SeaChange loss edges above expectation
Multiscreen video software maker SeaChange International of Acton yesterday reported a third-quarter loss of 7 cents a share. That was a penny per share better than analysts' consensus estimate.
SeaChange, in a company statement, reported revenue of $30 million for the quarter that ended Oct. 31, falling several thousand dollars short of prediction by analysts surveyed by Zacks Investment Research. During the same quarter in 2013,the company posted earnings per share of 9 cents, and revenue of $37.8 million.
"Our financial performance in the third quarter reflects our ongoing focus on achieving timely customer acceptances for our deployed next-generation software products,” Anthony Dias, SeaChange's chief financial officer, said in the statement. “These results were achieved despite the negative impact that the strengthening U.S. dollar had on our European business during the quarter.”
Dias said the company expects revenue of between $30 million and $34 million for the fourth quarter, while earnings hold steady or improve, with an earnings turnaround from a 7-cents-per-share loss to as much as a penny gained.
"Connected consumer devices that can stream premium IP video through the cloud are changing the business of television, and SeaChange continues to show how it’s empowering service providers to capitalize on this shift,” CEO Jay Samit said in the statement.
Shares of SeaChange closed at $7.01 on the NASDAQ Wednesday, before the company announced its results.
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