SeaChange posts Q1 loss
SeaChange International reported first quarter fiscal 2014 revenue of $35.6 million, down $1 million from the similar quarter a year ago.
The company posted an operating loss of $1.8 million, compared to a loss from operations for the first quarter of fiscal 2013 of $1.2 million.
“We’re pleased to have achieved the high end of our guidance for the first quarter chiefly through new product contribution and increased product licensing revenue, which boosted gross margins,” said SeaChange CEO Raghu Rau. “The results reflect the market traction SeaChange continues to achieve with our new generation of software, which drove new product revenue growth of 70 percent over last year’s first quarter.”
The company’s guidance for the second quarter is for revenue in the range of $37 million to $40 million. SeaChange continues to expect fiscal 2014 revenue to be in the range of $165 million to $175 million.