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Mary T. Conway
SEACHANGE INTERNATIONAL REPORTS
FIRST QUARTER FISCAL 2020 RESULTS
BOARD AUTHORIZES STOCK REPURCHASE PLAN
ACTON, Mass. (June 6, 2019) SeaChange International, Inc. (NASDAQ: SEAC) today reported first quarter fiscal 2020 revenue of $8.5 million and a net loss of $10.8 million, or $0.30 per basic share, compared to first quarter fiscal 2019 revenue of $14.9 million and a net loss of $5.5 million, or $0.15 per basic share.
Mark J. Bonney, Executive Chairman, SeaChange, said, Our fiscal first quarter involved numerous and significant changes, including the acquisition of Xstream, settlement with our largest shareholder, the addition of two new independent directors, the addition of industry veteran Yossi Aloni as our Chief Commercial officer, the adoption of a new go-to-market strategy and migration to a comprehensive end-to-end product offering, our Framework offering, for our customers, as well as the departure of our CEO. While I am not satisfied with the Companys financial performance during the quarter, I am pleased with our progress towards achieving our annual goals of generating revenue growth and returning to positive cash flow in the second half of this fiscal year.
He added, In addition to escalating momentum in sales activity in the quarter, we also cleansed our backlog, which included several contracts that required significant development effort for special features that would not be consistent with our end-to-end solution. While this negatively impacted our quarterly revenue and contributed to a significant loss in the quarter, we believe these headwinds are now behind us. It is also clear that our employees are responding well to and are embracing a new level of engagement and accountability enhancing our ability to significantly improve the Companys operations and achieve our fiscal 2020 goals.
Yossi Aloni, Chief Commercial Officer, commented, We are demonstrating initial proof points that validate our strategy, including significant new customer wins, although these proof points are not yet evident in our financial results, but we expect them to be reflected in future quarters. We have fully launched our Framework video delivery platform, which is generating strong interest from current and new customers, and has already gained several new customers. Transactions involving the Framework platform are expected to begin producing revenues in our second fiscal quarter and increase materially in the back half of the year, in line with the overall annual forecast we provided in April. We remain confident about our ability to achieve our annual revenue guidance we shared in April.
The Companys U.S. GAAP first quarter fiscal 2020 results included non-GAAP charges of $1.2 million, which consisted primarily of professional fees of $1.1 million associated with the acquisition of Xstream A/S, the resignation of the Companys CEO and the re-alignment of the Board of Directors. Also included was amortization of intangible assets from prior acquisitions of $0.3 million, and severance and other restructuring costs of $0.2 million. Stock-based compensation in the first quarter of fiscal 2020 was a reversal of previous expenses, resulting in income of $0.4 million. First quarter fiscal 2019 results included non-GAAP charges of $1.3 million, which consisted primarily of stock-based compensation of $0.9 million and amortization of intangible assets from prior acquisitions of $0.4 million. Non-GAAP loss from operations in the first quarter of fiscal 2020 was $7.5 million, or $0.20 per basic share, compared to the first quarter of fiscal 2019 non-GAAP loss from operations of $3.8 million, or $0.11 per fully basic share.
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The following information was filed by Seachange International Inc (SEAC) on Thursday, June 6, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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