SeaChange revenue lower for FQ2
| 04 September 2015
SeaChange International has reported second quarter fiscal 2016 revenue of $27.9 million and a loss from operations of $4.8 million.
The revenue is down from last year's $29.8 million, but the operating loss is smaller than the year-ago's $5.2 million.
"I'm greatly encouraged by our performance sequentially in the second quarter marked by our increased new software product revenues and improved margins," said Jay Samit, CEO at SeaChange. "Notably, in the second quarter our Nucleus video gateway software was launched to subscribers in a third European country, marking three consecutive quarters of new market launches. In addition, we were awarded new contracts by one of our largest Nucleus customers, further expanding our gateway footprint to new markets."
The quarter marked significant change for the company. In July, SeaChange elected Steve Craddock as chairman of the board of directors, and announced that Shiva Patibanda, CTO and GM of in-home products, had resigned.