Seachange earnings are in. Twenty-nine percent revenue increase year-to-year.
biz.yahoo.com
"MAYNARD, Mass., July 27 /PRNewswire/ -- SeaChange International, Inc. (Nasdaq: SEAC - news) today announced financial results for its second quarter ended June 30, 1999. Revenues for the quarter were $21.3 million, compared to $16.6 million for the second quarter of 1998, which represents a 29% increase year to year. The net income for the quarter was $157,000, or $.01 per share. This compares to a net loss of $1.6 million, or $.13 per share, in the second quarter
of 1998.
''As we expected, combined revenues from our new movie and broadcast systems were significantly higher than the prior quarter,'' said Bill Styslinger, president and CEO, SeaChange International. ''Our ad insertion business remained strong and plans are in place to begin our VOD field trials in the third quarter. We continue to implement improvements in our operations to support our technology advantages in the digital video systems market.''
"Second quarter broadcast customers included PBS affiliates KTCA/KTCI in Minneapolis; and Ackerley Communications, which has gained positive trade press coverage of their strategy to use the Broadcast MediaCluster to streamline their affiliate operations. Additionally, there were a number of international installations, such as MultiThematique in France, UPC's EuroHits and CATV in Beijing. In Finland, SeaChange's first Broadcast MediaCluster customer, MTV3, purchased an additional system for programming distribution after their successful advertising application.
"New digital ad insertion installations accounted for 1,962 television channels this quarter, bringing the total channels now served by SeaChange Spot Systems to more than 22,000. Expansion and new deployments for existing customers accounted for significant business, including numerous AT&T/TCI operations, MediaOne's Atlanta system, CableTime and others.
"Movie product line revenue included the installation of a GuestServe Network System for Cablevision/TCI in Buenos Aires; expansion of the AT&T/TCI Chicago system; and the addition of a major cable operator in San Diego, Calif. Movie systems for near video-on-demand applications were also installed for Directix in New York and a major service provider in South America."
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