SeaChange International moved into negative territory in the first quarter, the combination of a pre-tax gain in the same quarter last year, and slightly reduced revenues. The net loss of $0.4 million (€0.28m) compared with $20.3m in the first quarter of 2010.
Nevertheless, CEO and chairman Bill Styslinger remained pleased with the results, which he said were ahead of the company’s earnings and revenue guidance. “We continue to be encouraged by the response from customers to our Adrenalin multi-screen video software. We have customer deployments in each major region of the world and are in contract discussions with several more prospects, both new and existing customers, for deployments this year.”
40% of the $52.1 million revenue came from European customers amid strong revenue contributions from eventIS and On Demand Group.
SeaChange is now forecasting second quarter revenues between $53m and $58m.
