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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...
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