SeaChange International moved back into the black in the fourth quarter after the VOD hardware and software provider received a $12.6 million gain on the sale of its interest in UK VOD joint venture FilmFlex Movies Limited. The $14.6 million net income compared with a net loss of $3.7 million in the fiscal Q4 2007.
SeaChange recorded a 19% increase in revenues in Q4, reporting $40.1 million, the second highest in the company’s history.
The FilmFlex sale was also apparent in SeaChange’s full year results for the financial year ending January 31,2008, where net income of $5.4 million compared with a loss of $8.2 million the previous year.
Adjusted EBITDA of $12.1 million was more than double the $5.5 million in fiscal 2007 and excluded the FilmFlex gain.
The sale of FilmFlex contributed $18 million to the company’s cash and investments balance at January 31, 2008.
Adjusted EBITDA for fiscal 2008 was $12.1 million, which was more than double the $5.5 million of Adjusted EBITDA generated in fiscal 2007. Adjusted EBITDA for all of fiscal 2008 excluded the impact from the gain on the sale of the Company’s interest in FilmFlex.