Announcement • Jun 13
SeaChange International, Inc. (OTCPK:SEAC) announces an Equity Buyback for $6.16 million worth of its shares. SeaChange International, Inc. (OTCPK:SEAC) announces a share repurchase program. Under the program, the company will repurchase up to $6.16 million worth of its outstanding shares. The shares will be repurchased at a price per share of not less than $6.75 per share and not more than $7.25 per share. The company expects to use cash and cash equivalents to fund the purchase of shares. The company expressly reserves the right to purchase additional shares up to 2% of the issued and outstanding shares without amending or extending the offer. The offer will expire on July 10, 2024. Announcement • May 11
Enghouse Systems Limited (TSX:ENGH) completed the acquisition of Substantially all assets related to its product and services business SeaChange International, Inc. from SeaChange International, Inc. (OTCPK:SEAC). Enghouse Systems Limited (TSX:ENGH) entered into an asset purchase agreement to acquire Substantially all assets related to its product and services business SeaChange International, Inc. from SeaChange International, Inc. (OTCPK:SEAC) for $39 million on April 23, 2024. Enghouse Systems Limited will acquire substantially all of SeaChange’s assets related to its product and services business and will assume certain liabilities, for a total purchase price of $39 million. The Enghouse Asset Sale, which has been approved by SeaChange’s Board of Directors (the “Board”), is subject to various terms and closing conditions, including approval by a majority of the shares of SeaChange’s outstanding common stock. Subject to such closing conditions, Closing is expected to occur in early May 2024. The termination fee payable to Enghouse is $1.3 million.Needham & Company, LLC is acting as exclusive financial advisor to SeaChange in this transaction, and K&L Gates LLP is acting as legal counsel to SeaChange in this transaction.Enghouse Systems Limited (TSX:ENGH) completed the acquisition of Substantially all assets related to its product and services business SeaChange International, Inc. from SeaChange International, Inc. (OTCPK:SEAC) on May 9, 2024. Announcement • Apr 26
Enghouse Systems Limited (TSX:ENGH) entered into an asset purchase agreement to acquire Substantially all assets related to its product and services business SeaChange International, Inc. from SeaChange International, Inc. (OTCPK:SEAC) for $39 million. Enghouse Systems Limited (TSX:ENGH) entered into an asset purchase agreement to acquire Substantially all assets related to its product and services business SeaChange International, Inc. from SeaChange International, Inc. (OTCPK:SEAC) for $39 million on April 24, 2024. Enghouse Systems Limited will acquire substantially all of SeaChange’s assets related to its product and services business and will assume certain liabilities, for a total purchase price of $39 million. The Enghouse Asset Sale, which has been approved by SeaChange’s Board of Directors (the “Board”), is subject to various terms and closing conditions, including approval by a majority of the shares of SeaChange’s outstanding common stock. Subject to such closing conditions, Closing is expected to occur in early May 2024. The termination fee payable to Enghouse is $1.3 million.
Needham & Company, LLC is acting as exclusive financial advisor to SeaChange in this transaction, and K&L Gates LLP is acting as legal counsel to SeaChange in this transaction. Announcement • Aug 09
SeaChange International Announces Voluntary SEC Deregistration, Nasdaq Delisting SeaChange International, Inc. announced its voluntary decision to deregister its common stock with the U.S. Securities and Exchange Commission and delist its Common Stock from The Nasdaq Stock Market LLC. The Company intends to file a Form 25 with the SEC to remove its Common Stock from listing on Nasdaq and to deregister its Common Stock under Section 12(b) of the Securities Exchange Act of 1934, as amended (“Exchange Act”), on or about August 18, 2023, and as a result, the Company expects that the last trading day of its Common Stock on Nasdaq will be on or about August 28, 2023. The Company also expects to file a Form 15 with the SEC on or about August 28, 2023, to commence the process of terminating the registration of its Common Stock under Section 12(g) of the Exchange Act, and the filing of the Form 15 immediately suspends the Company’s reporting obligations under Sections 13(a) and 15(d) of the Exchange Act, including Forms 10-K, 10-Q, and 8-K. Reported Earnings • Jun 13
First quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2024 results: US$0.28 loss per share (improved from US$1.22 loss in 1Q 2023). Revenue: US$6.99m (up 4.0% from 1Q 2023). Net loss: US$714.0k (loss narrowed 76% from 1Q 2023). Revenue missed analyst estimates by 8.0%. Earnings per share (EPS) exceeded analyst estimates by 53%. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 37% per year, which means it is significantly lagging earnings. Announcement • Jun 13
SeaChange International Receives Written Notice from Nasdaq Regarding Regains Compliance with Minimum Bid Price Requirement On June 7, 2023, SeaChange International, Inc. received written notice (the ‘Notice’) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (‘Nasdaq’) stating that the Company has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) for continued listing on The Nasdaq Capital Market because the Company’s common stock had a closing bid price of at least $1.00 per share for 10 consecutive business days. Accordingly, in the Notice, Nasdaq stated that the matter is now closed. Announcement • May 09
SeaChange International, Inc., Annual General Meeting, May 19, 2023 SeaChange International, Inc., Annual General Meeting, May 19, 2023, at 10:00 Eastern Standard Time. Agenda: To elect the nominees named in the proxy statement to the Board of Directors to serve for a three-year term as a Class III Director; to approve an amendment to the Company's Amended and Restated Certificate of Incorporation, as amended, to effect a reverse stock split of the outstanding shares of the Company's common stock, par value USD 0.01 per share, at a ratio in the range of 1-for-15 to 1-for-25, with such ratio to be determined at the discretion of the Board; To conduct a non-binding, advisory vote on the compensation of the Company's named executive officers; to ratify the appointment of the Company's independent registered public accounting firm, Marcum LLP, for the fiscal year ending January 31, 2024; and to transact such other business as may properly come before the meeting and any adjournments thereof. Reported Earnings • Apr 06
Full year 2023 earnings released: US$0.23 loss per share (vs US$0.16 loss in FY 2022) Full year 2023 results: US$0.23 loss per share (further deteriorated from US$0.16 loss in FY 2022). Revenue: US$32.5m (up 19% from FY 2022). Net loss: US$11.4m (loss widened 54% from FY 2022). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 44% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Jan 11
Insider recently bought US$87k worth of stock On the 6th of January, Julian Singer bought around 178k shares on-market at roughly US$0.49 per share. This transaction amounted to 2.0% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$1.4m more in shares than they have sold in the last 12 months. Announcement • Jan 05
SeaChange International, Inc. Launches the Xstream™ Platform – A Content Monetization Platform Designed to Maximize Ad Revenue on Connected TVs SeaChange International, Inc. announced the launch of the SeaChange Xstream™ platform, a cloud-based content monetization platform helping OEMs and content owners maximize advertising revenue on Connected TVs (“CTVs”). SeaChange is formally launching the Xstream platform on January 6th and will start onboarding customers as early as in the first quarter of the new fiscal year. With consumer preferences rapidly shifting away from Linear and Pay TV to streaming, and from subscription services to advertising-funded television and content offerings, consumer demand for comprehensive content aggregation and discovery services on CTVs continues to experience explosive growth. Addressing this trend and to enable access to content independent of a cable subscription or set top box, CTVs are fast becoming the main gateway to entertainment for households. To fully harness this demand, SeaChange is launching the Xstream platform, which provides the full set of capabilities to monetize CTV ad inventory for content owners, manufacturers, and operating system providers alike, ranging from streaming enablement via content aggregation to targeted insertion of advertisement from multiple demand sources. Reported Earnings • Dec 14
Third quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2023 results: US$0.073 loss per share (further deteriorated from US$0.043 loss in 3Q 2022). Revenue: US$8.29m (up 16% from 3Q 2022). Net loss: US$3.68m (loss widened 75% from 3Q 2022). Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) missed analyst estimates by 133%. Revenue is forecast to grow 8.5% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Software industry in the US. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 52% per year, which means it is significantly lagging earnings. Board Change • Nov 17
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Lead Independent Director Matthew Stecker is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Price Target Changed • Sep 14
Price target decreased to US$3.00 Down from US$4.00, the current price target is provided by 1 analyst. New target price is 545% above last closing price of US$0.47. The company is forecast to post a net loss per share of US$0.24 next year compared to a net loss per share of US$0.16 last year. Board Change • Sep 14
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Lead Independent Director Matthew Stecker is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Jun 10
First quarter 2023 earnings released: US$0.061 loss per share (vs US$0.098 loss in 1Q 2022) First quarter 2023 results: US$0.061 loss per share (up from US$0.098 loss in 1Q 2022). Revenue: US$6.72m (up 33% from 1Q 2022). Net loss: US$3.00m (loss narrowed 26% from 1Q 2022). Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Price Target Changed • Apr 27
Price target decreased to US$3.00 Down from US$4.00, the current price target is provided by 1 analyst. New target price is 191% above last closing price of US$1.03. The company is forecast to post a net loss per share of US$0.12 next year compared to a net loss per share of US$0.16 last year. Board Change • Apr 27
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. Chairman of the Board Bob Pons is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Apr 09
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: US$0.16 loss per share (up from US$0.58 loss in FY 2021). Revenue: US$27.3m (up 24% from FY 2021). Net loss: US$7.43m (loss narrowed 66% from FY 2021). Revenue exceeded analyst estimates by 6.0%. Earnings per share (EPS) missed analyst estimates by 14%. Over the next year, revenue is forecast to grow 16%, compared to a 46% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Major Estimate Revision • Dec 22
Consensus estimates of losses per share improve by 26% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from US$24.4m to US$25.8m. EPS estimate increased from -US$0.19 per share to -US$0.14 per share. Software industry in the US expected to see average net income growth of 9.3% next year. Consensus price target of US$3.00 unchanged from last update. Share price rose 19% to US$1.79 over the past week. Reported Earnings • Dec 16
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: US$0.043 loss per share (up from US$0.14 loss in 3Q 2021). Revenue: US$7.15m (up 44% from 3Q 2021). Net loss: US$2.11m (loss narrowed 59% from 3Q 2021). Revenue exceeded analyst estimates by 20%. Earnings per share (EPS) missed analyst estimates by 20%. Earnings per share (EPS) missed analyst estimates by 20%. Over the next year, revenue is forecast to grow 21%, compared to a 207% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 15
Second quarter 2022 earnings released: EPS US$0.005 (vs US$0.15 loss in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: US$6.54m (up 31% from 2Q 2021). Net income: US$227.0k (up US$5.99m from 2Q 2021). Profit margin: 3.5% (up from net loss in 2Q 2021). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Board Change • Sep 02
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Executive Chairman Bob Pons is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Jun 28
SeaChange International, Inc.(NasdaqGS:SEAC) dropped from Russell 3000E Value Index SeaChange International, Inc.(NasdaqGS:SEAC) dropped from Russell 3000E Value Index Recent Insider Transactions • Jun 24
Executive Chairman recently bought US$106k worth of stock On the 21st of June, Robert Pons bought around 100k shares on-market at roughly US$1.06 per share. This was the largest purchase by an insider in the last 3 months. Robert has been a buyer over the last 12 months, purchasing a net total of US$210k worth in shares. Major Estimate Revision • Jun 19
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from US$25.2m to US$22.7m. EPS estimate unchanged from -US$0.31 per share at last update. Software industry in the US expected to see average net income decline 2.8% next year. Consensus price target of US$3.00 unchanged from last update. Share price fell 14% to US$1.06 over the past week. Reported Earnings • Jun 12
First quarter 2022 earnings released: US$0.098 loss per share (vs US$0.17 loss in 1Q 2021) The company reported a decent first quarter result with reduced losses and improved control over expenses, although revenues were weaker. First quarter 2022 results: Revenue: US$5.05m (down 27% from 1Q 2021). Net loss: US$4.07m (loss narrowed 38% from 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 25% per year whereas the company’s share price has fallen by 29% per year. Executive Departure • May 24
Independent Vice Chairman of the Board Jeffrey Tuder has left the company On the 14th of May, Jeffrey Tuder's tenure as Independent Vice Chairman of the Board ended after 2.2 years in the role. As of March 2021, Jeffrey personally held 180.21k shares (US$670k worth at the time). A total of 4 executives have left over the last 12 months. Recent Insider Transactions • Apr 24
Executive Chairman recently bought US$104k worth of stock On the 19th of April, Robert Pons bought around 100k shares on-market at roughly US$1.04 per share. This was the largest purchase by an insider in the last 3 months. This was Robert's only on-market trade for the last 12 months. Reported Earnings • Apr 17
Full year 2021 earnings released: US$0.58 loss per share (vs US$0.24 loss in FY 2020) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2021 results: Revenue: US$22.0m (down 67% from FY 2020). Net loss: US$21.8m (loss widened 144% from FY 2020). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 31% per year, which means it has not declined as severely as earnings. Executive Departure • Mar 26
CTO & Senior VP has left the company On the 24th of March, Marek Kielczewski's tenure as CTO & Senior VP ended after 2.3 years in the role. As of December 2020, Marek personally held 397.15k shares (US$556k worth at the time). A total of 3 executives have left over the last 12 months. Executive Departure • Feb 16
Independent Director has left the company On the 10th of February, Andrew Sriubas' tenure in the role of Independent Director ended. As of December 2020, Andrew personally held 180.52k shares (US$253k worth at the time). A total of 2 executives have left over the last 12 months. Is New 90 Day High Low • Jan 15
New 90-day high: US$1.60 The company is up 85% from its price of US$0.86 on 16 October 2020. The American market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 2.0% over the same period. Is New 90 Day High Low • Dec 30
New 90-day high: US$1.39 The company is up 76% from its price of US$0.79 on 01 October 2020. The American market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Major Estimate Revision • Dec 17
Analysts lower revenue estimates to US$21.5m The 2021 consensus revenue estimate decreased from US$26.5m. Earnings per share (EPS) also decreased, with analysts lowering their estimates from -US$0.59 to -US$0.60 for the same period. The Software industry in the US is expected to see an average net income growth of 6.1% next year. The consensus price target of US$2.00 was unchanged from the last update. Share price is down by 18% to US$0.80 over the past week. Reported Earnings • Dec 12
Third quarter 2021 earnings released: US$0.14 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2021 results: Revenue: US$4.97m (down 76% from 3Q 2020). Net loss: US$5.12m (down 339% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has fallen by 38% per year, which means it is performing significantly worse than earnings. Analyst Estimate Surprise Post Earnings • Dec 12
Revenue and earnings miss expectations Revenue missed analyst estimates by 20%. Earnings per share (EPS) also missed analyst estimates by 6.7%. Over the next year, revenue is forecast to grow 6.0%, compared to a 17% growth forecast for the Software industry in the US. Is New 90 Day High Low • Oct 27
New 90-day low: US$0.78 The company is down 48% from its price of US$1.51 on 29 July 2020. The American market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Is New 90 Day High Low • Oct 01
New 90-day low: US$0.87 The company is down 40% from its price of US$1.45 on 02 July 2020. The American market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share.