SeaChange International Inc. (NASDAQ: SEAC) stock gained by 1.98% at the last trading close while the SEAC stock price rises by 12.62% at the last check in the pre-market trading session. Hundreds of cloud and on-premises services with live TV and video on demand for millions of end users around the world are driven by SeaChange International.
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Recent Development
Financial Results
On April 14, 2021, SeaChange International announced its fourth-quarter fiscal 2021 financial results. Given below is the summary:
- Total revenue of SEAC increased to $5.1 million from $5.0 million in the third quarter of fiscal 2021. Product revenue increased to $1.4 million (or 27 percent of total revenue) in the third quarter of fiscal 2021, up from $1.0 million (or 21 percent of total revenue) in the previous quarter. In the third quarter of fiscal 2021, service income was $3.7 million (or 73 percent of total revenue), down from $3.9 million (or 79 percent of total revenue) in the previous quarter.
- For the fourth quarter of fiscal 2021, the revenue backlog was $20.4 million, down from $21.9 million in the third quarter of fiscal 2021.
- In the third quarter of fiscal 2021, gross profit was $2.8 million, equivalent to $2.8 million in the fourth quarter.
- In comparison to the third quarter of fiscal 2021, total operating costs stood at $7.3 million.
- Non-GAAP loss from operations for the third quarter of fiscal 2021 was $3.5 million, or $(0.09) per basic share, down from $3.8 million, or $(0.10) per basic share in the third quarter of fiscal 2021.
- The GAAP net loss for the third quarter of fiscal 2021 was $4.4 million, or $(0.12) per basic share, down from $5.1 million, or $(0.14) per basic share, in the previous quarter.
Robert Pons, SeaChange’s Executive Chairman commented:
Even if SEAC is clearly in the early stages of its strategic plan, it’s safe to say that the SeaChange of today is a much larger and more competent organization, with a better future. SEAC has the resources to advance many core projects on their strategic horizon and further build on the powerful secular tailwinds in the multibillion-dollar video distribution industry with more than $22 million in cash on SEAC balance sheet today. SEAC anticipate that the effective implementation of their strategy will result in long-term stability and sustainability in the years ahead.
