Multi-screen video software company SeaChange International has reported a net income for the third quarter of $0.4 million, compared to a loss of $2.9 million in the year-ago quarter. Last year’s third quarter net loss included a $2.4 million restructuring charge.
Revenues for the quarter grew 9 per cent to $53.4 million from $49.1 million in the year-ago quarter.
Software segment revenues for the quarter rose 13 per cent to $37.6 million from $33.2 million generated in last year’s third quarter, attributable to a significant home gateway licensing transaction with a large domestic service provider, higher VoD software revenues from eventIS and increased Advertising product revenues from US-based customers.
Raghu Rau, CEO, said, “SeaChange has made good progress in fiscal 2012 toward controlling costs and starting its next phase of growth through emergent multi-screen video opportunities globally with its legacy VOD customers and several new ones…. The third quarter results underscore our need to focus sharply on improving financial performance by reducing overall costs and reallocating resources to deliver our new products to drive increased revenues.”
SeaChange’s founder and CEO Bill Styslinger left the company suddenly recently “effective immediately” because of a “leadership transition”.