SeaChange posts better than expected results

US-based TV technology company SeaChange International has posted first-quarter revenues of US$52.1 million (€35.7 million), down from US$54.6 million for the same period last year. Non-GAAP net income fell from US$3.1 million to US$2.1 million.

SeaChange said that last year’s figures had been boosted by a large VOD back-office software order delivered to a North American cable operator. This absence of that from this year’s figures was partly offset by increased VOD software subscription revenues from a North American customer and higher VOD software revenues from its eventIS subsidiary. Media services revenues also increased (from US$2.5 million to US$8.9 million), boosted by sales in Greece, France and Dubai.

The results exceeded SeaChange’s revenues and earnings guidance, and the company is now forecasting second quarter revenues of US$53-US$58 million, and raising its earnings per share target to between US$0.66 and US$0.74.

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