TV technology provider SeaChange International saw another sharp downturn in revenue and posted a reduced year-on-year operating loss in the third quarter.
The company posted revenues of US$20 million (€18.6 million) for the quarter, down from US$28.7 million last year. It posted a GAAP loss from operations of US$8.4 million, compared with a loss of US$11.8 million for the same period last year.
SeaChange now expects Q4 revenues to be in the range of US$22-US$24 million, with full-year revenue expected to be between US$82 million and US$84 million.
Chief financial officer Peter Faubert said that the company remained on track to be cash-flow positive in the fourth quarter.
“While we are disappointed with our year to date revenue performance, we continue to make good progress with our turnaround efforts and our initiatives to drive costs down and return to profitability and cash flow positive performance,” said Ed Terino, Chief Executive Officer, SeaChange.
“During the third quarter we continued to strengthen our sales and engineering organizations, while reducing our cost structure. We remain on track to complete our cost reduction efforts by fiscal year-end that will yield approximately US$30 million in annual cost savings. These efforts have already yielded results with increased sales leads, a growing revenue pipeline, and improved product quality. New business in the third quarter included a Latin American video-on-demand and advertising customer upgrade to our Adrenalin and Infusion platforms, as well as our content management system. In North America, we won another new customer for Adrenalin, replacing a video back office competitor in the process. In addition, we are very pleased to welcome Mark Tubinis as Senior Vice President of Engineering & Global Services, and believe that his extensive experience will enhance our ability to optimize quality and product innovation.”
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19 October 2020 @ 12:30:00 UTC