Going forward, the company expects “solid performance in the second half, Dias said. “We expect third quarter revenues to be sequentially higher than the second quarter, and fourth quarter revenues to be sequentially higher than the third quarter,” he said. However, due to the uncertainty of timing in customer acceptance of new products, the company expects its full year revenues to be at the lower end of its previously provided guidance of $165 million to $175 million.
Seachange made Anthony Dias Chief Financial Officer, Senior Vice President and Treasurer, effective immediately. Dias has been the interim CFO since May. Meanwhile, the multiscreen video software vendor posted second quarter revenue of $37.4 million and non-GAAP operating income of $3.4 million. In comparison, first quarter revenue was $36.7 million and non-GAAP operating income was $1.2 million.
“We continued to make significant market progress including an Adrenalin rollout with one of the largest U.S. cable television operators, and Adrenalin and VOD advertising acceptance by a large European telco. We have also announced a large number of deployments, domestically and internationally, for our market-leading content management solutions. And we continued our Nucleus gateway software momentum with two more design wins,” CEO Raghu Rau said in a statement.
SeaChange ended the quarter with cash, cash equivalents and marketable securities of $126.5 million, compared to $122.3 million for the previous quarter. The company also announced that its Board of Directors has authorized the repurchase of up to $25 million of its shares through January 31, 2015.