06.07.2004 12:00 PM
SeaChange announces record first quarter revenues

SeaChange International has announced record financial results for its first quarter of fiscal 2005 ended April 30, 2004. Revenues for the quarter were a record $41.6 million compared to revenues of $34.8 million in the first quarter of fiscal 2004, a 20 percent increase.

SeaChange recorded a net income of $3.2 million, or $0.11 per diluted share, for the first quarter of fiscal 2005 versus net income of $562,000, or $0.02 per diluted share, for the first quarter of fiscal 2004.

Video-on-Demand (VOD) system revenues for the first quarter of fiscal 2005 were $25.2 million, up 41 percent compared to $17.8 million in the comparable period last year. Total systems revenues for the quarter were $31.2 million, which, in addition to VOD, included revenues of $3.2 million from advertising systems and $2.8 million from broadcast systems. Service revenues for the quarter were a record $10.4 million.

For the quarter ended April 30, 2004, EBITDA was $6.7 million, or $0.23 per share, as compared to $3.0 million, or $0.11 per share, in the comparable period last year. The continued improvement in EBITDA increased the company’s cash and marketable securities balance by $2.0 million to a record $124.0 million at quarter end.

“SeaChange delivered another strong quarter distinguished by a new record for revenues, solid five-fold earnings growth, and the shipment of 179,000 video streams — which brings our total over the 1,000,000 stream milestone,” said Bill Styslinger, president and CEO, SeaChange International. “We continue to gain new video-on-demand (VOD) customers in cable and are poised for burgeoning international opportunities with the telcos as they expand their high-speed data services to include VOD.”

For more information visit www.seachangeinternational.com.

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