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.
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.
