All change for SeaChange at the top as the multiscreen video technology supplier has announced the appointment of software company management leader Edward Terino to the position of chief executive officer.
Terino has served as SeaChange’s chief operating officer since June 2015, with global responsibility for product development, engineering, services, sales and marketing. He will continue to serve on the board, which he joined in 2010. Commenting on his appointment Terino said: “We’ve built a strong management team that’s well matched to the global opportunity for empowering service providers and content owners to fully leverage their video across multiple business models. We’re eager to complete the work of optimising our focus on software products and ramping up go-to-market initiatives to capture a larger share of our core market and new sectors.”High up on Terino’s agenda is dealing with a disappointing financial outlook. Over the years SeaChange has made a strategic transition from video-on-demand (VOD) hardware to software-based solutions. Yet for the fourth quarter of fiscal 2016 ended 31 January 2016, SeaChange reported revenue of $27.2 million and a GAAP loss from operations of $22.1 million. These compared with fourth quarter fiscal 2015 revenue of $31.3 million and a GAAP operating loss of $5.3 million, or $0.16 per basic share. The GAAP fourth quarter fiscal 2016 results included non-GAAP charges of $22.3 million, which consisted primarily from the loss from impairment of Timeline Labs net assets. For the full fiscal year, the company posted revenues of $107.0 million and a GAAP operating loss of $48.2 million, compared with revenues of $115.4 million and an operating loss of $26.5 million.
“While we are disappointed in our fiscal 2016 financial performance, we did make significant operational improvements during the year,” Terino said. “As we enter fiscal 2017, we intend to further increase operational efficiencies and deliver new software product innovations that capitalise on our core competencies in video delivery, content management and monetisation. Specifically we will be focused on leveraging our R&D investments and becoming more efficient with our spending as we roll out our platforms for current customer commitments and introduce new cloud-based software products that provide opportunities in our core TV service provider segment, as well as adjacent markets.”
Terino boldly predicted that the actions would enable SeaChange to return to revenue growth and profitability on a full year basis in fiscal 2017.
