SeaChange International has reported its fiscal first-quarter profit surged on higher sales of software for video-on-demand television services. SeaChange also forecast second-quarter profit and revenue in line with Wall Street expectations.
The company reported net income of $24.6 million for the three months ended April 30th, compared with a profit of only $1 million in the same quarter a year ago.
Excluding one-time items, SeaChange posted net income of $3.1 million in the latest quarter. Revenue rose 11 per cent to $54.1 million from $48.9 million.