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SeaChange shares tumble after break-even 4Q

Fri, 03/12/2010 - 9:30am
The Associated Press

Shares of SeaChange International Inc. tumbled Friday after the company reported a break-even fourth quarter and said one of its top executives has resigned.

The company also said it plans to take $1.5 million to $1.8 million in one-time severance expenses during the current quarter. SeaChange did not say how many jobs it plans to cut. Messages left with the company Friday were not immediately returned.

The stock fell 45 cents, or 5.9 percent, to $7.21 in afternoon trading.

SeaChange, a video-on-demand television provider, announced after the close Thursday that it earned $44,000 in the quarter ended Jan. 31, or break-even on a per-share basis. That compares with earnings of $4.8 million, or 15 cents per share, in the same quarter a year ago.

Excluding unusual items, it made $2.3 million, or 7 cents per share, down from $5.8 million, or 19 cents per share, a year ago.

Revenue slipped 2 percent to $53 million.

For the full year, SeaChange earned $1.3 million, or 4 cents per share, down from $10 million, or 32 cents per share, the year before. Revenue for the full year was roughly flat at $201.7 million.

Looking ahead, the company expects to break even in its fiscal first quarter on revenue of $52 million to $54 million. Excluding severance costs, it expects earnings of 6 cents to 8 cents per share.

SeaChange also announced that President and Chief Operating Officer Ed Dunbar has left the company. It said Yvette Kanouff, the company's chief strategy officer, has been promoted to president but did not name a new COO.

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