- SeaChange (NASDAQ:SEAC) uses its FQ1 report to state it has appointed Ed Terino, a company director and formerly an exec at multiple tech companies, to the newly-created position of COO. Terino will be "responsible for SeaChange's software development, sales and service globally."
- The pay-TV video software provider is guiding for FY16 (ends Jan. '16) revenue of $105M-$115M and EPS of -$0.16 to -$0.38, in-line with a consensus of $110.3M and -$0.27. FQ2 guidance is for revenue of $26M-$28M (in-line with a $27.2M consensus) and EPS of -$0.09 to -$0.15 (below a -$0.08 consensus).
- SeaChange reiterates declining legacy product sales and a transition to a subscription-based/SaaS software model (pushed out revenue recognition) will affect FY16 revenue. Legacy product sales are "on track to be less than $5 million starting in fiscal 2017."
- Shares are unchanged AH for now.
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FQ1 results, PR