Wednesday, May 31, 2006

SeaChange Cites Rise in VOD Systems Revenue

SeaChange reported quarterly revenue of $33.2 million, a 5.5% increase from revenues of $31.5 million for the same quarter a year ago. The net loss for the first quarter was $4.4 million, or $0.15 per share, compared with a net loss of $0.6 million, or $0.02 per share, for the first period last year.

Total revenues in the first quarter of fiscal 2007 from the Company's Broadband segment, which includes Video on Demand (VOD) and Advertising Insertion hardware and software was $16.3 million, which was $2.0 million higher than comparable revenue in the preceding quarter.

Sequential revenue growth in the Broadband segment in the first quarter was driven by a 71 percent increase in VOD systems revenue to $10.8 million from $6.3 million in the preceding quarter.

"We've seen a definite uptick in our North American VOD business evidenced by an increase in our VOD order rate. In fact, shipments and unfilled orders this quarter have already exceeded total VOD system revenue recorded in the fourth quarter of fiscal 2006," said Bill Styslinger, president and CEO of SeaChange International.

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