Sony Pixel Power calrec Sony

SEACHANGE INTERNATIONAL REPORTS FOURTH QUARTER AND FULL YEAR FISCAL 2017 RESULTS

15/06/2017

ACTON, Mass. (April 10, 2017) SeaChange International, Inc. (NASDAQ: SEAC) today reported fourth quarter fiscal 2017 revenue of $23.8 million and U.S. GAAP loss from operations of $25.0 million, or $0.71 per basic share, compared to fourth quarter fiscal 2016 revenue of $27.2 million and U.S. GAAP loss from operations of $22.1 million, or $0.66 per basic share.

The Company's U.S. GAAP fourth quarter fiscal 2017 results included non-GAAP charges of $22.8 million, which consisted primarily of a loss on impairment of long-lived assets of $24.2 million, severance and other restructuring costs of $1.1 million, stock-based compensation of $0.8 million, amortization of intangible assets from prior acquisitions of $0.8 million, and a reduction of $4.1 million in the previously recorded provision for a loss contract, while the fourth quarter fiscal 2016 results included $22.3 million of non-GAAP charges. Non-GAAP loss from operations for the fourth quarter of fiscal 2017 was $2.1 million, or $0.06 per basic share, compared to the fourth quarter of fiscal 2016 non-GAAP income from operations of $0.1 million, or break-even per share.

For the full fiscal year ended January 31, 2017, the Company posted revenue of $83.8 million and a U.S. GAAP loss from operations of $54.6 million, or $1.56 per basic share compared to revenue of $107.0 million and U.S. GAAP loss from operations of $48.2 million, or $1.44 per basic share in the same prior period. The Company posted a non-GAAP loss from operations for fiscal 2017 of $20.8 million, or $0.60 per basic share compared to a non-GAAP loss from operations of $7.5 million, or $0.23 per basic share for the same period of the prior fiscal year.

Ed Terino, Chief Executive Officer, SeaChange, said, Fiscal year 2017 was a transitional year for SeaChange, capped off by strong fourth quarter performance. We made significant progress with our turnaround efforts and our initiatives to drive costs down and return to profitability and positive cash flow in fiscal 2018. Our product revenue grew substantially, driven by the deployment of a virtualized Adrenalin video platform for our largest customer and we achieved a significant milestone when a large European customer, the Quickline Group, deployed a complete SeaChange end-to-end multiscreen solution, including Adrenalin and our Nucleus RDK-based video home gateway. We also delivered Quickline TV's OTT device apps for Android and iOS. In addition, we secured two Axiom to Adrenalin migrations, and subsequent to quarter end, we announced another North American longtime customer, Midco, is upgrading from Axiom to our next-generation Adrenalin platform. As we enter fiscal 2018, we're excited by the opportunities we see to achieve revenue growth, profitability, and positive cash generation.

Peter Faubert, Chief Financial Officer, SeaChange, said, The fourth quarter was a solid end to the year for SeaChange, with revenue and non-GAAP EPS at the high end of our guidance range. Product revenue increased 106% sequentially and 38% year over year. We made significant progress on our cost reduction program. Based on actions we took in fiscal 2017 and to date in fiscal 2018, we have reduced operating costs by approximately $33 million on an annualized basis. We have reduced headcount below 400 people currently from 660 at the end of the prior fiscal year. Together with our other cost-saving actions, we believe this will enable us to achieve ongoing operating expenses of $12 million per quarter, excluding non-GAAP expenses consistent with the accompanying reconciliation and other non-recurring items that we may experience. Moreover, we delivered on our strategy to be cash flow positive in the quarter and to further reduce our unbilled receivables. We expect to complete our restructuring in the first half of the year and remain focused on prudently managing our operating expenses to return the Company to profitability in the second half of fiscal 2018.

Faubert added, Our customers are increasingly looking to implement end-to-end solutions using cloud based deployment models on a subscription basis. As a result, we believe that our revenue mix will transition from perpetual license to monthly recurring revenue or SaaS. This will have an impact on our top-line performance, but over the longer term, will improve our visibility and the predictability of our revenue base.

SeaChange ended the fourth quarter of fiscal 2017 with cash, cash equivalents, restricted cash and marketable securities of approximately $39 million, and no debt outstanding.

Outlook

SeaChange anticipates first quarter fiscal 2018 revenue to be in the range of $16 million to $18 million, U.S. GAAP loss from operations to be in the range of $0.19 to $0.23 per basic share, and non-GAAP loss from operations to be in the range of $0.11 to $0.15 per basic share. For full fiscal 2018, SeaChange anticipates revenue to be in the range of $80 million to $90 million, U.S. GAAP loss from operations to be in the range of $0.25 to $0.37 per basic share, and non-GAAP operating loss to be in the range of $0.10 per basic share to non-GAAP operating income of $0.02 per 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 and scope of restructuring activities, and stock price fluctuations. The Company has made no provision for restructuring expense in its outlook for the first quarter of fiscal 2018.

Conference Call

The Company will host a conference call to discuss its fourth quarter and full fiscal 2017 results at 5:00 p.m. ET today, Monday, April 10, 2017. The call may be accessed at 877-407-8037 (U.S.) and 201-689-8037 (international) and via live webcast at www.schange.com/IR. A replay of the conference call wil
LINK: http://www.schange.com/company/press-releases/2017/04/seachangeq4fy17p...
See more stories from schange

More from SeaChange

16/08/2023

SeaChange Adopts Tax Benefits Preservation Plan to...

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...

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 ...

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...

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...

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...

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...

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 b...

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...

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...

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...

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...

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 expecte...

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...

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

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...

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 Tuesday, December 14 at 5:00 p.m. ET

SeaChange International Sets Third Quarter Fiscal 2022 Conference Call for Tuesd...

29/11/2021

SeaChange Secures Multi-Million-Dollar Contract...

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-System-Operator

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 President & Chief Executive Officer

SeaChange International Appoints Veteran TMT Executive Peter D. Aquino as Presid...

27/09/2021

SeaChange International Appoints Veteran TMT...

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 Soul Entertainment's Popcornflix App

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

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 Monday, September 13 at 5:00 p.m. ET

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

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 Analytics and Engagement Services on Amazon Web Services

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./

/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

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 Thursday, June 10 at 5:00 p.m. ET

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 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...