Somethin was up all right. Earnings!
MAYNARD, Mass.--(BUSINESS WIRE)--April 24, 2000--SeaChange International, Inc. (Nasdaq: SEAC.O) today announced strong financial results for its first quarter ended March 31, 2000. Revenues for the quarter were $22 million, up 6% compared to $20.8 million for the first quarter of 1999. Net income for the quarter was $346,000, or $.02 per share. This compares to a net loss of $32,000, or less than $.01 per share, in the first quarter of 1999. "We've entered 2000 with solid results in our first quarter and continue our leadership position in the fast growing digital video market," said Bill Styslinger, president and CEO, SeaChange International. "The broadening of our product lines, the establishment of solid partnerships with other key players, and an indisputable leadership status in the television industry positions us to support the digital video evolution taking place today. Our recent acquisition of Digital Video Arts, the software company with expertise in set-top applications, has already resulted in collaborative benefits. We're confident that we have products, services and expertise to take advantage of some very big opportunities in the emerging interactive television market." In its interactive television business, SeaChange progressed with its publicly announced deployments with five cable companies. Additionally, another deployment is underway in a major U.S. metropolitan area with a sixth unannounced cable company. Publicly, an increasing number of cable television companies are touting the benefits and competitive advantages of broadband interactivity. Additionally in the quarter, both Cox Communications in San Diego and Cablevision in Buenos Aires expanded their SeaChange movie-on-demand systems to serve the hotel market, while Time Warner in Myrtle Beach was publicly announced as a new customer and went live in the first quarter. Earlier today, TV Guide announced its significant new relationship with SeaChange in which viewers of its leading interactive program guide will have streamlined access to video-on-demand. TV Guide's set-top application is already used by more than 3.5 million digital cable subscribers and this integration will enable viewers to easily identify and navigate through their VOD options with just their remote. TV Guide selected SeaChange because of its expertise in VOD and server technology. |
