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...

28/07/2026

LiveUs World Cup Record: 1,700 Units Support Wide Range of Transmission Needs

LiveU, the pioneer in IP-video transmission and cloud-based remote production, today detailed its historic performance records set during the 2026 FIFA World Cu...

28/07/2026

Case Study: How the Dallas Cowboys Removed Bottlenecks in Off-site Content Production

The NFL franchise rebuilt their off-site content operation for an era when teams...

28/07/2026

A New Way To Watch': How Formula 1 and Sky Sports Are Pushing Race Coverage Into a New Era

Longtime partners expand viewer choice, data-driven analysis, access, immersive ...

28/07/2026

Grass Valley Op Ed: Seven Paradoxes Shaping the Next Era of Media Production

There is a unique moment before every major production. The audience never sees it. The cameras are ready. The talent is preparing. Directors review the final...

28/07/2026

The CW Network, ESPN Ink Streaming Agreement With Launch on Aug. 4

The CW Network and ESPN have announced their highly anticipated streaming agreement to bring CW Sports' live events to the ESPN App will officially launch o...

28/07/2026

Lawo Delivers Audio Excellence for Europes Largest Classical Open-Air Concert on Bastille Day

As more than tens of thousands of spectators filled Paris' Champ de Mars and...

28/07/2026

Appear Assists Chile's First Large-Scale 4K FIFA World Cup Viewing Experience

Appear's X Platform played a central role in Chile's first large-scale c...

28/07/2026

IBC 2026: Solid State Logic Highlights Transition to Software-Defined Production

Responding to the broadcast industry's shift to embrace more flexible production platforms, Solid State Logic (SSL) is evolving its comprehensive System T p...

28/07/2026

TNT Sports Goes to Greater Heights With New DUNKMAN League

Production leverages innovative camera technologies, AI, and data to capture the action in four-week inaugural competition The first-ever professional dunking ...

28/07/2026

Rogers, Prime Video Ink 12-Year Sublicensing Deal for NHL Rights in Canada

Prime Video to exclusively broadcast Wednesday night national NHL regular-season games in Canada...

28/07/2026

CBS Sports Snags U.S. English-Language Rights for CONCACAF Champions Cup

Every match will stream live on Paramount+ beginning in February,...

28/07/2026

TK Audio unveil the TK-Lizer 3

Baxandall-inspired hardware EQ overhauled TK Audio's Baxandall-inspired hardware EQ unit has just made a return, bringing the popular unit back into the...

28/07/2026

Asparion reveal the D700 Rack

D700 system gains new live-focused rackmount surface Asparion have just announced an expansion of their D700 control surface range, introducing a new model ...

28/07/2026

Six NFVF Presidential Employment Stimulus Programme (PESP)-Funded Films Selected for the 47th Durban International Film Festival (DIFF)

27 July 2026, Johannesburg - The National Film and Video Foundation (NFVF), an a...

28/07/2026

Nielsen Launches Ad Intel AI: the Only Product of its Kind that Transforms Fragmented Ad Data into Actionable Intelligence

Ad Intel AI is Nielsen's first in a new generation of AI products built to t...

28/07/2026

aconnic is ramping up supply for the new ACCEED 1444 fiber migration

Contribution to Europe's technological autonomy in the key industry telecommunications aconnic AG (ISIN: DE000A0LBKW6), Munich, starts commercial shipments...

28/07/2026

The Tow Foundation Awards PMVP $400,000 Grant

Share Copy link Facebook X Linkedin Bluesky Email...

28/07/2026

LiveU's World Cup Support Breaks Company Records

Share Copy link Facebook X Linkedin Bluesky Email...

28/07/2026

Encompass Selected by Channel 4 to Deliver Managed Linear...

Encompass Digital Media has been selected by Channel 4, one of the UK's public service broadcasters, to deliver managed linear playout services as part of a...

28/07/2026

Cinegy partners with SAMA Digital Media Solutions to sati...

Cinegy GmbH, the premier provider of software-defined television technology, has confirmed a new partnership with leading Korean systems integrator and distribu...

28/07/2026

Limecraft Adds Multicam Player and Audio Fingerprint-Base...

Limecraft today announces version 2026.5 of its AI-powered production platform. Limecraft 2026.5 https://(www.limecraft.com/limecraft-2026-5-multicam-quad-view-...

28/07/2026

Appear powers first large-scale 4k FIFA World Cup viewing...

X Platform technology enabled a premium UHD viewing experience through a hybrid ground-to-cloud architecture developed with Chilevisi n, ClaroVTR and Pixop App...

28/07/2026

LiveU Delivers Record-Breaking LIQ and Cloud Service Depl...

LiveU, the pioneer in IP-video transmission and cloud-based remote production, today announced it has set historic performance records during the 2026 World Foo...

28/07/2026

DHD Releases New Firmware and Options for its Audio Produ...

dhd.audio announces that its latest generation firmware, Version 10.4, is now available to DHD customers. Version 10.4 introduces expanded configuration capabil...

28/07/2026

Study: TV Operating Systems Gain Influence Over Viewing

Share Copy link Facebook X Linkedin Bluesky Email...

28/07/2026

Maryland Public Television Promotes Ling Ling Sun to CTO

Share Copy link Facebook X Linkedin Bluesky Email...

28/07/2026

NUGEN Audio Helps Mix Technician Blake Bunzel Deliver Rel...

Brand's Intuitive Metering and Dialogue Tools Improve Efficiency and Maintain Clarity Across Projects Ranging from Sitcoms to Effects Heavy Fantasy Series ...

28/07/2026

TAG Video Systems Accelerates the Move to Cloud and Virtu...

TAG Video Systems, a leader in 100% software-based realtime media monitoring, multiviewing and quality control (QC), today announced the latest innovations to i...

28/07/2026

Harvard Athletics Transforms Collegiate Sports Storytelling with AJA Gear

Harvard Athletics Transforms Collegiate Sports Storytelling with AJA Gear Brie Clayton July 27, 2026 0 Comments Between the maturation of IP and remot...

28/07/2026

New Live Action Projection Mapping Film Captured with URSA Cine 12K LF

New Live Action Projection Mapping Film Captured with URSA Cine 12K LF Brie Clayton July 27, 2026 0 Comments Large format sensor allows Texas Legacy ...

28/07/2026

NVIDIA Agent Toolkit Expands With New Omniverse Libraries, Putting AI Agents to Work Building Simulation-Ready Worlds

NVIDIA Agent Toolkit Expands With New Omniverse Libraries, Putting AI Agents to ...

28/07/2026

AI Agents Expand Creative Tools to Millions

AI Agents Expand Creative Tools to Millions Brie Clayton July 27, 2026 0 Comments Hero image courtesy of Epic Games Leading creative applications are...

28/07/2026

How Rick Aggeler Built a Music Community for Boston Teens

How Rick Aggeler Built a Music Community for Boston Teens When he was a Berklee student, Aggeler volunteered at the Boys & Girls Clubs of Boston, where he hel...

28/07/2026

Football is back on Sky Sports following its most watched Premier League season ever

Tuesday 28 July 2026 Football is back on Sky Sports following its most watched ...

28/07/2026

Powerful Compute So Compact, It's Clutch - Build AI in Your Hand With NVIDIA Jetson

Anyone can make a robot move; NVIDIA Jetson makes it think. As a discerning AI i...

28/07/2026

Are you coming to the Fleadh? RT will be there

RT Raidi na Gaeltachta, RT Radio 1, RT One and RT Player to showcase the best of the reels, rhymes and rambles from Comhaltas Fleadh Cheoil na h ireann 202...

28/07/2026

RT to broadcast The Irish Question

Through a wide range of perspectives, this documentary looks at how Ireland might navigate one of the defining political questions of the future Wednesday, Jul...

27/07/2026

AES Educational Foundation Announces 2026/2027 Scholarship and Grant Recipients

The Audio Engineering Society Educational Foundation has named its scholarship and grant recipients for the 2026/2027 academic year. The awards support students...

27/07/2026

ESPN and MEAC Reach Multi-Year Media Rights Agreement Through 2030-31

ESPN and the Mid-Eastern Athletic Conference (MEAC) have signed a multi-year media rights agreement covering basketball championships and select football and ba...

27/07/2026

Yahoo Sports and Cameo Integrate Celebrity Video Bookings into Yahoo Fantasy

Yahoo Sports and Cameo have partnered to allow fantasy football users to book personalized celebrity videos directly within the Yahoo Fantasy app and website. T...

27/07/2026

Eutelsat to Receive $504 Million in FCC Upper C-Band Transition Payments

Eutelsat has welcomed the FCC's order establishing the regulatory framework for the transition of Upper C-band spectrum in the United States. Under the orde...

27/07/2026

ESPN Acquires U.S. and International Rights to International Dance League

ESPN and the International Dance League (IDL) have signed a global rights agreement for the 2026 season. Events will air bi-weekly on ESPN2 at 7 p.m. ET beginni...

27/07/2026

NBCUniversal and YouTube Announce Multi-Year Global Partnership

NBCUniversal and YouTube have signed a multi-year global partnership that includes bundling Peacock with YouTube Premium, extending NBCUniversal's distribut...

27/07/2026

Two Weeks Away: 2026 SVG Venues & Teams Summit at Miamis Kaseya Center To Reunite In-Stadium Production Community

Agenda includes presentations from the Miami Heat, Inter Miami, Florida Panthers...

27/07/2026

Behind The Mic: CBS Sports Bolsters College Football Analyst Team

Behind The Mic provides a roundup of recent news regarding on-air talent, including new deals, departures, and assignments compiled from press releases and repo...

27/07/2026

PBR Goes Animated With BS: Bull Stories, Giving Its Bucking Bulls a Voice

Ten one-minute shorts will roll out across CBS, The CW, Paramount+ during the 2026 PBR Teams season PBR is officially moving into scripted animation. The Profe...