Stock Monitor: Progress Software Post Earnings Reporting
LONDON, UK / ACCESSWIRE / January 08, 2018 / Active-Investors.com has just released a free earnings report on SeaChange International, Inc. (NASDAQ: SEAC) ("SeaChange"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=SEAC. The Company posted its financial results on December 06, 2017, for the third quarter of the fiscal year 2018. The premium video delivery provider's revenue and adjusted operating income per share surpassed analysts' expectations.Register today and get access to over 1000 Free Research Reports by joining our site below:
Active-Investors.com is currently working on the research report for Progress Software Corporation (NASDAQ: PRGS), which also belongs to the Technology sector as the Company SeaChange Intl. Do not miss out and become a member today for free to access this upcoming report at:
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, SeaChange International most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
For the three months ended October 27, 2017, SeaChange's total revenues increased 17% to $23.43 million from $19.96 million in Q3 FY17. The Company's revenue numbers surpassed analysts' expectations of $19.51 million.
For the reported quarter, the Company's gross profit increased 57.6% to $16.36 million from $10.38 million in Q3 FY17. During Q3 FY18, SeaChange's gross margin increased 1,780 basis points to 69.8% of revenue from 52% of revenue in Q3 FY17. For the reported quarter, the Company's adjusted gross margin increased 1,750 basis points to 70.9% of revenue from 53.4% of revenue in Q3 FY17.
For the reported quarter, the Company's operating income was $920,000 compared to an operating loss of $8.44 million in Q3 FY17. For the reported quarter, the Company's adjusted operating income was $3.20 million compared to an adjusted operating loss of $4.32 million in Q3 FY17. During Q3 FY18, the Company's adjusted operating income per share was positive $0.09 compared to negative $0.13 in Q3 FY17, surpassing analysts' expectations of $0.0.
During Q3 FY18, the Company's earnings before tax (EBT) was positive $934,000 compared to negative $8.50 million in the same period of last year.
For the reported quarter, SeaChange's net loss was $220,000 compared to a net loss of $8.08 million in Q3 FY17. During Q3 FY18, the Company's diluted earnings per share (EPS) was positive $0.0 versus negative $0.23 in the comparable period of last year.
Product - During Q3 FY18, the Company's Product segment's revenue increased 196.5% to $11.12 million from $3.75 million in the corresponding period of last year. For the reported quarter, the segment's adjusted gross margin increased 3,790 basis points to 89.2% of revenue from 51.3% of revenue in Q3 FY17.
Service - During Q3 FY18, the Company's Service segment's revenue decreased 24.1% to $12.31 million from $16.22 million in the same period of last year. For the reported quarter, the segment's adjusted gross margin increased 50 basis points to 54.4% of revenue from 53.9% of revenue in Q3 FY17.
As on October 31, 2017, SeaChange's cash and cash equivalents decreased 4% $27.16 million compared to $28.30 million as on January 31, 2017.
For the reported quarter, the Company's net accounts and other receivable increased 9.4% to $28.44 million from $25.99 million in Q4 FY17. For the reported quarter, the Company's accounts payable and other current liabilities decreased 3.3% to $14.42 million from $14.91 million in Q4 FY17.
In the first nine months of 2017, the Company's net cash provided by operating activities was negative $908,000 compared to negative $26.88 million in the corresponding period of last year.
For Q4 FY18, the Company expects revenue to be in the range of $20 million - $24 million, and operating income per share to be $0.5. The Company estimates adjusted operating income per share to be in the band of $0.02 - $0.10 for the fourth quarter of 2018.
For FY18, the Company expects revenue to be in the range of $77 million - $81 million, and adjusted operating income per share to be in the band of $0.04 - $0.12.
Stock Performance Snapshot
January 05, 2018 - At Friday's closing bell, SeaChange International's stock dropped 1.30%, ending the trading session at $3.79.
Volume traded for the day: 834.00 thousand shares, which was above the 3-month average volume of 273.83 thousand shares.
Stock performance in the last month – up 38.32%; previous three-month period – up 45.77%; last six-month period – up 43.02%; and past twelve-month period – up 57.92%
After last Friday's close, SeaChange International's market cap was at $135.19 million.
The stock is part of the Technology sector, categorized under the Application Software industry. This sector was up 1.0% at the end of the session.
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