Sony Pixel Power calrec Sony

SeaChange International Reports Fiscal First Quarter 2021 Financial Results

16/10/2020

SeaChange International Reports Fiscal First Quarter 2021 Financial Results Download as PDF June 11, 2020 4:05pm EDT

Related Documents Audio

Earnings Webcast

10-Q Filing PDF HTML

XBRL ZIP XLS HTML

Presentation PDF

Conference Call Script PDF

WALTHAM, MA / ACCESSWIRE / June 11, 2020 / SeaChange International Inc. (NASDAQ:SEAC), a leading provider of video delivery platforms, today reported financial results for the fiscal first quarter ended April 30, 2020.

Management Commentary

As we previously communicated on May 21, 2020, our business was impacted by the COVID-19 pandemic in the fiscal first quarter, but weve acted swiftly and confronted these headwinds directly, said SeaChange CEO Yossi Aloni. During the period, a majority of our customers temporarily paused technology purchasing and deployment decisions to focus on their internal operations, including servicing the surging demand for bandwidth due to higher overall network usage. In response to the pandemic and the shift in our customers behavior, we have shifted to a leaner, more focused operation which has allowed us to reduce our cost structure and more fully align our strategy with current market demands. We anticipate that these optimization measures, coupled with our quarter-end cash position of nearly $10 million, provide us with sufficient resources to execute our growth strategy.

Despite the recent challenges, we have been encouraged by our initial success and recently secured our first Framework win that included our new Ad Insertion module. We believe that monetizing unsold ad inventory during this difficult time is a tremendous value-add that our Framework platform can provide. SeaChanges unique technology offers TV providers a digital-like workflow for all platforms, including linear, video on demand and Over-the-Top. COVID-19 has also dramatically accelerated the TV and video industrys shift in how content is being consumed at home, which has resulted in a robust pipeline of new opportunities as well as continued interest in our Framework solution as operators look to preserve their revenue base and reduce operating expenses. We believe that our industry-leading solutions and disruptive go-to-market strategy will enable us to capitalize on the disruption-in-process and the accelerating demand for streaming services.

Looking ahead, we believe that the decisive measures we took over the last several months have allowed us to not only mitigate the present macro risks, but also will better position us to capitalize on the anticipated demand for our solutions in the second half of fiscal 2021. Based on our current pipeline of opportunities and customer engagement, we expect to generate growth and profitability in the second of half of the fiscal year.

First Quarter Fiscal 2021 and Recent Operational Highlights

Expanded our relationship with Amazon Web Services (AWS) to provide new functionalities for SeaChanges Framework platform with AWS machine learning (ML) services. The enhanced functionality is designed to enable SeaChanges customers to reduce subscriber churn by improving viewer engagement and to increase revenues through better monetization of advertising inventory.

In response to COVID-19, in late March through May the Company implemented permanent and temporary cost-optimization measures, which are in addition to the actions the Company took in fiscal 2020, which are expected to result in more than $5 million in annualized cost savings.

Secured two new customer wins with multi-year commitments for the Framework video delivery platform, bringing the total number of Framework customers secured since March 2019 to 28 with more than $60 million in total contract value.

First Quarter Fiscal 2021 Financial Results

Total revenue decreased 19% to $6.9 million from $8.5 million in the same period last year. Product revenue increased 163% to $3.1 million (or 45% of total revenue) from $1.2 million (or 14% of revenue) in the same period last year. Service revenue decreased 48% to $3.8 million (or 55% of total revenue) from $7.3 million (or 86% of total revenue) in the same period last year.

Revenue backlog at quarter end increased 97% to $21.7 million from $11.0 million at the end of the first quarter of fiscal 2020.

Gross profit decreased by 14% to $2.5 million (or 36% of total revenue) from $2.9 million (or 34% of total revenue) in the same period last year.

Total operating expenses decreased by 24% to $8.8 million from $11.6 million in the same period last year.

GAAP loss from operations totaled $6.3 million, an improvement from a loss of $8.7 million in the same period last year.

Non-GAAP loss from operations totaled $5.2 million, or $(0.14) per basic share, an improvement from a loss of $7.5 million, or $(0.20) per basic share, in the same period last year.

GAAP net loss totaled $6.5 million, or $(0.17) per basic share, an improvement from a loss of $10.8 million, or $(0.30) per basic share, in the same period last year.

Cash, cash equivalents, restricted cash and marketable securities totaled $9.8 million at quarter-end. Also, the Company had no debt at quarter-end. Management currently believes the Companys liquidity position coupled with the recent cost-reduction measures enable the company to execute its growth strategy.

Business Outlook

The Company intends to provide financial guidance for fiscal 2021 when management has greater visibility with respect to returning to a more normal operating environment.

Conference Call

SeaChange will host a conference call today (June 11, 2020) at 5:00 p.m. Eastern time (2:00 p.m. Pacific time) to discuss these results.

SeaChange management will host the call, followed by a question and answer period.

U.S. dial-in number: 877-407-8037

International number: 201-689-8037

Meeting Number: 13704490

Please call the conference telephone num
LINK: https://www.seachange.com/news-and-events/press-releases/detail/438/se...
See more stories from schange

More from SeaChange

07/04/2021

SeaChange International Sets Fourth Quarter and Fiscal 2021 Conference Call for Tuesday, April 13 at 5:00 p.m. ET

SeaChange International Sets Fourth Quarter and Fiscal 2021 Conference Call for ...

01/04/2021

SeaChange International Closes $19.1 Million Underwritten Public Offering of Common Stock Price Above-The-Market

SeaChange International Closes $19.1 Million Underwritten Public Offering of Com...

30/03/2021

SeaChange International Announces Proposed Underwritten Public Offering of Common Stock

SeaChange International Announces Proposed Underwritten Public Offering of Commo...

30/03/2021

SeaChange International Prices $19.1 Million Underwritten Public Offering of Common Stock

SeaChange International Prices $19.1 Million Underwritten Public Offering of Com...

29/03/2021

SeaChange International Secures Multi-Million-Dollar Contract with One of the Largest Broadband Service Providers in the U.S.

SeaChange International Secures Multi-Million-Dollar Contract with One of the La...

15/03/2021

SeaChange International's Strategic Roadmap and Operational Progress Strengthens Company's Position for Fiscal 2022

SeaChange International's Strategic Roadmap and Operational Progress Strengt...

11/02/2021

SeaChange International Appoints Veteran Technology Executive Matthew Stecker to Board of Directors

SeaChange International Appoints Veteran Technology Executive Matthew Stecker to...

01/12/2020

SeaChange International Sets Third Quarter Fiscal 2021 Conference Call for Thursday, December 10 at 5:00 p.m. ET

SeaChange International Sets Third Quarter Fiscal 2021 Conference Call for Thurs...

16/10/2020

SeaChange Selected by Leading Midwest Cable and Telecom Provider, Midco, to Monetize New Video Streaming Service

SeaChange Selected by Leading Midwest Cable and Telecom Provider, Midco, to Mone...

16/10/2020

SeaChange International Reports Fourth Quarter and Fiscal Year 2020 Financial Results

SeaChange International Reports Fourth Quarter and Fiscal Year 2020 Financial Re...

16/10/2020

SeaChange International Issues Business Update in Response to Global Impact of COVID-19

SeaChange International Issues Business Update in Response to Global Impact of C...

16/10/2020

SeaChange to Drive TV Provider Revenues and User Engagement with Amazon Web Services

SeaChange to Drive TV Provider Revenues and User Engagement with Amazon Web Serv...

16/10/2020

SeaChange International Sets First Quarter 2021 Conference Call for Thursday, June 11 at 5:00 p.m. ET

SeaChange International Sets First Quarter 2021 Conference Call for Thursday, Ju...

16/10/2020

SeaChange International Reports Fiscal First Quarter 2021 Financial Results

SeaChange International Reports Fiscal First Quarter 2021 Financial Results Download as PDF June 11, 2020 4:05pm EDT Related Documents Audio Earnings We...

16/10/2020

SeaChange Joins Russell 3000(R) Index

SeaChange Joins Russell 3000(R) Index Download as PDF June 29, 2020 9:00am EDT WALTHAM, MA / ACCESSWIRE / June 29, 2020 / SeaChange International Inc. (NASD...

16/10/2020

SeaChange Leadership Extends Salary Reduction Plan

SeaChange Leadership Extends Salary Reduction Plan Download as PDF July 06, 2020 8:15am EDT WALTHAM, MA / ACCESSWIRE / July 6, 2020 / SeaChange Internationa...

16/10/2020

SeaChange Corporation: SeaChange International Sets Second Quarter Fiscal 2021 Conference Call for Tuesday, September 8 at 5:00 p.m. ET

SeaChange Corporation: SeaChange International Sets Second Quarter Fiscal 2021 C...

16/10/2020

SeaChange International Reports Fiscal Second Quarter 2021 Financial Results

SeaChange International Reports Fiscal Second Quarter 2021 Financial Results Download as PDF September 08, 2020 4:05pm EDT Related Documents Audio Earni...

08/04/2019

SeaChange Strengthens Leadership Team

SeaChange Strengthens Leadership Team ACTON, Mass., April 5, 2019 -SeaChange International, Inc. (NASDAQ: SEAC), a leader in video delivery platforms, today an...

28/03/2019

SeaChange International to Issue Fiscal 2019 Fourth Quarter Results on April 10, 2019

SeaChange International to Issue Fiscal 2019 Fourth Quarter Results on April 10,...

11/03/2019

SeaChange Adopts Tax Benefits Preservation Plan to Protect Tax Assets

SeaChange Adopts Tax Benefits Preservation Plan to Protect Tax Assets March 11th, 2019 Shareholders to Vote on Tax Benefits Preservation Plan at 2019 Annual ...

02/03/2019

SeaChange Reaches Cooperation Agreement with Largest Shareholder, TAR Holdings

SeaChange Reaches Cooperation Agreement with Largest Shareholder, TAR Holdings March 1st, 2019 Appoints Robert Pons and Jeff Tuder to Board of Directors ACT...

27/02/2019

SeaChange Announces Leadership Changes

SeaChange Announces Leadership Changes February 26th, 2019 Edward Terino Resigns as CEO Board of Directors Creates Interim Office of the Chief Executive AC...

12/02/2019

SeaChange Acquires Xstream

SeaChange Acquires Xstream February 11th, 2019 Adds more than 5 million active subscribers Transaction expected to increase revenues and be accretive to Sea...

03/01/2019

SeaChange Appoints Yossi Aloni Senior Vice President and Chief Commercial Officer

SeaChange Appoints Yossi Aloni Senior Vice President and Chief Commercial Office...

21/12/2018

SeaChange Panoramic Platform Selected by Russia's TotalVideo for OTT Platform

SeaChange Panoramic Platform Selected by Russia's TotalVideo for OTT Platfor...

13/12/2018

SeaChange International Reports Third Quarter Fiscal 2019 Results

SeaChange International Reports Third Quarter Fiscal 2019 Results December 10th, 2018 ACTON, Mass., Dec. 10, 2018 (GLOBE NEWSWIRE) SeaChange International,...

26/11/2018

SeaChange International to Issue Fiscal 2019 Third Quarter Results on December 10, 2018

SeaChange International to Issue Fiscal 2019 Third Quarter Results on December 1...

11/10/2018

SeaChange International to Issue Fiscal 2019 First Quarter Results on June 6, 2018

SeaChange International to Issue Fiscal 2019 First Quarter Results on June 6, 20...

11/10/2018

SeaChange International Named To Streaming Media's Top 50 Companies Leading The Online Video Industry List

SeaChange International Named To Streaming Media's Top 50 Companies Leading ...

13/09/2018

SeaChange Unveils cView UI/UX Software to Provide Pay-TV Operators a Smooth Bridge between Legacy, IP, and OTT/Multiscreen Worlds

SeaChange Unveils cView UI/UX Software to Provide Pay-TV Operators a Smooth Brid...

06/09/2018

SeaChange International Reports Second Quarter Fiscal 2019 Results

SeaChange International Reports Second Quarter Fiscal 2019 Results September 5th, 2018 ACTON, Mass., Sept. 05, 2018 (GLOBE NEWSWIRE) SeaChange Internationa...

21/08/2018

SeaChange International Reports Preliminary Second Quarter Fiscal 2019 Results

SeaChange International Reports Preliminary Second Quarter Fiscal 2019 Results August 21st, 2018 ACTON, Mass., Aug. 21, 2018 (GLOBE NEWSWIRE) SeaChange Int...

31/07/2018

Atlantic Broadband Deploys SeaChange Solutions for New IP VOD Service

Atlantic Broadband Deploys SeaChange Solutions for New IP VOD Service July 30th, 2018 SeaChange collaborates with Concurrent Technology Inc. to provide Atlan...

19/07/2018

Seachange Promotes Marek Kielczewski to Chief Technology Officer

Seachange Promotes Marek Kielczewski to Chief Technology Officer July 19th, 2018 Marek Kielczewski is elevated to CTO role after success leading video soluti...

16/06/2018

SeaChange International Reports First Quarter Fiscal 2019 Results

SeaChange International Reports First Quarter Fiscal 2019 Results June 6th, 2018 ACTON, Mass., June 06, 2018 (GLOBE NEWSWIRE) SeaChange International, Inc....

07/06/2018

SeaChange cFlow Portfolio Equips Content Owners, Aggregators, Service Providers to Serve Up Personalization

SeaChange cFlow Portfolio Equips Content Owners, Aggregators, Service Providers...

07/06/2018

SeaChange Launches Powerful Cloud-Based, End-To-End Multi-Screen Video Management And Delivery Platform

SeaChange Launches Powerful Cloud-Based, End-To-End Multi-Screen Video Managemen...

07/12/2017

LIBERTY GLOBAL SELECTS SEACHANGE FOR NEXT-GENERATION CLOUD-BASED VIDEO OFFERING

ACTON, Mass. (December 6, 2017) Video solutions innovator SeaChange International Inc. (NASDAQ: SEAC) today announced its Adrenalin multiscreen video solution...

14/09/2017

Partner TV OTT Service Launches on SeaChange Adrenalin Platform

ACTON, Mass., Sept. 12, 2017 (GLOBE NEWSWIRE) -- SeaChange International, Inc. (NASDAQ:SEAC) today announced that Partner Communications, a leading Israeli Telc...

14/09/2017

SeaChange Strengthens End User Video Experience at IBC 2017

ACTON, Mass., Sept. 12, 2017 (GLOBE NEWSWIRE) -- Video solutions innovator SeaChange International, Inc (NASDAQ:SEAC) will demonstrate its latest products durin...

21/06/2017

Blue Ridge Communications Prepares for OTT Video with SeaChange

ACTON, Mass. (June 21, 2017) On the heels of completing its migration to the new generation Adrenalin video back office from SeaChange International, Inc. (NA...

15/06/2017

SeaChange Announces Preliminary Second Quarter Fiscal Year 2017 Results

ACTON, Mass. -- Multiscreen innovator SeaChange International, Inc. (NASDAQ: SEAC) today announced preliminary results for its second quarter fiscal year 2017. ...

15/06/2017

SeaChange International to Issue Fiscal 2017 Second Quarter Results on September 1

ACTON, Mass. -- Multiscreen innovator SeaChange International, Inc. (NASDAQ:SEAC...

15/06/2017

SeaChange Features Industry Leading Video Delivery Chain at IBC 2016 Next Week

ACTON, Mass. During IBC 2016 (Amsterdam, Sept. 9-13) service providers will experience the complete video delivery chain from SeaChange International, Inc. (N...

15/06/2017

SeaChange International Reports Second Quarter Fiscal 2017 Results

ACTON, Mass. (Sept. 1, 2016) SeaChange International, Inc. (NASDAQ: SEAC) today reported second quarter fiscal 2017 revenue of $18.5 million and U.S. GAAP los...