SeaChange International Inc. announced that Stofa has signed a multi-year service and maintenance contract for its SeaChange Adrenalin VOD (video-on-demand) services. Stofa has been a customer of SeaChange since 2007 and this new contract further extends their longstanding relationship. Stofa A/S provides a broad service offering covering television and pay-TV, broadband internet and telephony. In addition to VOD, its Adrenalin supported television services include time-shift TV, a 48-hour catch-up TV service, Web-TV and Web-TV-2-GO, Digital Video Broadcasting-C/IP set-top and personal video recorder services. To support this broad range of TV services, Stofa also uses SeaChange's CASIS and STAGIS System Information/Program Specific Information solution.

SeaChange International announced that Michael Bornak has resigned as Chief Financial Officer, effective May 31, 2013, to accept a position at another publicly traded company. Effective June 1, 2013, Anthony Dias, SeaChange's Chief Accounting Officer, has been promoted to Senior Vice President and will serve as interim Chief Financial Officer while the company undertakes a search for a permanent CFO. Mr. Dias joined SeaChange in 2007 as Vice President of Finance and Corporate Controller.

SeaChange International Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended January 31, 2013. For the quarter, the company reported fourth quarter fiscal 2013 revenue of $44,575,000 and non-GAAP operating income of $9,490,000, or $0.28 per fully diluted share, from continuing operations, compared with revenue of $43,324,000 and non-GAAP operating income was $5,428,000, or $0.16 per fully diluted share, from continuing operations. The company posted U.S. GAAP operating income of $5,359,000, or $0.17 per fully diluted share, for the fourth quarter of fiscal 2013 compared to a U.S. GAAP loss from operations of $2,414,000, or $0.07 per fully diluted share. The company's U.S. GAAP fourth quarter fiscal 2013 results include non-GAAP charges of $1,100,000, which consisted primarily of earn-out costs from prior acquisitions, while the fourth quarter fiscal 2012 results had non-GAAP charges of $6,500,000 related to inventory write-downs, severance and other restructuring costs, professional fees associated with strategic alternatives and earn-out costs from prior acquisitions. Income before income taxes and equity income in earnings of affiliates was $5,436,000 against loss before income taxes and equity income in earnings of affiliates of $2,536,000 a year ago. Income from continuing operations was $6,343,000 against loss from continuing operations of $5,073,000 a year ago. Net income $6,956,000 or $0.21 per diluted share against net loss of $4,825,000 or $0.15 per diluted share a year ago. Diluted net income per share from continuing operations was $0.19 against diluted net loss per share from continuing operations of $0.16 a year ago. Adjusted EBITDA was $10,820,000 against $6,706,000 a year ago. The increase in adjusted EBITDA for the fourth quarter of 2013 compared to the same prior year period is due to the company posting GAAP operating income of $5,400,000 in the fourth quarter of fiscal 2013 compared to a GAAP operating loss of $2,400,000 in the fourth quarter of fiscal 2012. For the fiscal year ended January 31, 2013, the company reported revenues of $157,188,000 and non-GAAP operating income of $15,890,000, or $0.48 per share on a fully diluted basis, compared to revenues of $164,792,000 and non-GAAP operating income of $17,666,000, or $0.54 per share on a fully diluted basis in the same prior period. The company reported a U.S. GAAP loss from operations for fiscal 2013 of $3,518,000 compared to a $1,670,000 operating loss for the same prior period. Included in the fiscal 2013 results are $8,900,000 in non-GAAP charges related to inventory write-downs, professional fees related to divestitures and litigation, severance and other restructuring charges and earn-out costs, while the fiscal 2012 results included $10,100,000 of similar non-GAAP charges. Loss before income taxes and equity income in earnings of affiliates was $2,719,000 against $1,664,000 a year ago. Loss from continuing operations was $971,000 against $3,403,000 a year ago. Net loss was $17,337,000 or $0.53 per diluted share against $4,014,000 or $0.13 per diluted share a year ago. Diluted net loss per share from continuing operations was $0.03 against $0.11 a year ago. Net cash provided by operating activities from continuing operations was $15,963,000 against $12,713,000 a year ago. Total cash provided by operating activities was $17,350,000 against $14,385,000 a year ago. Purchases of property and equipment were $3,972,000 against $1,512,000 a year ago. Adjusted EBITDA was $20,561,000 against $23,101,000 a year ago. The decrease in adjusted EBITDA in fiscal 2013 of $2,500,000, compared to fiscal 2012, is primarily due to a $1,800,000 increase in loss from operations.