Revenue Up, Income Flat at SeaChange

3/03/2004 2:23 AM Eastern

SeaChange International Inc.’s revenue jumped 16% in the fourth quarter of 2003 to $38.3 million compared with $32.9 million last year, while net income remained flat at $2.6 million, held down by a $3.5 million adjustment related to an accrued litigation reserve for the nCUBE Corp. patent-infringement suit.

Overall video-on-demand-system revenue climbed to a record $25.4 million in the quarter ending Jan. 31, up 56% from $16.3 million in the year-earlier period. Quarterly EBITDA (earnings before interest, taxes, debt and amortization) was $5.5 million versus $4.9 million a year earlier.

SeaChange said it shipped 433,000 video streams last year and it now serves 24 million basic VOD subscribers.

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