SeaChange Lower By 10% Following Poor Q4 Report, CEO Change - SeaChange International (OTC:SEAC)

Shares of

SeaChange InternationalSEAC

were trading lower by more than 10 percent early Friday morning after the company

a worse than expected fourth quarter print and announced a CEO change. SeaChange, a company that is engaged in the delivery of multiscreen video, said that it earned $0.00 per share in the fourth quarter on revenue of $27.2 million. Wall Street analysts were expecting the company to earn $0.01 per share on revenue of $30.49 million. GAAP loss from operations for the quarter worsened to $22.1 million from a loss of $5.3 million a year ago. For the full fiscal year, GAAP operating loss also worsened to $48.2 million from a loss of $26.5 million a year ago. SeaChange also

announced the appointment of Edward Terino to the position of CEO, effective immediately. The company noted that its Board of Directors decided to terminate the employment of the prior CEO Jay Samit. "While we are disappointed in our fiscal 2016 financial performance, we did make significant operational improvements during the year. As we enter fiscal 2017, we intend to further increase operational efficiencies and deliver new software product innovations that capitalize on our core competencies in video delivery, content management and monetization," said Ed Terino, Chief Executive Officer, SeaChange. "Specifically we will be focused on leveraging our R&D investments and becoming more efficient with our spending as we roll out our platforms for current customer commitments and introduce new cloud-based software products that provide opportunities in our core TV service provider segment, as well as adjacent markets. In addition, we are investing in our sales and marketing capabilities in response to these market opportunities. We believe that these actions will enable SeaChange to return to revenue growth and profitability on a full year basis in fiscal 2017."

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