SeaChange Int'l (SEAC) Prelim. Q2 Results Miss Expectations
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Multiscreen innovator SeaChange International, Inc. (Nasdaq: SEAC) announced preliminary results for its second quarter fiscal year 2017. The Company will host a conference call today at 8:30 a.m. ET to discuss the preliminary results.
SeaChange anticipates ending the second quarter of fiscal 2017 with total revenue of approximately $18.3 million to $18.5 million, compared to the Company's prior guidance of $23 million to $25 million, and a non-GAAP operating loss of approximately $0.19 to $0.23 per basic share, compared to prior guidance of a non-GAAP operating loss of $0.10 to $0.15 per basic share. The revenue shortfall was due primarily to an increase in estimated time to complete active statements of work, and select transactions expected to close in the second quarter that were delayed due to shifts in customers’ schedules. The Company’s cash position as of July 31, 2016 was approximately $51 million, in line with prior expectations.
*** The Street sees Q2 revenue of $24.4 million and loss of $0.11 per share.
These preliminary, unaudited results are based on management's initial review of operations for the second quarter of fiscal 2017, and remain subject to completion of SeaChange’s normal quarterly closing and review procedures. The Company will report results for the second quarter of fiscal 2017 on Thursday, September 1st 2016 after the market close. At that time, the Company will provide an update on full year guidance and a reconciliation of GAAP to non-GAAP financial results. The Company is not currently able to provide a reconciliation of GAAP to non-GAAP results because the Company has not completed its normal quarterly closing and review procedures.
"While we are disappointed with our second-quarter results, we are confident in our course of action to continue driving long-term growth, and remain optimistic regarding our revenue pipeline for the second half of fiscal 2017,” said Ed Terino, Chief Executive Officer, SeaChange. “With a new CFO in place, who brings over 15 years of finance leadership in media, we continue to make excellent progress in improving our operations and optimizing our cost structure. We plan to implement additional companywide cost savings initiatives in our fiscal third quarter in order to achieve profitability and positive cash flow performance in the fourth quarter of fiscal 2017.”
The Company will host a conference call to discuss its preliminary second quarter fiscal 2017 results at 8:30 a.m. ET today, Tuesday, August 23, 2016. The call may be accessed at 877-407-8037 (U.S.) and 201-689-8037 (international) and via live webcast at www.schange.com/IR. A replay of the conference call will be available by phone through September 6, 2016 at 877-660-6853 (U.S.) or 201-612-7415 (international), conference ID 1364-4260. The webcast will be archived on the investor relations section of the Company's website at www.schange.com/IR.
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