SeaChange Announces Q4 and Full Year 2011 Results

Posted by Joe Zaller
Mar 18 2011

Video on demand solution provider SeaChange International announced that its revenue in the fourth quarter of FY 2011 was $61.4m, an increase of 16% versus the same period a year ago, and an increase of 23% versus the previous quarter.  Non-GAAP revenue in the quarter was $56.8m, an increase of 5% compared to the same period a year ago.

GAAP net income for the fourth quarter was $10.9m, a significant improvement on the break-even results for the fourth quarter of last year, and a GAAP loss of $5.2m during the previous quarter.  Non-GAAP net income for the fourth quarter was $5.8m, compared with non-GAAP net income of $2.3m in the previous year’s fourth quarter.

The company attributed the changes in GAAP results to two deals that fourth quarter that “materially impacted its reported GAAP financial results but were excluded from its non-GAAP financial results.”

  • In December of 2010 SeaChange realized a $1.9m pre-tax gain when a company in which it held an equity stake was sold to Dell 

 

  • During the fourth quarter a SeaChange customer switched to another VOD equipment supplier, enabling SeaChange to recognize $4.6m in pre-paid maintenance revenue as a result of the deactivation notice

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Segment Performance:

  • Software revenue was $46.1m, an increase of 32% versus both the same period last year and the previous quarter.  The strong software results were helped by the accelerated recognition of $3.4m in maintenance revenue mentioned above.

 

  • Sales from the servers & storage segment were $8.8m, down 28% compared to the same period a year ago, and up 42% versus the previous quarter.  The company attributed the decrease in servers and storage revenue to lower VOD server shipments to North American customers partially offset by VOD server shipments to a customer in Latin America and a customer in Europe.

 

  •  Media services revenue was $6.4m, up 9% versus the same period last year, and down 21% versus the previous quarter.

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Full Year 2011 Results:

For the fiscal year ended January 31, 2011 GAAP revenue was of $216.7m, an increase of 7% versus fiscal 2010.  Non-GAAP revenue for the fiscal year was $216m, an increase of 6% versus fiscal 2010.

GAAP net income for fiscal 2011 was $29.5m, up from $1.3m in fiscal 2010.  Non-GAAP net income for the year was $13.7m, up from $8m last year.

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Related Content:

You can read the full SeaChange Q4 and FY 2011 earnings press release here.

You can read about SeaChange’s Q3 results here.

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