Multiscreen video technology company SeaChange International continued to lose money in Q4, reporting significantly widened losses of $5.3 million for the quarter on a 12 percent revenue slide to $31.3 million.
The Acton, Mass., technology company, which laid off 10 percent of its workforce in February citing maturity of its core products, also missed analysts' consensus projections--Wall Street expected a loss of 4 cents a share, and the company delivered a loss of 16 cents a share.
Included in SeaChange's financials were $12.7 million in restructuring and severance payments. The company's stock was down more than 15 percent as of midday trading on the Nasdaq.
In his statement to investors, SeaChange CEO Jay Samit struck an optimistic tone, noting several deals with European pay-TV operators.
For the full fiscal year ending January 31, the company posted a 21 percent revenue drop to $115.4 million and a loss of $26.5 million, compared to a loss of $1.6 million the prior year.
"In the fourth quarter, we were very pleased to sign a new, large cable service provider customer in Russia for an Adrenalin rollout this year," he said. "We also began shipping Adrenalin to upgrade another North American Axiom video-on-demand customer in support of its multiscreen expansion. Also during the fourth quarter, our Nucleus video gateway product entered commercial deployment into cable homes in Poland. We anticipate this success will be followed by Nucleus rollouts in other markets in Europe and the Americas this year."
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