Seachange International, Inc. (NASDAQ: SEAC) reported Q1 EPS of ($0.22), $0.20 worse than the analyst estimate of ($0.02). Revenue for the quarter came in at $24.3 million versus the consensus estimate of $30.87 million.

"In spite of the anticipated short-term challenges, which include significant declines in legacy product revenues and continuing delays in receiving customer acceptances for new products, as well as push outs of expected orders, SeaChange is continuing to invest in R&D to further enhance our next generation software products to support new and existing customer requirements," said Raghu Rau, CEO, SeaChange. "While these investments impact short-term profitability, we believe they will create long-term value based on continuing customer traction of our next generation products. During the first quarter, we received acceptance of our Adrenalin multi-screen television platform from two service providers that was previously delayed. Since the end of the first quarter, we have also begun to receive orders from three large U.S. service providers that were expected earlier. We also have achieved a new design win with an existing customer for Adrenalin and our Nucleus video gateway software in an additional European country. Based on expected rollouts of our next generation products and customer upgrades, we remain confident that our revenue and profitability will improve sequentially in each of the next three quarters. We also expect to grow second half fiscal 2015 revenues and profitability year over year."

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