SeaChange posts second-quarter loss
SeaChange International posted a second-quarter loss of $400,000, compared with net income of $1.5 million from the same quarter a year ago.
The second quarter wasn’t all bad for the VOD server vendor as it was able to extend its subscription agreement with Comcast for its VOD software through 2009.
SeaChange’s total revenues for the quarter were $46.5 million, which was $4.2 million lower than total revenues of $50.7 million for the second quarter of fiscal 2009.
This year’s second-quarter net loss included $500,000, or 2 cents per share, of acquisition-related costs in connection with the company’s purchase of eventIS Group B.V., which was announced yesterday.
Total revenues for the first six months of fiscal 2010, ended July 31, were $95.4 million, which was $700,000 lower than total revenues of $96.1 million for the first six months of fiscal 2009.
Net income for the first half of fiscal 2010 was $600,000, or 2 cents per share, compared with net income of $1.8 million, or 6 cents per share, for the same period last year.
SeaChange ended the second quarter of fiscal 2010 with cash, cash equivalents and marketable securities of $93.5 million and no debt compared with $90.7 million at the end of the first quarter of fiscal 2010.
“Despite a challenging economic climate that has negatively impacted our advertising insertion and broadcast product lines, we are pleased that, excluding one-time acquisition-related costs, we were able to show a profit for the second quarter,” said SeaChange Chairman and CEO Bill Styslinger. “During the quarter, we were able to extend the Comcast VOD software subscription agreement, further cementing our relationship with the world’s largest deployer of VOD services. In addition, during the second quarter we began commercial deployments of our VOD servers and software for Comcast’s next-generation VOD network architecture.
“We also inked another software subscription customer in the second quarter, which is one of the five largest cable television providers in the U.S. Further, we added six new domestic customers, including four small telecommunications customers. In addition, we replaced two competitors’ products at another domestic cable television customer.”