VOD boosts SeaChange revenues

SeaChange International, the digital television systems provider based in Maynard, Mass. got a boost from video-on-demand technology (VOD) in financial results for its second fiscal quarter ended July 31.

Revenues for the quarter were a company record of $36 million compared to revenues of $33.3 million in the second quarter of fiscal 2003, an eight percent increase. SeaChange recorded net income of $942,000, or $0.03 per share, versus a net loss of $635,000, or $0.02 per share, for the second quarter of fiscal 2003.

Video-on-Demand (VOD) system revenues for the quarter were $17.6 million, up 16 percent compared to $15.1 million in the comparable period last year. Total systems revenues for the quarter were $27.5 million, which in addition to VOD, included revenues of $5.4 million from advertising systems and $4.5 million from broadcast systems. Service revenues for the quarter were a record $8.5 million.

“In the second quarter, SeaChange shipped over 87,000 residential VOD streams, which together with VOD revenues, are valuable metrics in gauging not only our success, but that of the industry,” said Bill Styslinger, president and CEO, SeaChange International. “We've shipped to date over 630,000 residential VOD streams (3.75 megabits per second) and have recognized $67.0 million in VOD product revenues in the trailing four quarters.”

For more information, visit: www.schange.com.

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