Tuesday, SeaChange International Inc. (SEAC), a provider of software and hardware solutions for video-on-demand television, reported a net loss for the second quarter, hurt by lower Advertising Insertion and Broadcast software revenue, due to the poor advertising market for North American service providers and broadcasters and higher deferred VOD software license revenue.
The company recorded a net loss of $0.38 million or $0.01 per share, compared to net income of $1.49 million or $0.05 per share in the year-ago quarter.
Second quarter net loss included $0.5 million or $0.02 per share of acquisition-related costs in connection with the company's purchase of eventIS Group B.V.
Revenues for the quarter decreased to $46.51 million from $50.71 million in the prior-year quarter.
On average, three analysts polled by Thomson Reuters expected the company to earn $0.06 per share on revenues of $49.47 million for the quarter. Analysts' estimates typically exclude special items.
For the first half of fiscal 2010, net income was $0.6 million or $0.02 per share, compared to $1.8 million or $0.06 per share in the same period last year.
Total revenues declined to $95.4 million from $96.1 million in the previous year period.
Commenting on guidance for the second half of fiscal 2010, Bill Styslinger, Chairman and CEO, said, "With the inclusion of eventIS for the final five months of fiscal 2010, we expect revenue in the second half of this year to be approximately 10% higher than the first half of this year."
SEAC closed Tuesday's regular trading at $8.90 down $0.04 or 0.45% on a volume of 0.345 million shares on the Nasdaq. In the after-hours, the shares further lost $0.40 or 4.49%.
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