SeaChange Rises on VOD Tide
By Karen Brown -- Multichannel News, 11/27/2002 11:30:00 AM
Demand for video-on-demand was good enough to boost SeaChange International Inc.'s revenue and cut its quarterly loss in half.
The Maynard, Mass.-based VOD and digital-video-systems provider posted third-quarter revenues of $33.9 million, a 34 percent jump compared with the $25.2 million posted for the same quarter in 2001.
VOD-system revenues were up 50 percent to $15.2 million, with total systems revenue coming in at $25.9 million. Net loss, meanwhile, was sub-seven-digits at $541,000, compared with a $1.2 million loss posted in the third quarter of 2001.
During the quarter, SeaChange shipped VOD systems able to handle 67,000 residential VOD streams. It tied down two additional deployments with AT&T Broadband during the quarter, and its 16 deployments with Time Warner Cable are now live.
"The business of VOD is gaining momentum, and I'm confident in our long-term position based on the performance of our systems in 75 North American deployments," SeaChange president and CEO Bill Styslinger said.
The coming quarter, however, will see a leveling, with projected revenue in the $30 million to $32 million range and VOD-systems intake between $10 million and $12 million.
