SeaChange Q1 loss, names Terino COO
June 5, 2015
Multiscreen specialist SeaChange International has reported first quarter fiscal 2016 revenue of $23.2 million (€20.6m) and US GAAP loss from operations of $9.5 million compared to first quarter fiscal 2015 revenue of $24.3 million and US GAAP operating loss of $10.1 million. Excluding stock-based compensation, amortisation of acquisition-related intangible assets and earn-outs and change in fair value of earn-outs, all of which are non-cash expenses, on a non-GAAP basis adjusted net loss for the first quarter of 2016 was $6.8 million compared to an adjusted net loss of $7.2 million in the first quarter of 2015.
“SeaChange continues to outperform its multiscreen competitors to win the vast majority of opportunities we’ve pursued for our multiscreen television platform and video gateway,” said Jay Samit, Chief Executive Officer, SeaChange. “During the first quarter, a new Canadian service provider customer for SeaChange purchased Adrenalin, replacing the incumbent VoD platform provider. Further, one of our largest US customers, which has over four million subscribers, completed its upgrade from Axiom to Adrenalin to offer multiscreen commercially in 20 markets. Our Nucleus video gateway software was commercially launched for a second Eastern European customer and advanced into field trials for a South American customer. I’m also pleased to announce that one of our largest customers awarded SeaChange with additional multi-million dollar contracts that will expand our set-top footprint across new markets with this customer. We were able to begin work immediately and take partial revenue on one of these contracts during our first quarter.”
Samit continued, “As our core products continue to take hold in markets globally, we’re working aggressively to secure opportunities for a new set of customers with our premium-OTT platform Rave. The message about our OTT differentiation is penetrating globally and we’re engaging with TV networks, broadcasters and niche content owners. In the first quarter of fiscal 2016 alone we responded to more requests for OTT proposals than we had identified for our multiscreen offering throughout all of fiscal 2015. Since we can rapidly establish cloud-based Rave market trials for extensive customer evaluation, we continue to anticipate that the OTT sales cycle will be shorter than it is typically for our on-premise products.”
SeaChange has also announced the appointment of Edward Terino to Chief Operating Officer, effective immediately. Reporting to Chief Executive Officer Jay Samit, Terino is responsible for software development, sales, and services globally. He will continue to serve on the Company’s board of directors, which he joined in 2010, and will step down from the audit and compensation committees.
“Ed’s demonstrated capacity for delivering operational excellence will reinforce SeaChange’s ability to expand the global footprint for our core software products and services, while continuing to establish our offerings in adjacent markets for premium video delivery and monetisation,” said SeaChange CEO Jay Samit. “Ed hits the ground running with an extensive working knowledge of our company and customer base, producing the ideal outcome in support of my goal to reinstitute the vital COO function.”
Over the past five years, Terino has served on the board of directors for software and technology companies including Extreme Networks, S1 Corporation, Phoenix Technologies and EBT International. Presently, in addition to serving as a director at SeaChange, he serves as a director for Baltic Trading.