
SeaChange International Reports First Quarter Fiscal 2019 Results
June 6th, 2018
ACTON, Mass., June 06, 2018 (GLOBE NEWSWIRE) SeaChange International, Inc. (NASDAQ:SEAC) today reported first quarter fiscal 2019 revenue of $14.9 million and a U.S. GAAP loss from operations of $5.1 million, or $0.15 per basic share, compared to first quarter fiscal 2018 revenue of $16.7 million and U.S. GAAP loss from operations of $5.5 million, or $0.16 per basic share.
The Company's U.S. GAAP first quarter fiscal 2019 results included non-GAAP charges of $1.3 million, which consisted primarily of stock-based compensation of $0.9 million and amortization of intangible assets from prior acquisitions of $0.4 million, while first quarter fiscal 2018 results included non-GAAP charges of $3.8 million, which consisted primarily of severance and other restructuring costs of $2.1 million, stock-based compensation of $0.9 million, amortization of intangible assets from prior acquisitions of $0.6 million and a provision for loss contract of $0.2 million. The non-GAAP loss from operations in the first quarter of fiscal 2019 was $3.8 million, or $0.11 per basic share, compared to the first quarter of fiscal 2018 non-GAAP loss from operations of $1.7 million, or $0.05 per basic share.
Ed Terino, Chief Executive Officer, SeaChange, said, In the first quarter of 2019, we delivered solid results at the higher end of our guidance for both the top and bottom line, and are affirming our outlook for the full fiscal year. Our partner program, focused on both channel and technology partners, is generating increased opportunities, as we strengthen our pipeline in new market segments and geographies. As a result, we are seeing greater revenue potential in Latin and South America, and Asia Pacific.
Terino continued, Just last week, we launched several major new product initiatives designed to drive revenue growth for fiscal 2019 and beyond. These products include our new solutions portfolio, called cFlow , which equips video providers with a comprehensive set of workflow, meta-data, merchandizing, monetization, and viewer experience management tools for creating personalized viewing or indivisual ' experiences. cFlow creates an easily deployable video personalization pipeline' that can increase viewer engagement and monetization, helping our partners navigate the industry-wide march towards personalization and positioning SeaChange for continued market leadership and growth. We also launched PanoramiC , a powerful, cloud-based end-to-end solution that is a pre-integrated combination of cFlow elements with best-of-breed components from partners to create a complete OTT platform, and have been thrilled with the early customer and partner response.
Peter Faubert, Chief Financial Officer, SeaChange, said, Our financial results in the first quarter of fiscal 2019 establish a platform that we can leverage as we generate higher revenues in the remainder of the year. As expected, we incurred consulting costs during the quarter related to one-time projects including adoption of new revenue recognition standards ASC 606. We are confident that with these costs behind us, operating expenses will be more normalized in the back half of this fiscal year, enabling us to resume operating profitability.
Faubert added, We continue to successfully manage working capital, and our guidance for the year remains unchanged.
SeaChange ended the first quarter of fiscal 2019 with cash, cash equivalents, restricted cash and marketable securities of $49.1 million, and no debt outstanding.
New Accounting Standard Impact
As of February 1, 2018, SeaChange adopted Accounting Standards Codification No. ( ASC ) 606, Revenue from Contracts with Customers, which affects the accounting for revenue. The company adopted ASC 606 using the modified retrospective transition method, under which the prior periods presented have not been recast to reflect adoption of the new standard. This standard is not expected to have a material impact on the Company's results of operations and financial condition.
Outlook
SeaChange anticipates second quarter fiscal 2019 revenue to be in the range of $17 million to $19 million, U.S. GAAP operating results to be in the range of a loss from operations of $0.08 per basic share to $0.04 per basic share, and non-GAAP operating loss to be in the range of $0.04 to $0.00 per basic share. For the full fiscal year 2019, the company continues to expect revenue in the range of $80 million to $90 million, U.S. GAAP operating results in the range of a loss from operations of $0.06 per basic share to operating income of $0.09 per fully diluted share and non-GAAP operating income in the range of $0.10 to $0.25 per fully diluted share.
These GAAP estimates are subject to a number of variables that are outside of management's control, including the size of restructuring expenses, which are influenced by the timing of certain non-U.S. restructuring activities, and stock price fluctuations.
Conference Call
The Company will host a conference call to discuss its first quarter fiscal 2019 results at 5:00 p.m. ET today, Wednesday, June 6, 2018. The call may be accessed by dialing 877-407-8037 (U.S.) and 201-689-8037 (international) and via live webcast at www.schange.com/IR. The webcast replay will be archived on the investor relations section of the Company's website at www.schange.com/IR.
About SeaChange International
For 25 years, SeaChange (Nasdaq:SEAC) has pioneered solutions to help video providers around the world manage and monetize their content. As the video industry rapidly evolves to meet the anytime, anywhere demands of today's viewers, SeaChange's comprehensive content, business, advertising, and experience management solutions provide a mature, network-agnostic, cloud-enabled platform
More from SeaChange
09/05/2024
Enghouse Completes Acquisition of SeaChange May 09,2024 8:05AM
Enghouse Expands Scale of Its IPTV Business
Markham, Ontario - May 9, 2024 - Enghouse Systems ...
16/08/2023
SeaChange Adopts Tax Benefits Preservation Plan to Protect Tax Assets August 16,2023 12:08PM
BOSTON, Aug. 16, 2023 (GLOBE NEWSWIRE) -- SeaChange International,...
08/08/2023
SeaChange Announces Voluntary SEC Deregistration and Nasdaq Delisting August 08,2023 4:08PM
BOSTON, Aug. 08, 2023 (GLOBE NEWSWIRE) -- SeaChange International, ...
07/02/2023
VIDAA Announces Launch of Streaming Service, VIDAA Free' February 07,2023 3:02AM
VIDAA USA Inc., today launched VIDAA Free, its streaming hub of free adve...
20/09/2022
SeaChange to Power Streaming of the FIFA World Cup Qatar 2022 for Grupo TVCable September 20,2022 4:09AM
BOSTON, Sept. 20, 2022 (GLOBE NEWSWIRE) -- SeaChange ...
08/09/2022
SeaChange and Source Digital Partner to Jointly Boost the Value of Connected TV Ad Inventory with Web 3.0 Multiverse Engagement Services September 08,2022 4:09A...
24/08/2022
SeaChange to Showcase Latest Innovations in Video Monetization Products at the IBC Show in Amsterdam August 24,2022 11:08AM
-New Products include FAST Channel ...
17/08/2022
SeaChange Elevates Chris Klimmer to President to Accelerate Streaming & AdTech SaaS Growth Strategy August 17,2022 3:08PM
Klimmer's promotion to President ...
27/06/2022
SeaChange's Advanced Advertising Platform Selected by Armstrong and BEAM to Drive Video Advertising Revenue Growth June 27,2022 8:06AM
BOSTON, June 27, 202...
08/06/2022
SeaChange Reports Fiscal First Quarter 2023 Financial and Operational Results June 08,2022 3:06PM
BOSTON, June 08, 2022 (GLOBE NEWSWIRE) -- SeaChange Internati...
15/04/2022
SeaChange returns to NAB to showcase latest innovations in video monetization products, including FAST channel playout solutions and contextualized advertising ...
08/04/2022
SeaChange Reports Fourth Quarter and Fiscal Year 2022 Financial and Operational Results April 08,2022 3:04PM
- Continued Operating Momentum, with Fiscal Q4 20...
04/04/2022
VIDAA and SeaChange Partner to Transform the Monetization of Addressable April 04,2022 3:04PM
Joint solution will enable FAST channel playout, AVOD streaming ...
22/12/2021
Triller to the ILLR - Triller Hold Co LLC expected to become publicly traded on Nasdaq through a reverse merger with publicly-traded company SeaChange Interna...
14/12/2021
SeaChange Reports Fiscal Third Quarter 2022 Financial and Operational Results December 14,2021 4:12PM
Continued Operating Momentum, with Revenues Up 9% Sequent...
14/12/2021
SeaChange Reports Fiscal Third Quarter 2022 Financial and Operational Results Download as PDF December 14, 2021 4:05pm EST
Related Documents Audio
Earni...
09/12/2021
SeaChange International Sets Third Quarter Fiscal 2022 Conference Call for Tuesday, December 14 at 5:00 p.m. ET December 09,2021 8:12AM
BOSTON, Dec. 09, 2021 (...
09/12/2021
SeaChange International Sets Third Quarter Fiscal 2022 Conference Call for Tuesd...
29/11/2021
SeaChange Secures Multi-Million-Dollar Contract Renewal with Major U.S. Multiple-System-Operator November 29,2021 8:11AM...
29/11/2021
SeaChange Secures Multi-Million-Dollar Contract Renewal with Major U.S. Multiple...
27/09/2021
SeaChange International Appoints Veteran TMT Executive Peter D. Aquino as Presid...
27/09/2021
SeaChange International Appoints Veteran TMT Executive Peter D. Aquino as President & Chief Executive Officer September 27,2021 8:09AM
BOSTON, Sept. 27, 2021 (...
13/09/2021
SeaChange Powers Streaming and Advanced Adtech Platform for Chicken Soup for the...
13/09/2021
SeaChange Reports Fiscal Second Quarter 2022 Financial and Operational Results Download as PDF September 13, 2021 4:05pm EDT
Related Documents Audio
Ear...
08/09/2021
SeaChange International Sets Second Quarter Fiscal 2022 Conference Call for Mond...
02/09/2021
SeaChange to Present at the 10th Annual Gateway Conference on September 9, 2021 Download as PDF September 02, 2021 4:15pm EDT
WALTHAM, MA / ACCESSWIRE / Sep...
09/08/2021
SeaChange Enables a Fully Migrated Cloud Video Delivery Platform with Unique Ana...
02/08/2021
/C O R R E C T I O N -- SeaChange International, Inc./ Download as PDF August 02, 2021 8:00am EDT
In the news release, Screen iL Selects SeaChange as Techno...
10/06/2021
SeaChange International Reports Fiscal First Quarter 2022 Financial Results Download as PDF June 10, 2021 4:05pm EDT
Related Documents Audio
Earnings We...
03/06/2021
SeaChange International Sets First Quarter Fiscal 2022 Conference Call for Thurs...
07/04/2021
SeaChange International Sets Fourth Quarter and Fiscal 2021 Conference Call for ...
01/04/2021
SeaChange International Closes $19.1 Million Underwritten Public Offering of Com...
30/03/2021
SeaChange International Announces Proposed Underwritten Public Offering of Commo...
30/03/2021
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 La...
15/03/2021
SeaChange International's Strategic Roadmap and Operational Progress Strengt...
11/02/2021
SeaChange International Appoints Veteran Technology Executive Matthew Stecker to...
01/12/2020
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 Mone...
16/10/2020
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 C...
16/10/2020
SeaChange to Drive TV Provider Revenues and User Engagement with Amazon Web Serv...