SeaChange International Reports Fiscal First Quarter 2022 Financial Results

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 Webcast

10-Q Filing PDF HTML

XBRL ZIP XLS HTML

BOSTON, June 10, 2021 (GLOBE NEWSWIRE) -- SeaChange International, Inc. (NASDAQ: SEAC), a leading provider of video delivery platforms, today reported financial and operational results for the fiscal first quarter ended April 30, 2021.

Fiscal First Quarter 2022 and Recent Highlights

Implemented and began executing a multi-phased strategic roadmap designed to increase scale, capture market share, and create even greater value for both our customers and shareholders.

Launched a new product marketing strategy focused on three product platforms: Cable Video Delivery Platform, OTT Streaming Platform, and Advanced Advertising Platform.

Strong balance sheet with $21.3 million in cash and cash equivalents.

Operating expenses decreased 9% in the fiscal first quarter of 2022 compared to fiscal fourth quarter of 2021 due to ongoing efficiency measures.

Management Commentary

During the fiscal first quarter, we successfully completed the initial phase of our strategic roadmap, which has optimized our operations, solidified our financial foundation, and positioned us to drive scale, capture market share and create even greater value for both our customers and shareholders, said Robert Pons, SeaChange's Executive Chairman. The initial phase of our plan involved refining our growth strategy and technology positioning to capitalize on the explosive growth in video streaming, a market that industry analysts expect to surpass $140 billion in annual revenues by 2026. SeaChange's turnkey enablement platform and advertising insertion technology provides us with a distinct competitive advantage and gives us confidence in our ability to capitalize on streaming industry growth. We are actively marketing our OTT Streaming Platform to cable operators and content owners globally, including film and TV producers, who are looking to launch their own streaming channels and platforms. A major part of our success is expected to come through strategic partners who recognize the value of SeaChange's full stack' streaming enablement platform to seamlessly launch a new streaming service.

SeaChange sits at the epicenter of the video industry's transformation to OTT video streaming services and delivery to the billions of end users globally. Our favorable competitive positioning, robust market dynamics, and performance thus far gives us confidence that fiscal 2022 will be a year of growth and transformation. Longer term, we expect that the successful execution of our strategic roadmap will translate to sustainable growth and consistent profitability in the years ahead.

Fiscal First Quarter 2022 Financial Results

Total revenue was $5.1 million, compared to $5.1 million in the fourth quarter of fiscal 2021. Product revenue was $1.6 million (or 32% of total revenue), an improvement compared to $1.4 million (or 27% of total revenue) in the fourth quarter of fiscal 2021. Service revenue was $3.4 million (or 68% of total revenue) compared to $3.7 million (or 73% of total revenue) in the fourth quarter of fiscal 2021.

Revenue backlog at quarter end remained strong at $20.1 million.

Gross profit was $2.8 million (or 56% of total revenue), compared to $2.8 million (or 55% of total revenue) in the fourth quarter of fiscal 2021.

Total operating expenses decreased to $6.6 million compared to $7.3 million in the fourth quarter of fiscal 2021.

GAAP loss from operations totaled $3.8 million, an improvement compared to a GAAP loss from operations of $4.4 million in the fourth quarter of fiscal 2021.

GAAP net loss totaled $4.1 million, or $(0.10) per basic share, an improvement from GAAP net loss $4.4 million, or $(0.12) per basic share, in the fourth quarter of fiscal 2021.

Non-GAAP loss from operations totaled $2.8 million, or $(0.07) per basic share, an improvement from non-GAAP loss from operations of $3.5 million, or $(0.09) per basic share, in the fourth quarter of fiscal 2021.

Conference Call

SeaChange will host a conference call today (June 10, 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: 13720348

Please call the conference telephone number approximately 10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at 949-574-3860.

The conference call will be broadcast live and available for replay here and via the investor relations section of SeaChange's website.

About SeaChange International, Inc.

SeaChange International (NASDAQ: SEAC) powers hundreds of cloud and on-premises platforms with live TV and video on demand (VOD) for millions of end users worldwide. SeaChange's end-to-end solution enables operators and content owners to cost-effectively launch a direct-to-consumer video streaming service to manage, curate and monetize their linear and on demand content across all major device platforms such as Smart-TVs, mobile devices, and Set-Top-Boxes. A demonstration of SeaChange's video streaming platform is available here. For more information on SeaChange, please visit www.seachange.com.

Safe Harbor Provision

Certain statements in this press release may constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, as amended to date. Forward-looking statements can be identified by words such as may, might, will, should, could, expec

LINK:	https://www.seachange.com/news-and-events/press-releases/detail/457/se...
	See more stories from schange

Most recent headlines

05/01/2027

Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be demoed at CES 2026

Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...

01/06/2026

Dolby Sets the New Standard for Premium Entertainment at CES 2026

January 6 2026, 05:30 (PST) Dolby Sets the New Standard for Premium Entertainment at CES 2026 Throughout the week, Dolby brings to life the latest innovatio...

02/05/2026

Dalet Flex LTS Delivers Smarter Search, Faster Editing, and an AI-Ready Foundation for Modern Media

Dalet, a leading technology and service provider for media-rich organizations, t...

01/05/2026

NBCUniversal's Peacock to Be First Streamer to Integrate Dolby's Full Suite of Premium Picture and Sound Innovations

January 5 2026, 18:30 (PST) NBCUniversal's Peacock to Be First Streamer to ...

01/04/2026

DOLBY AND DOUYIN EMPOWER THE NEXT GENERATON OF CREATORS WITH DOLBY VISION

January 4 2026, 18:00 (PST) DOLBY AND DOUYIN EMPOWER THE NEXT GENERATON OF CREATORS WITH DOLBY VISION Douyin Users Can Now Create And Share Videos With Stun...

18/03/2026

SMPTE Unveils 2026 NAB Show Educational Presentations

SMPTE Unveils 2026 NAB Show Educational Presentations Brie Clayton March 18, 2026 0 Comments SMPTE , the home of media professionals, technologists, a...

18/03/2026

Auditel Ad Campaign Shot on Blackmagic PYXIS 12K

Auditel Ad Campaign Shot on Blackmagic PYXIS 12K Brie Clayton March 18, 2026 0 Comments LED wall virtual production blends 12K open gate acquisition w...

18/03/2026