Seachange appoints CFO, reports strong results

TV technology provider SeaChange has named interim chief finance officer Anthony Dias as its permanent CFO on the back of strong quarterly results that saw revenue and profit both improve year-on-year.

SeaChange CEO Raghu Rau praised Dias’ fiscal stewardship during the company’s “ongoing transformation into a software-focused company” and said he will be “vital for continuous improvement in our operational performance.”

Dias joined SeaChange in 2007 and became chief accounting officer in 2012 before taking on the interim CFO role in May this year.

At the same time SeaChange reported strong Q2 financials, which Rau claimed would have been even better had it not been for delays relating to some of its new generation software products because of “ongoing custom integrations with third-party products.”

“We continued to make significant market progress including an Adrenalin rollout with one of the largest US cable television operators, and Adrenalin and VOD advertising acceptance by a large European telco.  We have also announced a large number of deployments, domestically and internationally, for our market-leading content management solutions.  And we continued our Nucleus gateway software momentum with two more design wins,” he said.

For the quarter, revenue was US$37.4 million (€28.5 million) compared to US$36.7 million for the same quarter a year earlier. GAAP operating income of US$0.5 million compared to a loss of US$7.5 million in the same quarter last year.

“We continue to respond to strong demand for our new products and focus on optimising our cost structure, and we anticipate solid performance in our second half.  We expect third quarter revenues to be sequentially higher than the second quarter, and fourth quarter revenues to be sequentially higher than the third quarter. However, due to the uncertainty of timing in customer acceptance of new products, the Company expects its full year revenues to be at the lower end of its previously provided guidance of US$165 million to US$175 million,” said Dias.