Seachange International Reports Q3 EPS $0.13 vs $0.13 Est; Revenues $53.4M vs $52.37M Est

SeaChange International, Inc. (NASDAQ: SEAC) announced financial results for its fiscal 2012 third quarter ended October 31, 2011. Total revenues for the quarter were $53.4 million, which were $4.2 million or 9% higher than total revenues of $49.1 million for the third quarter of fiscal 2011. Non-GAAP net income for this year's third quarter was $4.1 million, or $0.13 per share, compared with non-GAAP net income of $1.5 million or $0.05 per share, for the same period last year. GAAP net income for the third quarter of fiscal 2012 was $0.4 million or $0.01 per share compared with a GAAP net loss of $5.2 million or $0.17 per share for the third quarter of fiscal 2011. Last year's third quarter GAAP net loss included a $2.4 million restructuring charge.

Total revenues for the first nine months of fiscal 2012 ended October 31, 2011 were $155.5 million, which were $0.1 million higher than total revenues of $155.4 million for the first nine months of fiscal 2011. Non-GAAP net income for the first nine months of fiscal 2012 was $10.1 million, or $0.30 per share, compared with non-GAAP net income of $7.4 million, or $0.24 per share, for the same period last year. GAAP net income for the first nine months of this year was $0.8 million, or $0.02 per share, compared with GAAP net income of $18.6 million or $0.58 per share, for the first nine months of fiscal 2011. Last year's nine month financial results included a $25.2 million pre-tax gain on the sale of the Company's equity investment in Casa Systems, Inc.