SeaChange Sees Steady VOD Growth
By Glen Dickson -- Broadcasting & Cable, 12/7/2006 2:09:00 AM
Video-on-demand and advertising insertion vendor SeaChange International saw its 2007 third-quarter revenues jump 20% over the same period last year, driven mostly by growth in providing VOD systems.
SeaChange, which closes its 2007 fiscal year at the end of January, recorded total revenues for the third quarter ending Oct. 31, 2006 of $42.3 million compared to total revenues of $35.3 million for the third quarter of fiscal 2006. Net loss for the third quarter was $1.0 million, or $0.04 per share, compared with a net loss of $2.1 million, or $0.07 per share for the same period last year.
Revenues for SeaChange's Broadband segment, which includes VOD and ad insertion hardware and software, were $24.5 million, an increase of $6.4 million or 35% higher than the third quarter of fiscal 2006. That included a 74% increase in VOD system revenue from $8.6 million in the third quarter of last year to $15.0 million in the third quarter of this year, as SeaChange continues to see demand from North American cable operators as well as new orders from Europe, the Middle East and Africa.
Total revenues for the first nine months of fiscal 2007, which ended October 31, 2006, were $121.3 million, a 30% increase from total revenues of $93.0 million for the first nine months of fiscal 2006. The net loss was $4.4 million, or $0.15 per share, compared with a net loss of $9.2 million, or $0.33 per share, for the same period last year.
SeaChange also strengthened its balance sheet, ending the quarter with cash, cash equivalents and marketable securities of $55.0 million and no debt, compared to $43.7 million and no debt at the end of the second quarter, an improvement it attributed to a $9.6 million reduction in accounts receivable.
"The factors that have been driving our growth this year are continuing, and we expect to maintain our strong performance as increased demand for VOD content and subscriber usage drive increased storage and streaming capacity," said SeaChange president and CEO Bill Styslinger in a statement. "We will continue to expand internationally and into new telco markets. And, our software continues to contribute to our results and deliver recurring revenues.”
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