in the prior year.

“We are very pleased with our financial performance for the second quarter, which builds on the strong start for fiscal 2009,” said SeaChange President and CEO Bill Styslinger. “We exceeded $50 million in quarterly revenue for the first time in the company’s history on continued strong North American service provider spending for VOD server and software products.

“We’re particularly pleased that the first commercial deployment of flash memory servers by two of our largest North American cable television customers significantly contributed to our VOD server revenue this quarter.”

The servers and storage segment generated $14.9 million in revenue for the second quarter of fiscal 2009, which was $2.5 million, or 20 percent, higher than revenue for the second quarter of fiscal 2008. The growth in revenue was mainly due to increased VOD server shipments to several domestic customers and higher installation and maintenance revenues related to increased year-over-year server deployments.

SeaChange said it expects to be profitable in the second half of fiscal 2009 with revenue for the year being about 10 percent above fiscal 2008.

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