Originally featured on BroadcastEngineering.com
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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