Sony Pixel Power calrec Sony

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

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, expects, plans, anticipates, believes, seeks,
LINK: https://www.seachange.com/news-and-events/press-releases/detail/457/se...
See more stories from schange

Most recent headlines

15/06/2021

AJA FS-HDR Helps Drive HDR Production for Studio Berlin

AJA FS-HDR Helps Drive HDR Production for Studio Berlin data-src=https://creativecow.net/wp-content/uploads/avatars/263018/5fa08c562aaf4-bpthumb.jpg......

15/06/2021

Tribeca Documentary Ferguson Rises Finished at Arsenal FX Color

Tribeca Documentary Ferguson Rises Finished at Arsenal FX Color data-src=https://creativecow.net/wp-content/uploads/avatars/263018/5fa08c562aaf4-bpthumb.j...

15/06/2021

Single-Game Tickets for Remaining 2021 Bulls Home Games on

Tickets now available for rest of the season including July 4 weekend The Durham Bulls have announced single-game tickets for all remaining 2021 home games at ...

14/06/2021

How Representation Can Positively Impact Your Business (and the World)

If you're on social media, watch the news, or haven't been under a rock for the past year then you're no stranger to the calls for equality and repr...

14/06/2021

Signs of Better Days Ahead: GroupM Increases Ad Forecast

NEW YORK-In a notable sign that the media business and the overall economy is quickly recovering from last-year's pandemic-induced recession, the Business I...

14/06/2021

Premion Expands Partnership with IHS Markit into Auto Market

NEW YORK-Premion has expanded its partnership with IHS Markit with an offering focusing on the auto market that uses data from Polk Automotive Solutions to make...

14/06/2021

FEMA and FCC Plan August 11 Nationwide Emergency Alert Test

WASHINGTON-FEMA and the FCC have announced that they will do a nationwide test of the Emergency Alert System (EAS) and Wireless Emergency Alerts (WEA) that will...

14/06/2021

KJLA-TV Outfits Production Studios With Hitachi 4K Studio Cameras

LOS ANGELES-KJLA-TV, the home here of the American Spanish-language TV network Azteca America, has purchased four Hitachi Kokusai Electric America SK-UHD4000 ca...

14/06/2021

P&G to Get 'Corporate Leadership Award' from NAB Leadership Foundation

WASHINGTON, D.C.-The NAB Leadership Foundation has announced that the 2021 Corporate Leadership Award will be given to Procter & Gamble (P&G) during the Celebra...

14/06/2021

Cinedigm Finalizes Acquisition of FoundationTV, Forms Cinedigm India

LOS ANGELES-Cinedigm has announced that it finalized the acquisition of FoundationTV and has created a new Indian-based division Cinedigm India....

14/06/2021

TRIBECA AND EPIC GAMES COLLABORATE TO BRING UNREAL ENGINE TO INDEPENDENT FILMMAKERS

TRIBECA AND EPIC GAMES COLLABORATE TO BRING UNREAL ENGINE TO INDEPENDENT FILMMAK...

14/06/2021

SVG SportsTech On Demand: Quantum5X's Paul Johnson on Preparing New Tools for On-Player Sound

SVG SportsTech On Demand: Quantum5X's Paul Johnson on Preparing New Tools fo...

14/06/2021

SVG SportsTech On Demand: Never.no's Scott Davies on Using Bee-On in the Cloud to Drive Digital Fan Engagement

SVG SportsTech On Demand: Never.no's Scott Davies on Using Bee-On in the Clo...

14/06/2021

Plazamedia Produces All Euro 2020 Matches for Deutsche Telekom's MagentaTV

Plazamedia to produce all Euro 2020 matches for Deutsche Telekom's MagentaTV By Jo Ruddock Thursday, June 10, 2021 - 09:20 Print This Story Plazamedia...

14/06/2021

UEFA Picks Sunset+Vine Staff for Key Production Roles in the Box for Euro 2020

UEFA picks Sunset Vine staff for key production roles in the box for Euro 2020 By Heather McLean, Editor Tuesday, June 8, 2021 - 15:11 Print This Story Su...

14/06/2021

Remote Production to the Fore as ZDF Readies for Its Coverage of Euro 2020

Remote production to the fore as ZDF readies for its coverage of Euro 2020 By SVG Staff Friday, June 11, 2021 - 09:45 Print This Story Picture copyright: ...

14/06/2021

UEFA Euro 2020 Comes to BBC Sport Screens Live From dock10 With New Virtual Set

UEFA Euro 2020 set to come to BBC Sport screens live from dock10 with new virtual set By Heather McLean, Editor Thursday, June 10, 2021 - 18:11 Print This ...

14/06/2021

BBC Sport on the Preparations for Euro 2020 With a New Look VR Studio and a Logistical Headache

BBC Sport on the preparations for Euro 2020 with a new look VR studio and a logi...

14/06/2021

EURO 2020: ESPN Infuses Geography Into Tech-Heavy Bristol-based Studio Sets

EURO 2020: ESPN Infuses Geography Into Tech-Heavy Bristol-based Studio Sets After COVID scuttled plans for onsite studio presence, ESPN makes most of space at h...

14/06/2021

EURO 2020: At Netherlands-based IBC, ESPN Remains Nimble at Ever-Changing Tournament

EURO 2020: At Netherlands-based IBC, ESPN Remains Nimble at Ever-Changing Tourna...

14/06/2021

Carl Chery and Sydney Lopes Discuss Spotify's Home for Women in Hip-Hop

Hip-hop's new golden age is here, and it's being led by women. There's arguably more female rap stars now than ever before in hip-hop history, and t...

14/06/2021

Ask the Expert' Live Q&A Masterclass with Roman Dudek & Adrin Gonzlez

Published On: June 11th, 2021 -- -- -- -- width=1920 height=1080 class=wp-image-0 lazyload data-orig-src=https://www.sgo.es/wp-content/uploads/MVR_QA_...

14/06/2021

Mistika VR adds integration for the new Kandao Obsidian Pro and PTGui 12

Published On: June 14th, 2021 -- -- -- -- width=1920 height=1080 class=wp-image-0 lazyload data-orig-src=https://www.sgo.es/wp-content/uploads/10.3_de...

14/06/2021

EBU/ RT Young People's film Joseph Wants to Walk' wins Best Documentary at the Nenagh Children's Film Festival

EBU/ RT Young People's film Joseph Wants to Walk' won best documentary...

14/06/2021

Rohde & Schwarz continues excellent collaboration with Italian Coast Guard

Rohde & Schwarz continues excellent collaboration with Italian Coast Guard Rohde & Schwarz equips Italian Coast Guard's new patrol boat with external comm...

14/06/2021

Rohde & Schwarz demonstrates its test solutions that enable mobile connectivity, today and beyond, at MWC21 in Barcelona

Rohde & Schwarz demonstrates its test solutions that enable mobile connectivity,...

14/06/2021

Trash to Cash: Recyclers Tap Startup with World's Largest Recycling Network to Freshen Up Business Prospects

Matanya Horowitz smelled a problem in 2014. Fresh out of CalTech with a Ph.D., ...

14/06/2021

Nokia and Ooredoo Oman begin 4G and 5G fixed wireless access deployment

Nokia and Ooredoo Oman begin 4G and 5G fixed wireless access deployment Press Release Nokia and Ooredoo Oman begin 4G and 5G fixed wireless access deploymen...

14/06/2021

Nokia Deepfield global analysis shows most DDoS attacks originate from fewer than 50 hosting companies

Nokia Deepfield global analysis shows most DDoS attacks originate from fewer tha...

14/06/2021

Edvin Endre, Ulf Stenberg, Gizem Erdogan, Joel Ltzow and Christian Hillborg to Star in Netflix Drama about Spotify

Back to All News Edvin Endre, Ulf Stenberg, Gizem Erdogan, Joel L tzow and Chri...

14/06/2021

Netflix ISP Speed Index for May 2021

Back to All News Netflix ISP Speed Index for May 2021 Innovation 14 June 2021 Global The Philippines posted two major increases in May on the Netflix ISP S...

14/06/2021

Netflix Acquires Global Rights To Canadian Sci-fi Sequel Code 8: Part II

Back to All News Netflix Acquires Global Rights To Canadian Sci-fi Sequel Code 8: Part II Business 14 June 2021 GlobalCanadaUnited States Netflix has acq...

14/06/2021

Strengthening the Foundation of Quality Storytelling in Africa

Back to All News Strengthening the Foundation of Quality Storytelling in AfricaPlay Video Play Video Social Impact 14 June 2021 GlobalNigeriaKenyaSouth Afr...

14/06/2021

Pushing the Boundaries of What's Possible in Adult Animation

Back to All News Pushing the Boundaries of What's Possible in Adult Animation Mike Moon Head of Adult Animation Entertainment 14 June 2021 GlobalFran...

14/06/2021

Lyra Health Completes $200M Funding Round to Transform Mental Health Care Globally

Burlingame, CA June 14, 2021 Lyra Health, the leading provider of comprehens...

14/06/2021

ITVbe and ITV Hub commissions Billie & Greg: The Family Diaries

ITVbe and ITV Hub commissions Billie & Greg: The Family Diaries ITVBe has commissioned a spin off to its hugely successful The Mummy Diaries franchise, as Bill...

14/06/2021

Grass Valley s Kaleido-IP Video Multiviewer Helps TV 2 Norway Amplify its IP Capability

MONTREAL, June 10, 2021 - Grass Valley announces that Norways biggest commercial...

14/06/2021

UKIO 2021 to Debut Collaboration Between Fujifilm and the NHS on the FDR Xair System's First European Real-World Community Trial

UKIO 2021 to Debut Collaboration Between Fujifilm and the NHS on the FDR Xair Sy...

14/06/2021

FUJIFILM Europe GmbH statement on June 2021 ransomware attack on FUJIFILM Corporation

FUJIFILM Europe GmbH statement on June 2021 ransomware attack on FUJIFILM Corpor...

14/06/2021

The new blueprint for wide format

The new blueprint for wide format Fujifilm announces a new strategy for its Acuity range of wide format printers June 9, 2021 Print Fujifilm today announ...

14/06/2021

Fujifilm announces new Acuity Ultra R2 superwide format printer

Fujifilm announces new Acuity Ultra R2 superwide format printer The successor to Fujifilm Acuity Ultra is part of the company's strategy to create the ne...

14/06/2021

Fujifilm announces new Acuity Prime flatbed printer

Fujifilm announces new Acuity Prime flatbed printer This new flatbed is part of Fujifilm's strategy to create the new blueprint' for wide format by r...

14/06/2021

Australia's Leading Employment Marketplace Seek, Leverages Brightcove to Better Connect Job Seekers and Organizations

All Press ReleasesShare All Press Releases Australias Leading Employment Mar...

14/06/2021

Algonaut update Atlas

AI drum sample manager overhauled Two years ago, we reported on a new drum-sample manager called Atlas, from New Zealand-based software company Algonaut. Ra...

14/06/2021

June 14, 2021

Scripps Research collaborates with The Rockefeller Foundation on digital COVID-19 surveillance, pandemic preparedness A grant from the New York-based foundation...

14/06/2021

Dave Grohl's What Drives Us Shot With URSA Mini Pro 4.6K G2 and Pocket Cinema Camera 4K

Dave Grohl's What Drives Us Shot With URSA Mini Pro 4.6K G2 and Pocket Cinem...

14/06/2021

Cheddar News selects Blackbird for efficient, flexible and sustainable cloud native video production

Cheddar News selects Blackbird for efficient, flexible and sustainable cloud nat...

14/06/2021

Searchlight, Invesco launch Mediapro takeover bid

Companies are offering a further investment of 150 million in order to take control By Jenny Priestley Published: June 14, 2021 Companies are offering a fu...