SeaChange International announces record third quarter VOD results

SeaChange International — benefiting from a 47 percent growth of cable video-on-demand (VOD) technology — announced financial results for its third fiscal quarter, which ended Oct. 31, 2003.

Revenues for the quarter were $37.6 million, compared to revenues of $33.9 million in the third quarter of fiscal 2003, an 11 percent increase. SeaChange recorded net income of $1.5 million, or $0.05 per share, for the third quarter of fiscal 2004 versus a net loss of $541,000, or $0.02 per share, for the third quarter of fiscal 2003.

Video-on-demand (VOD) system revenues for the third quarter of fiscal 2004 were $22.5 million, up 47 percent compared to $15.3 million in the comparable period last year. Total system revenues for the quarter were $29.3 million, which, in addition to VOD, included revenues from advertising and broadcast systems.

“In the third quarter, SeaChange shipped its highest number of streams ever — over 123,000 residential VOD streams — bringing our total shipped to date to over 750,000,” said Bill Styslinger, president and CEO, SeaChange International. “Our VOD revenues were . . . $22.5 million and contributed to our solid cash production.”

In the United States, new deployments will include markets served by Comcast, Mediacom and others. With Cox’s recent selection of SeaChange, the company is now supporting eight of the top 10 cable operators, representing a planned basic subscriber population of nearly 23 million.

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