US firm SeaChange International, a specialist in TV technology and software, has posted a net loss of US$ 19.6mn for the three months to the end of April 2012 – a figure which takes into account US$ 19.3mn of losses from discontinued operations, and which compares to a net loss of US$ 384,000 one year earlier.
Revenues meanwhile remained stable, reaching US$ 36.6mn (a figures which excludes $11.9 million in revenue related to discontinued operations), compared to US$ 40.2mn for the year earlier period.
“During the first quarter, we took significant steps to transform SeaChange to become a pure-play software company through the sale of our former broadcast servers and storage business and our media service business units, which ultimately closed in May 2012, so that now we can focus our attention squarely on our software business,” stated SeaChange CEO Raghu Rau.
“We continue to invest significant resources in developing and launching our next generation software products towards the latter half of this fiscal year. We are also continuing to reduce our overall cost structure and streamline our operations.”
Mr. Rau predicted that the company’s fiscal 2013 full-year revenues will be in the range of US$ 150mn to US$ 160mn, while operating income will be in the range of US$ 17mn to US$ 20mn.