SeaChange Posts Loss In Q3, Cuts Full Year View; Stock Plunges

(RTTNews) - Multiscreen video software company SeaChange International, Inc. (SEAC) Wednesday reported a third-quarter net loss of $6.31 million or $0.19 per share, compared to profit of $577 thousand or $0.02 per share last year.

Adjusted loss from continuing operations was $2.1 million, or $0.07 per basic share, while last year income from operations was $2.9 million, or $0.09 per fully diluted share.

On average, four analysts polled by Thomson Reuters expected a loss of $0.08 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues fell to $29.97 million from $37.77 million in the prior year. Analysts expected revenues of $30.78 million.

Looking ahead, the firm expects fourth-quarter fiscal 2015 revenue to be in the range of $30 million to $34 million and non-GAAP operating results be between a loss of $0.07 per basic share and income of $0.01 per basic and diluted share.

Wall Street expects earnings of $0.25 per share on revenues of $41.57 million.

Full fiscal 2015 revenues are estimated to be in the range of $114 million to $118 million, a decrease from the previously announced range of $125 million to $130 million, due to the timing of revenue recognition associated with multiscreen products and services previously anticipated in the fourth quarter.

The company sees non-GAAP operating losses in the range of $0.44 to $0.36 per basic share for the full year, a change from the previously announced guidance of a loss of $0.12 per basic share to income of $0.02 per basic and diluted share.

Analysts look for a loss of $0.13 per share on revenues of $126.50 million.

The stock climbed 2.3 percent to settle at $7.01 on Wednesday, but plunged 11.4 percent in the extended trade.