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Exhibit 99.1
Contact: | Investors |
Mary T. Conway
Conway Communications
1-781-772-1679
marytconway@comcast.net
SEACHANGE INTERNATIONAL REPORTS
THIRD QUARTER FISCAL 2019 RESULTS
ACTON, Mass. (December 10, 2018) SeaChange International, Inc. (NASDAQ: SEAC) today reported third quarter fiscal 2019 revenue of $18.6 million and a U.S. GAAP loss from operations of $2.5 million, or $0.07 per basic share, compared to third quarter fiscal 2018 revenue of $23.4 million and U.S. GAAP income from operations of $0.9 million, or $0.03 per fully diluted share.
The Companys U.S. GAAP third quarter fiscal 2019 results included non-GAAP charges of $2.2 million, which consisted primarily of stock-based compensation of $0.8 million, amortization of intangible assets from prior acquisitions of $0.2 million and severance and other restructuring costs of $1.0 million, while third quarter fiscal 2018 results included non-GAAP charges of $2.3 million. The non-GAAP loss from operations in the third quarter of fiscal 2019 was $0.3 million, or $0.01 per basic share, compared to the third quarter of fiscal 2018 non-GAAP income from operations of $3.2 million, or $0.09 per fully diluted share.
For the first nine months of fiscal 2019, the Company reported revenue of $45.4 million and a U.S. GAAP loss from operations of $15.9 million, or $0.45 per basic share, compared to revenue of $57.3 million and a U.S. GAAP loss from operations of $6.6 million, or $0.19 per basic share, in the same period in the prior fiscal year. The non-GAAP loss from operations for the first nine months of fiscal 2019 was $10.5 million, or $0.29 per basic share, compared to non-GAAP operating income of $0.5 million, or $0.01 per fully diluted share, in the same period of fiscal 2018.
Ed Terino, Chief Executive Officer, SeaChange, said, Our third quarter revenues were a substantial improvement over our prior two quarters of fiscal 2019. We were successful in closing several seven figure deals in Q3, as well as deals with several new companies. We are seeing good pipeline opportunities for sequential bookings growth in Q419, including software upgrade opportunities within our service provider customer base as well as several PanoramiC opportunities with new customers.
He added, As we head into FY2020, we are excited by the markets reaction to several product innovations for cFlow and PanoramiC that we have demonstrated at recent industry trade shows and expect to launch in the first half of fiscal 2020.
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Seachange International Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
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These, together with other factors, could result in reductions in sales of our products, longer sales cycles, difficulties in collection of accounts receivable, a longer period of time before we may recognize revenue attributable to a sale, changes in cost estimates on long-term contracts which could result in a loss provision, gross margin deterioration, slower adoption of new technologies, the transition to SaaS, and increased price competition.
The decrease in amortization expense for the three and nine months ended October 31, 2018, as compared to the same period of fiscal 2018, is primarily due to [fully amortized intangible assets from prior acquisitions as well as the change in foreign exchange rates.
Amortization of Intangible Assets The following table provides information regarding the change in amortization of intangible assets expenses during the periods presented: Amortization expense is primarily related to the costs of acquired intangible assets.
30 Severance and Other Restructuring Costs The following table provides information regarding the change in severance and other restructuring costs during the periods presented: In September 2018, in order to return the Company to profitability by the end of fiscal 2019, we announced the 2019 Restructuring Program.
These measures are important steps in helping to restore SeaChange to profitability and positive cash flow.
Cash flows from financing activities...Read more
28 Our gross profit margin...Read more
Our gross profit margin decreased...Read more
Severance and other restructuring costs...Read more
We believe that by delivering...Read more
Service profit margins decreased seven...Read more
Service profit margins decreased eight...Read more
We have been increasing our...Read more
Research and Development The following...Read more
We define non-GAAP (loss) income...Read more
During the three and nine...Read more
Our effective tax rate in...Read more
The global engineering team introduced...Read more
Along with operational improvements, engineering...Read more
36 The effect of exchange...Read more
We believe that the non-GAAP...Read more
Our portfolio of products allows...Read more
The $0.6 million increase for...Read more
We provide these supplemental non-GAAP...Read more
In addition, we believe that...Read more
The decrease in the international...Read more
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Stock-based Compensation Expense The following...Read more
The increase of $1.5 million...Read more
Selling and Marketing The following...Read more
In conjunction with the DCC...Read more
As such, we are not...Read more
We expect to increase software...Read more
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Income Tax (Benefit) Provision We...Read more
As of October 31, 2018,...Read more
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The acquisition of DCC Labs...Read more
We have elected to account...Read more
This non-GAAP financial measure may...Read more
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Seachange International Inc provided additional information to their SEC Filing as exhibits
Ticker: SEAC
CIK: 1019671
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-18-346199
Submitted to the SEC: Mon Dec 10 2018 11:44:01 AM EST
Accepted by the SEC: Mon Dec 10 2018
Period: Wednesday, October 31, 2018
Industry: Radio And Tv Broadcasting And Communications Equipment