Driven by a 56 percent increase in revenue from video-on-demand (VOD) technology, SeaChange International announced record financial results for its fourth fiscal quarter ending January 31. Revenues for the quarter were a company record $38.3 million compared to revenues of $32.9 million in the fourth quarter of fiscal 2003, a 16 percent increase.
SeaChange recorded net income of $2.6 million, or $0.09 per share, for the fourth quarter of fiscal 2004 versus net income of $2.6 million, or $0.10 per share, for the fourth quarter of fiscal 2003. VOD systems revenues for the fourth quarter of fiscal 2004 were a record $25.4 million, up 56 percent compared to $16.3 million in the comparable period last year.
Total systems revenues for the quarter were $29.5 million, which in addition to VOD, included revenues of $2.6 million from advertising systems and $1.5 million from broadcast systems. Service revenues for the quarter were a record $8.8 million.
“Last year at this time, we expressed our confidence in the year ahead, our ability to extend our VOD leadership and our focus on profitability,” said Bill Styslinger, president and CEO, SeaChange International. “I’m proud to say this was a big year for SeaChange: We shipped 433,000 VOD streams, generated significant profit and grew our cash balance to $122 million.
“In the fourth quarter, we reached a number of new highs including the highest cash balance in the company’s history, record company revenues, record VOD revenues, record service revenues, and profit that exceeded our guidance,” he said.
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