Seachange Announces Preliminary Fourth Quarter and Full Fiscal Year 2014 Results
Conference Call After Market Close Today
February 25, 2014
ACTON, Mass. (Feb. 25, 2014) SeaChange International, Inc. (NASDAQ: SEAC), a leading global multi-screen video software innovator, today announced preliminary results for its fourth quarter and full fiscal year 2014, ended January 31, 2014. The Company will host a conference call today at 5:00 p.m. ET to discuss the preliminary results.
SeaChange anticipates ending the fourth quarter of fiscal 2014 with revenue in the range of $34.5 million to $35.5 million, compared to the Company's prior guidance of $40 million to $45 million, and non-GAAP operating income of $0.01 to $0.02 per fully diluted share, compared to prior guidance of $0.15 to $0.20 per fully diluted share. SeaChange anticipates a GAAP operating loss of $0.03 to $0.04 per basic share for the fourth quarter of fiscal 2014. For the full fiscal year 2014, SeaChange anticipates revenue in the range of $145 million to $146 million, non-GAAP operating income of $0.24 to $0.25 per fully diluted share, and a GAAP operating loss of $0.05 to $0.07 per basic share.
The above information is preliminary and subject to SeaChange's normal year-end accounting process and external review and audit by the Company's independent registered public accounting firm. The Company will provide timing and details for the announcement of its fourth quarter and full fiscal 2014 final results in early April.
We are very disappointed that fourth quarter revenues came in below our guidance range, said Raghu Rau, CEO, SeaChange. The primary reasons for this shortfall were delays in receiving anticipated orders from customers in the Americas along with continued delays in receiving some final acceptances. The magnitude of these delays was greater than expected, given our customer concentration and the timing of our sales, wherein many sales occur towards the end of a quarter.
Rau continued, We are pleased to note, based on our progress to date, that all of the customer acceptances that were missed in the fourth quarter of fiscal 2014 are expected to be received in the first half of fiscal 2015. We also expect to receive over the course of fiscal 2015 a majority of the orders we had previously anticipated receiving in the fourth quarter.
Despite the short-term challenges, we remain encouraged by the continued market traction for our new products, which accounted for over two-thirds of our total product revenue in the fourth quarter, and the new opportunities in front of us, said Rau. However, we continue to expect that fiscal 2015 will be a transitional year for SeaChange. During this time, we anticipate that we will experience increased lead times in customer orders and acceptances and significant declines in sales of our legacy products. As a result, we expect that revenue will likely grow only in the second half of fiscal 2015 and remain flat to down for the full year, relative to our anticipated fiscal 2014 performance. However, we are targeting higher profitability in fiscal 2015 relative to our anticipated fiscal 2014 performance through cost reductions and increases in new product revenues. We believe we are creating significant long-term value for our shareholders with the design wins we already have in place and those we expect with our continued investments, particularly in our Nucleus video gateway software. Our long-term target model of operating margins in the 15% range remains unchanged.
SeaChange anticipates ending the fourth quarter of fiscal 2014 with cash, cash equivalents and marketable securities of $128.1 million and no debt outstanding, compared to $126.4 million at the end of the third quarter. Moreover, during the fourth quarter, the Company implemented a 10b5-1 stock repurchase plan to execute on its board of directors' previously authorized $25 million stock buy-back.
SeaChange will host a conference call today at 5:00 p.m. to discuss its preliminary fourth quarter and full fiscal 2014 results, which will be accessible at 877-407-8037 (U.S.) and 201-689-8037 (international) and via webcast at www.schange.com/IR. The replay will be available by phone through March 11, 2014 at 877-660-6853 (U.S.) or 201-612-7415 (international), conference ID 1357-6704, and on the investor relations section of the Company's website at www.schange.com/IR.
About SeaChange International
Ranked among the top 250 software companies in the world, SeaChange International (NASDAQ: SEAC) enables transformative multi-screen video services through an open, cloud-based, intelligent software platform trusted by cable, IPTV and mobile operators globally. Personalized and fully monetized video experiences anytime on any device, in the home and everywhere, are the product of the Company's superior video back office platform, advertising and in-home gateway offerings.
SeaChange's customers include many of the world's most powerful media brands including all major cable operators in the Americas and Europe, and the largest telecom companies in the world. Headquartered in Acton, Massachusetts, SeaChange is TL 9000 certified and has product development, support and sales offices around the world. Visit www.schange.com.
Safe Harbor Provision
This release may include forward-looking statements, including without limitation statements regarding the Company's anticipated results for the Company's fourth quarter and full fiscal year 2014, future financial performance, customer orders, customer acceptances, new product sales, legacy product sales and the repurchase of the Company's shares, that are neither promises nor guarantees and may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any such forward-l
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Seachange Announces Preliminary Fourth Quarter and Full Fiscal Year 2014 Results
