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...

22/07/2026

RTS Chooses Custom Consoles Desks and MediaWalls for Stud...

Custom Consoles announces the completion of a large technical furniture project for Radio T l vision Suisse (RTS) at the networks recently inaugurated productio...

22/07/2026

Graham Media's WDIV Opens Satellite Newsroom/Coffee Shop

Share Copy link Facebook X Linkedin Bluesky Email...

22/07/2026

FCC Approves License Transfer of WTVQ-DT to Scripps

Share Copy link Facebook X Linkedin Bluesky Email...

22/07/2026

Spectrum Reach Expands Operations in N.Y.

Share Copy link Facebook X Linkedin Bluesky Email...

22/07/2026

Miris spatial streaming platform adds support for glTF in...

Culver City, CA, July 21, 2026 3D streaming infrastructure provider Miris today announced glTF intake, including the binary .glb form, to its spatial streamin...

22/07/2026

Documentary Lo Invisible Captured with Blackmagic PYXIS 6K

Documentary Lo Invisible Captured with Blackmagic PYXIS 6K Brie Clayton July 21, 2026 0 Comments Camera's versatile design allowed filmmakers to c...

22/07/2026

AAF Bridge converts AAF and XML Timelines to Ableton Live - and back

AAF Bridge converts AAF and XML Timelines to Ableton Live - and back Jerome Gardier July 21, 2026 0 Comments A two-way converter for macOS and Windows...

22/07/2026

From Class to Concert: Explore a Student-Led Production of David Bowies Work Through Photos

From Class to Concert: Explore a Student-Led Production of David Bowies Work Thr...

22/07/2026

Documentary on film censorship in Ireland coming to RT

In the Opinion of the Censor airs Monday 27 July at 9.35pm on RT One and RT Player In the Opinion of the Censor looks at how films for theatrical release wer...

22/07/2026

NVIDIA Open Sources First GPU-Accelerated Medical Physics Simulation Framework

Before a healthcare robot can be useful in the real world, it has to learn how the physical world pushes back. Anatomy varies. Instruments bend, press, slip and...

21/07/2026

High Interest, limited resources: AI in Mongolia's newsrooms

New research involving a cross-section of Mongolias independent media landscape finds enthusiasm for AI as a tool to improve efficiency, sustainability and resi...

21/07/2026

FIFA World Cup 2026: The Firsts, Breakthroughs, and Lasting Legacies

With winners Spain having already paraded the World Cup trophy through Madrid in front of millions of fans and the dust now settling on an epic tournament of th...

21/07/2026

NHL Launches Centralized Production Operation for Regional Broadcasts; Four Teams Aboard To Start

In a time of disarray in regional sports broadcasting, the league will provide c...

21/07/2026

With Boland Monitors, NEPs PGA TOUR Unit Ready for Future

When NEP designed one of its largest recurring mobile production unit fleets for PGA TOUR coverage, the leading media services provider faced a familiar challe...

21/07/2026

elysia Channex Studio now available

High-end analogue channel strip boasts plug-in recall Originally revealed as a prototype back at NAMM 2024, the Channex Studio channel strip represented a b...

21/07/2026

Musik Hack announce HyFi mastering platform

Relies on same DSP as plug-in range Musik Hack's line-up has been influenced heavily by founder Stan Greene's work as a mixing engineer, and their M...

21/07/2026

Dirty Boy Jr. Series from Warm Audio

Official collaboration with boutique builder Dirty Boy Pedals Warm Audio have just announced the launch of a new guitar pedal range created in collaboration...

21/07/2026

SBS scores biggest ever FIFA World Cup Reach as Spain triumph in the final

SBS scores biggest ever FIFA World Cup Reach as Spain triumph in the final 21 July, 2026 Media releases Spain v Argentina attracted a Total TV reach of al...

21/07/2026

Rohde & Schwarz showcases broad range of EMC test solutions at EMC+SIPI 2026 in Dallas, Texas

Rohde & Schwarz showcases broad range of EMC test solutions at EMC SIPI 2026 in ...

21/07/2026

TVP Claims Top Spot as the World Cup and the Opole Music Festival Drive June Viewership in Poland

Warner Bros. Discovery's unbroken lead is interrupted as sports and live mus...

21/07/2026

Savannah Bananas Tap Calrec to Expand Banana Ball TV Coverage

Share Copy link Facebook X Linkedin Bluesky Email...

21/07/2026

Where Growth Takes Root Viaccess-Orca Showcases the Found...

Across the TV and streaming ecosystem, industry players face mounting pressure to do more with less. They must simplify operations, protect premium content and ...

21/07/2026

Tuxera breaks performance ceilings and brings SMB/NFS mul...

Tuxera, a leading prover of quality-assured file systems and networking technologies, is bringing its latest advances in connectivity performance to the media w...

21/07/2026

COW Jobs: Apple Motion Expert for Custom FCP Rigged Graphics Package

COW Jobs: Apple Motion Expert for Custom FCP Rigged Graphics Package Brie Clayton July 21, 2026 0 Comments HIRING: Apple Motion Expert for Custom FCP ...

21/07/2026

Cinegy directly addresses the real issues of software-def...

Cinegy GmbH, the premier provider of software-defined television technology, will use its presence at IBC2026 (stand 7.A01, Amsterdam RAI, 11 14 September) to...

21/07/2026

Calrec brings leading audio solutions and long term busin...

Calrec will be located in Hall 8, on Stand C47 Beyond bigger For years, broadcast facilities were built around one assumption: provision for the biggest pro...

21/07/2026

Pebble takes the next step towards the future of media de...

Pebble, the leading automation, content management and integrated channel specialist, will discuss its future-facing developments for the new generation of medi...

21/07/2026

nxtedition Brings Production, AI and Automation Together...

nxtedition returns to IBC2026 with its consolidated production platform, showing how scripting, editing, graphics, AI-assisted tools and automation can work wit...

21/07/2026

Big Blue Marble brings C2PA Content Credentials to Cloud...

C2PA content signing helps broadcasters, public institutions, and publishers give audiences a verifiable record of where their video content came from and how i...

21/07/2026

HDHomeRun Enables Operation During Internet Outages

Share Copy link Facebook X Linkedin Bluesky Email...

21/07/2026

Calif. Federal Judge Pauses Paramount-WBD Merger

Share Copy link Facebook X Linkedin Bluesky Email...

21/07/2026

AWARN Rebuts Weigel Claims of 3.0 EAS Problems

Share Copy link Facebook X Linkedin Bluesky Email...

21/07/2026

FCC Announces Tentative Agenda for August Open Meeting

Share Copy link Facebook X Linkedin Bluesky Email...

21/07/2026

VIDA Introduces QC Manager for Collaborative Quality Cont...

New capability centralizes collaboration, feedback, security and status tracking within VIDA, providing a structured, auditable approach to master quality contr...

21/07/2026

Lightcraft Launches Exclusive Spark Story Beta for Filmmakers and Creators at SIGGRAPH 2026

Lightcraft Launches Exclusive Spark Story Beta for Filmmakers and Creators at SI...

21/07/2026

Indie Road Movie Where in the Hell Shot with Pocket Cinema Camera 4K

Indie Road Movie Where in the Hell Shot with Pocket Cinema Camera 4K Brie Clayton July 20, 2026 0 Comments Colorist blends vintage film looks to shape...

21/07/2026

Which USS Defiant Pulse Phaser effect is better?

Which USS Defiant Pulse Phaser effect is better? Graham Quince July 20, 2026 0 Comments Aargh, ever since @DarkRavenProductions posted a comment ask...

21/07/2026

Built in Fort Worth: Wistron Opens Advanced Manufacturing Plant to Produce NVIDIA AI Systems

The AI era runs on AI infrastructure. Many of these advanced systems are built a...

21/07/2026

X-Rite Pantone and NIFT Partner to Build Color Management Skills for India's Fashion and Textile Workforce

X-Rite Pantone and NIFT Partner to Build Color Management Skills for India's...

21/07/2026

Bluepeak Taps Harmonic to Speed Up Fiber Rollout and Expand into MDUs

Harmonics cOS Virtualized Broadband Platform and Pearl Remote OLTs Enable Flexible PON Migration, While SeaStar Optical Node Powers Cost-Effective Multi-Gigabit...

21/07/2026

From Lens to Pixel: Why Connected Workflows Are the Future of Live Venue Production

Every live event starts with a defining moment. A camera captures the game-winni...

21/07/2026

Built for Vera Rubin, NVIDIA Spectrum-6 Arrives in Gigascale AI Factories

AI has entered the gigascale era. The world's most advanced AI factories are bringing together hundreds of thousands of GPUs and CPUs to train frontier mod...

21/07/2026

NVIDIA Vera Rubin Driving Performance Per Watt, Lowest Token Cost for Partners Worldwide

NVIDIA Vera Rubin is here, and it's going gigascale. Vera Rubin NVL72 produ...

21/07/2026

RT announces biggest ever year for new drama

160 hours of Irish storytelling for 2026 KIN and The Walsh Sisters return RT has today unveiled its most ambitious drama slate ever, with a record-breakin...

20/07/2026

SVG All-Stars: Rob Coons, Senior Director, StudentU, Big Ten Network

The former Northwestern broadcast-operations leader is helping train the next generation of live-sports-production talent across the Big Ten The sports-product...

20/07/2026

Give Me the Backstory: Get to Know Stacey Lee, the Filmmaker Behind Murder 101

By Lucy Spicer One of the most exciting things about the Sundance Film Festival is having a front-row seat for the bright future of independent filmmaking. Whi...