Sony Pixel Power calrec Sony

SeaChange International Issues Business Update in Response to Global Impact of COVID-19

16/10/2020

SeaChange International Issues Business Update in Response to Global Impact of COVID-19 Download as PDF May 21, 2020 4:45pm EDT

WALTHAM, MA / ACCESSWIRE / May 21, 2020 / SeaChange International Inc. (NASDAQ:SEAC), a leading provider of cloud and on-premise video delivery platforms worldwide, has provided an update on the impact of recent macro events on its operations, as well as actions the Company has taken in response to the COVID-19 pandemic.

Fiscal First Quarter 2021 Financial Impact

Similar to the majority of global industries, the video delivery technology industry has been meaningfully impacted by the effects of COVID-19. The intensifying COVID-19 crisis during March and April 2020 significantly slowed customer engagement due to customers working from home, and many customers focusing their resources on remote networking support and servicing the growing demand for bandwidth due to higher network usage caused by COVID-19 confinement. This has caused a number of SeaChanges potential customers to delay making a final decision regarding their Framework engagements. Based on the foregoing, management currently expects total revenue for the fiscal first quarter ended April 30, 2020 to be lower than the comparable period in fiscal 2020. Management believes a majority of the Companys customers have simply delayed making a final decision regarding their originally planned engagements, pending the return to a more normal operating environment.

Company Response and Measures to Improve Financial Resiliency

The COVID-19 pandemic has severely impacted SeaChanges customers ability to conduct business, and as set forth above, its customers have delayed making technology decisions regarding their delivery infrastructure. As a result, SeaChange has shifted its business operations to further reduce our operating expenses and to align its strategy with current market conditions. In late April and May, the Company instituted additional cost-optimization measures. These measures are in addition to the actions the Company took in fiscal 2020 that resulted in more than $12 million in annualized cost savings.

In line with these measures, the Company is continuing to take actions to improve its working capital position and to ensure the business is positioned to not only mitigate the present macro risks but also to capitalize on the anticipated demand for its solutions during the second half of fiscal 2021. Management expects to see stronger demand for the Framework solution in the second half of fiscal 2021 as TV providers look to leverage SeaChanges technology to reduce operating expenses and monetize their growing unsold advertising capacity.

Business Outlook

As indicated in the Companys full year fiscal 2020 earnings call on April 6, 2020, management anticipated to be in a position to provide more clarity regarding its full year fiscal 2021 guidance by this time. Unfortunately, the effects of COVID-19 have been longer lasting than we initially expected, with many of the countries in which SeaChanges prospective customers are based continuing to be in various stages of government-mandated lockdown, causing the Company to be unable to provide more detailed guidance at this time. The Company intends to provide fiscal 2021 guidance when management has more visibility with respect to returning to a more normal operating environment.

Management Commentary

The effects of COVID-19 across the global economy, including the TV and video technology industry specifically, had a pronounced impact on our ability to finalize the closure of new engagements during the first quarter, as customers are focused on their internal operations and supporting work-from-home enablement tasks, said CEO Yossi Aloni. Recognizing the ongoing uncertainty from the current crisis and its related effects on the commercial activity, we have enacted several precautionary measures to further ensure our business remains financially secure and our long-term viability remains intact. In late April, we implemented a new plan to reduce our operating costs and further optimize our organization. We will continue pursuing the necessary measures to ensure SeaChange emerges from this situation in a strong financial and operational position.

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 more than 50 million subscribers worldwide. SeaChanges end-to-end solution, the Framework, enables operators and content owners to cost-effectively launch a direct-to-consumer video service. This includes back-office, media asset management, ad management, analytics and a client application for set-top boxes (STB), Smart-TVs and mobile devices. Framework is available as a product, Software-as-a-Service (SaaS) or managed service, and can be deployed on-premises, in the cloud or as a hybrid. For more information, 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, intends, estimates, predicts, potential or continue, the negative of these terms and other comparable terminology. Examples of forward-looking statements include, among others, statements we make regarding our ability to grow our revenue and gross margins; actual annualized cost savings to be realized as a result of our recent cost-saving measures; the timing and outcome of potential and current customers decision-making regarding future engagements with the Company in light of the effects of the COVID-19 pandemic; the future predictability of d
LINK: https://www.seachange.com/news-and-events/press-releases/detail/435/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 ...

07/10/2026

Dalet Flex LTS Delivers Smarter Media Operations from Ingest to Distribution

Dalet, a leading technology and service provider for media-rich organizations, today announced the latest Long-Term Supported (LTS) release of Dalet Flex. Build...

06/09/2026

Dolby and MagentaTV Bring Fans Closer to the FIFA World Cup 2026 in Germany with Dolby Vision and Dolby Atmos

June 9 2026, 23:00 (PDT) Dolby and MagentaTV Bring Fans Closer to the FIFA Worl...

04/08/2026

Dalet Announces Commercial Availability of Dalia, Bringing Media-Aware Agentic AI to Enterprise Productions

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

17/07/2026

SVG GameDay, Ep. 24: Mercedes-Benz Stadiums Cole Gallagher - Supporting Shows in the ATL

In-venue and creative video staffers at the professional and collegiate level ha...

17/07/2026

Brooklyn Bowl Williamsburg Stagehands Vote to Join IATSE Local 4

Production workers at Brooklyn Bowl's Williamsburg location voted 15-1 to join IATSE Local 4. The bargaining unit covers 24 production workers at the venue,...

17/07/2026

DAZN and ADI Predictstreet Announce Exclusive Global Prediction Market Partnership

DAZN and ADI Predictstreet have announced an exclusive global strategic partners...

17/07/2026

Zixi and Comcast Technology Solutions Announce Integration for C-Band Satellite Replacement

Zixi and Comcast Technology Solutions (CTS) have announced a strategic integrati...

17/07/2026

Professional Fighters League Announces Multi-Year Partnership with ESPN in Brazil

Professional Fighters League (PFL) has announced a multi-year partnership with E...

17/07/2026

Spectrum Business Launches Spectrum TV Control Pro for Multi-Screen Venue Management

Spectrum Business has announced Spectrum TV Control Pro, a centralized app-based...

17/07/2026

Clark Wire and Cable Appoints Rick Fernandez as Latin American Representative

Clark Wire and Cable has announced that Rick Fernandez, Managing Director of Axxion Consulting, will serve as Independent Manufacturers Representative for Centr...

17/07/2026

TikTok, NBA, and WNBA Announce Multi-Year Global Content Partnership

TikTok, the NBA, and the WNBA have announced a multi-year global content partnership covering highlights distribution, creator access to marquee events, live-ga...

17/07/2026

MSG Entertainment Files Defamation Lawsuit Against Wired Over July 9 Article

Company alleges article contained false and misleading claims regarding customer data...

17/07/2026

Ratings Roundup: Argentina-England Semifinal Breaks Records for FOX; MLB All-Star Game Is Most Watched Since 2018

Ratings Roundup is a rundown of recent rating news and is derived from press rel...

17/07/2026

American Pachuco Gives a Legend of Stage and Screen His Due

(L-R) Edward James Olmos, Luis Valdez, Lou Diamond Phillips and Lupe Valdez attend American Pachuco: The Legend Of Luis Valdez Premiere during the 2026 Sundan...

17/07/2026

Sonuscore introduce Elysion Elements

Full engine access with reduced soundset Sonuscore have steadily been introducing a selection of reduced-cost and free versions of their flagship products r...

17/07/2026

Arturia AstroLab Silver & KeyLab Mk3 Ultra

Two new special-edition models revealed Over the past week, Arturia have launched special-edition versions of both their premium MIDI controller and stage p...

17/07/2026

Dirk Ulrich reacquires Plugin Alliance & Brainworx

Original founder now back at the helm In a message posted on his personal social media accounts, Dirk Ulrich has announced that both Plugin Alliance and Bra...

17/07/2026

Legendary presenter Anton Enus to sign off from SBS World News after 27 years with the network

Legendary presenter Anton Enus to sign off from SBS World News after 27 years wi...

17/07/2026

Millions rise before dawn to watch FIFA World Cup 2026 semi-finals on SBS

Millions rise before dawn to watch FIFA World Cup 2026 semi-finals on SBS 17 July, 2026 Media releases England v Argentina attracted a Total TV reach of a...

17/07/2026

Spectrum Simplifies Control Of Multiple TVs At Bars, Restaurants

Share Copy link Facebook X Linkedin Bluesky Email...

17/07/2026

Foundry Releases SmartRoto for Nuke

Foundry Releases SmartRoto for Nuke Brie Clayton July 17, 2026 0 Comments Spline-based AI powered plugin accelerates time-consuming rotoscoping, helping...

17/07/2026

A Short Documentary About a Giant Pencil Edited with DaVinci Resolve Studio

A Short Documentary About a Giant Pencil Edited with DaVinci Resolve Studio Brie Clayton July 17, 2026 0 Comments SBIFF jury award winner finished fro...

17/07/2026

Wheatstone to Feature Virtual Mixing Platform at IBC 2026

Share Copy link Facebook X Linkedin Bluesky Email...

17/07/2026

Trump Threatens Networks Over Speech Coverage

Share Copy link Facebook X Linkedin Bluesky Email...

17/07/2026

Lightware Sustainability Report Details Product Efficienc...

Lightware has published its second voluntary Sustainability Report, showing how energy efficiency, product longevity and responsible material use are increasing...

17/07/2026

Foundry Unlocks Professional-Grade AI for VFX with Gripta...

Creative software developer Foundry today announced Griptape Enterprise, a new tier of the Griptape AI workflow orchestration platform, extended to meet the str...

17/07/2026

Foundry Releases SmartRoto for Nuke

Creative software developer Foundry today announced the availability of SmartRoto, a new AI-powered plugin upgrade for Nuke, NukeX, Nuke Studio, and Nuke Indie ...

17/07/2026

The Final Release of Blackmagic Fairlight Live is Now Available!

The Final Release of Blackmagic Fairlight Live is Now Available! Brie Clayton July 16, 2026 0 Comments Fairlight Live is a new audio mixer designed fo...

17/07/2026

Leveraging All of Entertainment's IP

Leveraging All of Entertainment's IP Andy Marken July 16, 2026 0 Comments Nobody ever wins the games. Period. There are survivors. There\s no win...

17/07/2026

Few mics are trusted on an antique Stradivarius copy 4099 is

From intimate acoustic settings to large-scale festival stages, her focus has remained constant: preserving the true natural voice of the violin in every perfor...

17/07/2026

RT Radio 1 continues its summer of stories, music, sport and conversation

New and returning series, live festival broadcasts, powerful documentaries and major sporting moments headline RT Radio 1's summer schedule RT Radio 1 is...

17/07/2026

NVIDIA Vera Rubin Maximizes Intelligence per Dollar for Post-Training Workloads - a Key Metric for Agentic AI

Think of a professional athlete. What separates elite performers is what happens...

17/07/2026

Dith, Jacqui and Louise bring hurling fans together ahead of the All-Ireland Finals

Up For The Match - Live From Croke Park this Saturday at 8pm on RT One and RT ...

17/07/2026

DiscoverIreland.ie announced as official show sponsor of The Traitors Ireland series 2

RT Commercial has today announced DiscoverIreland.ie, as sponsor of The Traitor...

16/07/2026

Business Innovation Synergizer: Grants of up to 30,000 for media organisations

Media organisations with tested plans for new products, services or revenue models can now apply for grants of up to 30,000 through the Business Innovation Syn...

16/07/2026

SVG Students To Watch: Kaden Sherman, Albany State University

This recent graduate and Georgia native has turned an early fascination with live production into a growing passion for camera work In the live-sports-video in...

16/07/2026

TNDV Marks First Year of Aspiration 35 Cinematic Production Truck

TNDV is marking the first anniversary of Aspiration 35, a mobile production truck built around ARRI Alexa 35 Live camera systems. Over its first year, the truck...

16/07/2026

ATSC Releases First Major Revision to A/85 Audio Loudness Recommended Practice Since 2013

ATSC has completed a major revision to its A/85 Recommended Practice: Techniques...

16/07/2026

FloSports Named Exclusive Global Media Partner for 2026 CrossFit Games

FloSports has announced an exclusive global media partnership with CrossFit for the 2026 CrossFit Games, presented by Air National Guard, beginning July 21 in S...

16/07/2026

Sennheiser Releases Spectera Firmware 1.4 and Command Button

Sennheiser has released firmware version 1.4 for its Spectera wireless system and announced the Spectera Command Button (Cat. No. 701014). The update adds comma...

16/07/2026

ESPN and Southwestern Athletic Conference Announce Multi-Year Media Rights Agreement Through 2030-31

ESPN and the Southwestern Athletic Conference (SWAC) have announced a multi-year...

16/07/2026

Audio-Technica Releases 20 Series Control Application for Elgato Stream Deck

Audio-Technica has announced the 20 Series Control Application, a Stream Deck plug-in for compatible Audio-Technica USB microphones. The application is compatib...

16/07/2026

SSL Live L550 Plus Consoles Power Audio Production for The Voice France Season 15

The fifteenth season of The Voice - La plus belle voix on TF1 used four Solid St...

16/07/2026

Gray Media and Atlanta Hawks Announce Georgia-Wide Broadcast Partnership for 2026-27 NBA Season

Gray Media and the Atlanta Hawks have announced a broadcast partnership that wil...

16/07/2026

SVG Sit-Down: Quarterback Showrunner Joe Zucco on Cinematography, Building Trust, Carrying On the NFL Films Legacy

Season 3 of Netflix's docuseries, which dropped this week, follows Jayden Da...

16/07/2026

Texas Rangers Switch Direct-to-Consumer Streaming Partner to BZZR

The Texas Rangers and Rangers Sports Network presented by Progressive (RSN) have announced BZZR as the new direct-to-consumer distributor for Rangers game broad...

16/07/2026

FIFA World Cup 2026: BBC Sport on Moving Across the Pond to Bring the Atmosphere of the Final Matches to Fans

With England's FIFA World Cup 2026 team getting ready to fly home after losi...

16/07/2026

With 36 Unilateral Cameras, NBC Sports Shapes 154th Open Championship Coverage for U.S. Viewers

In a return to Royal Birkdale, the team enjoys partnering with ETP and Gravity M...

16/07/2026

Altitude Sports & Entertainment's Tim De Lay on New SkyCam Digital Feed, Upgraded Studio Space

Along with a new studio at Ball Arena, the Colorado-based RSN is working with XR...