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Dias Named CFO of SeaChange

Exec Had Served As ‘Interim’ CFO Since May; SeaChange Posts Q2 Revenues of $37.4 Million 9/06/2013 6:06 AM Eastern

Video software specialist SeaChange International named Anthony Dias its permanent chief financial officer, senior vice president and treasurer on Thursday, removing the "interim" tag Dias had been operating under since May.

Dias, who joined SeaChange in 2007 as VP of finance and corporate controller and was promoted to chief accounting officer in 2012, was named interim CFO following the resignation of Michael Bornak.

SeaChange also announced second quarter results Thursday, posting  GAAP operating income of $500,000 (1 cent per share) on revenues of $37.4 million, up from revenues of $36.7 million in the year-ago quarter.

The company said revenues would have been higher if not for delays in “receiving timely acceptance” of its new generation software products due to ongoing custom integrations with third-party products.

“We have already received acceptance for at least one of these deployments during the current third quarter,” company CEO Raghu Rau said on Thursday’s earnings call, noting that “one of the largest U.S. cable operators” is using SeaChange’s new Adrenalin video backoffice system to enable multiscreen apps.

Raghu said SeaChange continues to explore potential “tuck-in” acquisitions. “We haven't finalized any as yet. We are in the midst of a strategic review.”

SeaChange has shed assets recently as part of a strategy to become a “pure play” video software company. Last May, it sold U.K.-based video acquisition and aggregation service On Demand Group to Avail-TVN (now Vubiquity), and sold its broadcast server and storage business to a private investment group.

 

September