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SeaChange Q1 revenue $24.3 million

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Staff writer ▼ | June 9, 2014
SeaChange International, Inc. reported first quarter fiscal 2015 revenue of $24.3 million and a non-GAAP operating loss of $7.2 million, or $0.22 per basic share, from continuing operations.
SeaChange International
SeaChange InternationalSeaChange International, Inc. reported first quarter fiscal 2015 revenue of $24.3 million and a non-GAAP operating loss of $7.2 million, or $0.22 per basic share, from continuing operations.


In comparison, first quarter fiscal 2014 revenue was $35.6 million and non-GAAP operating income was $1.2 million, or $0.04 per fully diluted share, from continuing operations.

The company posted U.S. GAAP operating loss of $10.1 million, or $0.31 per basic share, for the first quarter of fiscal 2015, compared to a U.S. GAAP operating loss for the first quarter of fiscal 2014 of $1.8 million, or $0.05 per basic share.

The company’s U.S. GAAP first quarter fiscal 2015 results include charges of $3.0 million that are excluded from its non-GAAP results, which consisted primarily of stock-based compensation and amortization of intangible assets from prior acquisitions.

SeaChange ended the first quarter of fiscal 2015 with cash, cash equivalents and marketable securities of $116.6 million and no debt outstanding, compared to $128.1 million at the close of the fourth quarter of fiscal 2014.

The company repurchased $3.5 million of its outstanding shares under its $25 million stock buyback authorization during the first quarter. On May 31, 2014, SeaChange’s board of directors amended the plan, increasing the buyback authorization from $25 million to $40 million and extending the termination date of the plan from January 31, 2015 to April 30, 2015.


 

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