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SeaChange International Announces First Quarter Fiscal 2010 Results

Posted by Dana in June 6th 2009

SeaChange International, Inc. (NASDAQ: SEAC) a leading provider of software and hardware solutions for video-on-demand (VOD) television, announced financial results for its fiscal 2010 first quarter ended April 30, 2009. Total revenues for the quarter were $48.9 million, which was $3.5 million or 8% higher than total revenues of $45.4 million for the first quarter of fiscal 2009. Net income for the first quarter was $1.0 million, or $0.03 per share, compared with $0.3 million, or $0.01 per share, for the same period last year.

The Company ended the first quarter of fiscal 2010 with cash, cash equivalents and marketable securities of $90.7 million and no debt compared with $85.8 million and no debt at the end of the fourth quarter of fiscal 2009. Net income and non-cash expenses for depreciation, amortization and stock compensation of $4.1 million, combined with $4.4 million of improved working capital performance, were partially offset by $2.4 million of capital expenditures. In addition, the Company repurchased 298,000 shares of its common stock during the quarter at a cost of $1.7 million under its previously disclosed stock buyback program.