SeaChange Rides Revenue Surge

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Video-on-demand and broadcast server supplier SeaChange International reported record revenues of $45.4 million for the second quarter of its 2007 fiscal year, which ended on July 31, 2006. That is a 73% increase compared to total revenues of $26.2 million for the second quarter of fiscal 2006, and was mainly driven by sales of VOD equipment and digital advertising insertion products. Net income for the second quarter was $0.6 million, or $0.02 per share, compared with a net loss of $6.6 million, or $0.23 per share for the same period last year.

“We anticipated a very strong quarter and we delivered,” said Bill Styslinger, president and CEO, SeaChange International. “As expected, our VOD business in North America remained very solid, we closed a multi-year purchase agreement with Comcast that encompasses hardware, software development and maintenance, our Broadcast business picked up, and we continued to make headway with our VOD business outside North America.”

SeaChange's total revenues for the first six months of fiscal 2007, ended July 31, 2007, were $78.6 million, a 36% increase to total revenues of $57.7 million for the first six months of fiscal 2006. The net loss was $3.7 million, or $0.13 per share, compared with a net loss of $7.1 million, or $0.25 per share, for the same period last year. Adjusted EBITDA for the first six months of fiscal 2007 was $3.0 million as compared to a loss of $6.1 million for the first six months of fiscal 2006.

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