SeaChange laying off workers in $8M reduction
Ed Terino, the CEO of SeaChange International
After running nearly $50 million in the red last year, Acton video software company SeaChange International will lay off a significant portion of its workforce amid an overall reduction of $8 million in annual operating expenses.
The company did not say how the reductions would be made, such as the number of jobs being cut, but said the severance and subsequent restructuring costs would total $1.5 million, according to a U.S. Securities and Exchange Commission filing this month.
SeaChange has not been able to drastically turn around its financial performance following the firing of its chief executive officer, Jay Samit, last spring. Its fiscal 2016 operating loss totaled $48 million, and its second-quarter numbers, released last fall, registered an $11.7-million loss.
The latest, third-quarter numbers released last month showed an $8.4-million loss on nearly $20 million in revenue. Those loses came out to 31 cents per share.
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