SeaChange Posts Narrower Q2 Loss

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SeaChange International
SEAC
reported a narrower-than-expected loss for its fiscal second quarter on Wednesday. The Acton, Massachusetts-based company posted a quarterly net loss of $5 million, or $0.16 per share, versus a year-ago loss of $5.6 million, or $0.17 per share. Excluding items, non-GAAP loss from operations narrowed to $0.04 per share from $0.08 per share. Its revenue slipped to $27.9 million from $29.8 million. Analysts were expecting a loss of $0.12 per share on revenue of $27.61 million. The company ended the quarter with cash, cash equivalents and marketable securities of $72.8 million and no debt outstanding. "I'm greatly encouraged by our performance sequentially in the second quarter marked by our increased new software product revenues and improved margins," said Jay Samit, Chief Executive Officer, SeaChange. "Notably, in the second quarter our Nucleus video gateway software was launched to subscribers in a third European country, marking three consecutive quarters of new market launches. In addition, we were awarded new contracts by one of our largest Nucleus customers, further expanding our gateway footprint to new markets." For the current quarter, SeaChange projects a loss of $0.10 per share to a loss of $0.04 per share, and revenue of $27 million to $29 million. Analysts expected a loss of $0.03 per share on revenue of $29.53 million. For full fiscal 2016, SeaChange expects a loss of $0.38 per share to a loss of $0.16 per share, and revenue of $105 million to $115 million. Analysts projected a loss of $0.33 per share on revenue of $111.94 million. SeaChange shares gained 0.54 percent to $5.84 in the after-hours trading session.
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Posted In: EarningsNewsGuidanceloss
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