SeaChange International Reports Fiscal Fourth Quarter 2021 Financial Results; Continued Execution of Strategic Roadmap Positions Company for Success in Fiscal 2022 Download as PDF April 13, 2021 4:05pm EDT
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SeaChange's Bolstered Balance Sheet with More than $22 Million in Cash, Ideally Positions Company to Capitalize on the Growing Global Demand for OTT Video Streaming Services WALTHAM, Mass., April 13, 2021 (GLOBE NEWSWIRE) -- SeaChange International Inc. (NASDAQ: SEAC), a leading provider of video delivery platforms, today reported financial and operational results for the fiscal fourth quarter and year ended January 31, 2021. The Company also provided an update on its recent operational progress on strategic initiatives that have placed the Company in a strong position for fiscal 2022.
Fiscal Fourth Quarter 2021 and Recent Operational Highlights
Implemented a multi-faceted strategic roadmap designed to drive scale, capture market share, and create even greater value for both our customers and shareholders.
Enhanced the Company's go-to-market strategy designed to position SeaChange as the leading enabler of video streaming services to cable companies and content owners globally
Secured a multi-year, multi-million-dollar contract with one of the largest broadband service providers in the United States.
Refined the Company's business model in an effort to more effectively monetize the value of SeaChange's software and services and drive a greater return on investment for the Company's customers.
Solidified the balance sheet with the closing of a public offering of common stock on April 1, 2021, which provided approximately $19.1 million in gross proceeds to accelerate the Company's strategic roadmap.
Realized a 54% year-over-year decrease in operating expenses in the fiscal fourth quarter of 2021 due to ongoing efficiency measures.
Strengthened the leadership team, including appointing Chairman Robert Pons as Executive Chairman, appointing technology veteran Matthew Stecker to the board of directors, and promoting Christoph Klimmer to SVP of Global Sales and Marketing.
Management Commentary
Over the last three months, we have been laser focused on aggressively implementing our long-term strategic roadmap, which is designed to drive scale, capture market share, and create even greater value for both our customers and shareholders, said Robert Pons, SeaChange's Executive Chairman. Our execution is clearly evident by not only the sequential improvements in our top and bottom lines, but also the major customer win we recently secured, a multi-year, multi-million-dollar contract with one of the largest broadband service providers in the U.S. Our building sales momentum validates the effectiveness of our refined go-to-market strategy and our holistic approach to selling the full value of our software and services to the world's most prominent video providers. The increasing value our technology platform is providing to video and broadband providers globally demonstrates SeaChange's elevated value proposition and increasingly critical role in the industry. Today, SeaChange is positioned at the epicenter of the video industry's transformation to over-the-top (OTT) video streaming services and delivery to the billions of end users globally.
Pons continued, While we are still in the early innings of our strategic roadmap, I can confidently say that the SeaChange of today is a much stronger and more capable organization, and that the future has never been brighter. With more than $22 million of cash on our balance sheet today, we have the resources to accelerate many key initiatives within our strategic roadmap and better capitalize on the strong secular tailwinds in the growing, multi-billion-dollar video streaming market. Over time, we expect that the successful execution of our plan will translate to sustainable growth and consistent profitability in the years ahead.
Fiscal Fourth Quarter 2021 Financial Results
Total revenue was $5.1 million, an improvement compared to $5.0 million in the third quarter of fiscal 2021. Product revenue was $1.4 million (or 27% of total revenue), an improvement compared to $1.0 million (or 21% of total revenue) in the third quarter of fiscal 2021. Service revenue was $3.7 million (or 73% of total revenue) compared to $3.9 million (or 79% of total revenue) in the third quarter of fiscal 2021.
Revenue backlog at quarter end was $20.4 million compared to $21.9 million in the third quarter of fiscal 2021.
Gross profit was $2.8 million (or 55% of total revenue) compared to $2.8 million (or 56% of total revenue) in the third quarter of fiscal 2021.
Total operating expenses remained at $7.3 million compared to the third quarter of fiscal 2021.
GAAP loss from operations totaled $4.4 million, an improvement compared to a GAAP loss from operations of $4.6 million in the third quarter of fiscal 2021.
Non-GAAP loss from operations totaled $3.5 million, or $(0.09) per basic share, an improvement from non-GAAP loss from operations of $3.8 million, or $(0.10) per basic share, in the third quarter of fiscal 2021.
GAAP net loss totaled $4.4 million, or $(0.12) per basic share, an improvement from GAAP net loss $5.1 million, or $(0.14) per basic share, in the third quarter of fiscal 2021.
Conference Call
SeaChange will host a conference call today (April 13, 2021) at 5:00 p.m. Eastern time (2:00 p.m. Pacific time) to discuss these results.
SeaChange executive 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: 13718351
Please call the conference telephone number approximately 10 minutes prior to the start time.
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SeaChange International Reports Fiscal Fourth Quarter 2021 Financial Results; Continued Execution of Strategic Roadmap Positions Company for Success in Fiscal 2022 Download as PDF April 13, 2021 4:05pm EDT 
