SeaChange International Inc (NASDAQ:SEAC) announced its fiscal first quarter results, reporting an earnings loss and a double-digit drop in revenue.
The telecommunications company reported an earnings loss of US$0.11 per share on revenue of US$14.9mln compared with an earnings loss of US$0.05 on revenue of US$16.6mln in the previous year’s first quarter.
The Massachusetts-based company beat Wall Street estimates of a loss of US$0.13 on revenue of US$14.4mln.
In addition to an 11% drop in revenue, the company’s net loss widened to US$5.47mln compared with US$5.37mln in the last year’s first quarter.
SeaChange develops digital multi-screen video systems and services to big names in broadcasting like the BBC, Comcast Corporation (NASDAQ:CMCSA), DirecTV and DISH Network Corporation (NASDAQ:DISH).
In its second-quarter guidance, the company forecasts revenue to be in the range of US$17mln to US$19mln. For the full year, revenue is expected to be within the range of US$80mln to US$90mln.
CEO Ed Terino believes its partner program will lead to more opportunities and allow the company to move into new market segments.
“As a result, we are seeing greater revenue potential in Latin and South America, and Asia Pacific,” said Terino in a press release.
Shares of the company were up less than 1% to US$3.00 in Thursday pre-market trading.