SeaChange reported that its revenue for the second quarter of fiscal 2013 was $36.7m, down 4% versus the same period a year ago. SeaChange said the results reflect the impact of the sale of both its broadcast servers and storage and its media services businesses in May 2012.
The GAAP loss from operations for the second quarter of fiscal 2013 was approximately $6.8m or $0.21 per share compared to GAAP income from operations of $777,000 or $0.02 per share for the same period a year ago.
Non-GAAP operating income for the quarter was $1.2m or $0.04 per share down from $4.2m or $0.13 per share.
The results were below the expectations of equity analysts, who were on average looking for revenue of $39.5m, and EPS of $0.13 per share before charges, and $0.08 per share after charges.
SeaChange ended the second quarter of fiscal year 2013 with cash, cash equivalents and marketable securities of $107.1m compared to $93.8m at the end of fiscal 2012.
“Throughout SeaChange’s second quarter we have executed on our strategy. We continue to reduce our overall sales, general and administrative costs and manufacturing costs and further streamline our organization. We have recently announced design wins for our next generation Adrenalin video back office platform with two major U.S. cable multiple system operators, and our Infusion advanced advertising platform with large service providers in both North America and Europe,” said Raghu Rau, SeaChange CEO. “Our focus over the next two quarters will be to deliver on commitments to our customers, increase revenue, improve the bottom line and drive shareholder value.”
Outlook:
Rau said that the company “anticipate our third quarter fiscal 2013 revenues to be in the range of $37 million to $40 million, and non-GAAP operating income to be in the range of $0.04 to $0.06 earnings per share. We also anticipate our full year fiscal 2013 revenue to be in the range of $152 million to $158 million which is within our previously announced guidance and non-GAAP operating income to be in the range of $0.31 to $0.37.”
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Related Content:
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