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8-K - FORM 8-K - SEACHANGE INTERNATIONAL INCd129258d8k.htm

Exhibit 99.1

 

LOGO

NEWS RELEASE

 

    Contact:    Press    Investors
   Jim Sheehan    Monica Gould
   SeaChange    The Blueshirt Group
   1-978-897-0100 x3064    1-212-871-3927
   jim.sheehan@schange.com    monica@blueshirtgroup.com

SEACHANGE INTERNATIONAL REPORTS

FIRST QUARTER FISCAL 2017 RESULTS

Company Maintains Outlook for Growth and Profitability for Full Fiscal Year 2017

ACTON, Mass. (June 7, 2016) – SeaChange International, Inc. (NASDAQ: SEAC) today reported first quarter fiscal 2017 revenue of $21.6 million and U.S. GAAP loss from operations of $9.6 million, or $0.28 per basic share, compared to first quarter fiscal 2016 revenue of $23.2 million and U.S. GAAP operating loss of $9.5 million, or $0.28 per basic share.

The Company’s U.S. GAAP first quarter fiscal 2017 results included non-GAAP charges of $2.8 million, which consisted primarily of severance and other restructuring costs, stock-based compensation, amortization of intangible assets from prior acquisitions, and other non-operating expense professional fees, while the first quarter fiscal 2016 results included $2.7 million of similar non-GAAP charges. Non-GAAP loss from operations for the first quarter of fiscal 2017 was $6.8 million, or $0.20 per basic share, which was identical to the first quarter of fiscal 2016 of $6.8 million, or $0.20 per basic share.

“We’re pleased to have achieved first quarter results that are in line with our guidance, which primarily reflect our ability to more rapidly secure customer acceptance of our next-generation software products, as well as our ongoing progress in converting our legacy back office customer base to Adrenalin, including two additional North American service providers during the quarter,” said Ed Terino, Chief Executive Officer, SeaChange. “Based on accelerated customer delivery and ongoing operational improvements, which are further bolstered by our acquisition of DCC Labs last month to reduce our software development costs, SeaChange is on track for achieving full-year profitability, year-over-year revenue growth and double-digit operating margins.”

 

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SeaChange Q1 FY17 Results/Page 2

 

Anthony Dias, Chief Financial Officer, SeaChange, said, “In the first quarter, we successfully controlled our expenses as expected, while continuing to ramp up our sales and marketing operations for more effective regional reach in the Americas and Europe, and in emerging markets including OTT. By continuing to improve our operational performance, as well as realizing the benefits from our restructuring efforts, we anticipate achieving cost savings of approximately $9 million for this fiscal year. Some of these savings will enable us to invest in our sales and marketing initiatives, as well as contribute significantly to our goal of achieving profitability on a full-year basis for fiscal 2017.”

Commenting on the Company’s outlook, Dias added, “We anticipate our second quarter fiscal 2017 revenue to be in the range of $23 million to $25 million, and non-GAAP operating loss to be in the range of $0.10 to $0.15 per basic share. For full fiscal 2017, we maintain our outlook for revenues to be in the range of $110 million to $120 million and non-GAAP operating income to be in the range of $0.05 to $0.15 per fully diluted share. Today, we’re providing investors with greater visibility into SeaChange revenues, by type, in a supplemental schedule that we’ve included in our press release. We anticipate updating this schedule in our quarterly announcements going forward.”

SeaChange continues to have a strong balance sheet and ended the first quarter of fiscal 2017 with cash, cash equivalents, restricted cash and marketable securities of $64.5 million, and no debt outstanding.

The Company will host a conference call to discuss its first quarter fiscal 2017 results at 5:00 p.m. ET today, Tuesday, June 7, 2016. The call may be accessed at 877-407-8037 (U.S.) and 201-689-8037 (international) and via live webcast at www.schange.com/IR. A replay of the conference call will be available by phone through June 21, 2016 at 877-660-6853 (U.S.) or 201-612-7415 (international), conference ID 1363-7347. The webcast will be archived on the investor relations section of the Company’s website at www.schange.com/IR.

About SeaChange International

Enabling our customers to deliver billions of premium video streams across a matrix of pay-TV and OTT platforms, SeaChange (Nasdaq: SEAC) empowers service providers, broadcasters, content owners and brand advertisers to entertain audiences, engage consumers and expand business opportunities. As a three-time Emmy award-winning organization with 23 years of experience, we give media businesses the content management, delivery and monetization capabilities they need to craft an individualized branded experience for every viewer that sets the pace for quality and value worldwide. For more information, please visit www.schange.com.

 

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SeaChange Q1 FY17 Results/Page 3

 

Safe Harbor Provision

Any statements contained in this press release that do not describe historical facts, including regarding anticipated revenue, cost savings and other financial matters, are neither promises nor guarantees and may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements contained herein are based on current assumptions and expectations, but are subject to a number of risks and uncertainties that may cause actual results to differ materially from expectations. Factors that could cause actual future results to differ materially from current expectations include the following: the continued spending by the Company’s customers on video systems and services and expenses we may incur in fulfilling customer arrangements; the continued development of the multiscreen video and OTT market; the inability to meet revenue targets for our SaaS-based multiscreen service offering; the Company’s ability to successfully introduce new products or enhancements to existing products and the rate of decline in revenue attributable to our legacy products; the Company’s transition to being a company that primarily provides software solutions; worldwide economic cycles; measures taken to address the variability in the market for our products and services; the loss of or reduction in demand by one of the Company’s large customers; consolidation in the television service providers industry; the cancellation or deferral of purchases of the Company’s products; the length of the Company’s sales cycles; the timing of revenue recognition of new products due to customer integration and acceptance requirements; any decline in demand or average selling prices for our products and services; failure to manage product transitions; failure to achieve our financial forecasts due to inaccurate sales forecasts or other factors, including due to expenses we may incur in fulfilling customer arrangements; the Company’s ability to generate sufficient revenues to reduce its losses or regain profitability; the Company’s ability to manage its growth; the risks associated with international operations; the ability of the Company and its intermediaries to comply with the Foreign Corrupt Practices Act; foreign currency fluctuation; the Company’s ability to protect its intellectual property rights and the expenses that may be incurred by the Company to protect its intellectual property rights; an unfavorable result of current or future litigation; content providers limiting the scope of content licensed for use in the video-on-demand and OTT market or other limitations in materials we use to provide our products and services; the Company’s ability to obtain necessary licenses or distribution rights for third-party technology; the Company’s ability to compete in its marketplace; the Company’s ability to respond to changing technologies; the impact of acquisitions, divestitures or investments made by the Company; the Company’s ability to access sufficient funding to finance desired growth and operations; the impact of changes in the market on the value of our investments; any impairment of the Company’s assets; changes in the regulatory environment; the Company’s ability to hire and retain highly skilled employees; the ability of the Company to manage and oversee the outsourcing of engineering work; additional tax liabilities to which the Company may be subject; the security measures of the Company are breached and customer data or our data is obtained unlawfully; service interruptions or delays from our third-party data center hosting facilities; the implementation of restructuring programs; disruptions to the Company’s information technology systems; uncertainties of regulation of Internet and data traveling over the Internet; if securities analysts do not publish favorable research or reports about our business; our use of non-GAAP reporting; the effectiveness of the Company’s disclosure controls and procedures and internal controls over financial reporting; the Company’s use of estimates in accounting for the Company’s contracts; the performance of the Company’s third-party vendors; the Company’s entry into fixed price contracts and the related risk of cost overruns; the risks associated with purchasing material components from sole suppliers and using a limited number of third-party manufacturers; compliance with conflict minerals regulations; terrorist acts, conflicts, wars and geopolitical uncertainties; the Company’s Delaware anti-takeover provisions; and the effect on revenue and reported results of a change in financial accounting standards.

 

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SeaChange Q1 FY17 Results/Page 4

 

Further information on factors that could cause actual results to differ from those anticipated is detailed in various publicly available documents made by the Company from time to time with the Securities and Exchange Commission, including but not limited to, those appearing under the caption “Certain Risk Factors” in the Company’s Annual Report on Form 10-K filed on April 13, 2016. Any forward-looking statements should be considered in light of those factors. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak as of the date they are made. The Company disclaims any obligation to publicly update or revise any such statements to reflect any change in Company expectations or events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results may differ from those set forth in the forward-looking statements.

 

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SeaChange Q41FY17 Results/Page 5

 

SeaChange International, Inc.

Preliminary Condensed Consolidated Balance Sheets

(Amounts in thousands)

 

     April 30,
2016
     January 31,
2016
 
     (Unaudited)         

Assets

     

Cash and cash equivalents

   $ 51,512       $ 58,733   

Marketable securities and restricted cash

     12,964         12,350   

Accounts and other receivables, net

     33,317         37,011   

Inventories, net

     1,748         1,682   

Prepaid expenses and other current assets

     3,346         3,827   

Property and equipment, net

     13,537         14,129   

Goodwill and intangible assets, net

     45,051         44,301   

Other assets

     5,409         5,636   
  

 

 

    

 

 

 

Total assets

   $ 166,884       $ 177,669   
  

 

 

    

 

 

 

Liabilities and Stockholders’ Equity

     

Accounts payable and other current liabilities

   $ 20,642       $ 23,546   

Deferred stock consideration

     —           3,205   

Deferred revenues

     17,774         17,410   

Deferred tax liabilities and income taxes payable

     1,462         1,389   

Other long term liabilities

     1,170         1,101   
  

 

 

    

 

 

 

Total liabilities

     41,048         46,651   
  

 

 

    

 

 

 

Total stockholders’ equity

     125,836         131,018   
  

 

 

    

 

 

 

Total liabilities and stockholders’ equity

   $ 166,884       $ 177,669   
  

 

 

    

 

 

 

 

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SeaChange Q41FY17 Results/Page 6

 

SeaChange International, Inc.

Preliminary Condensed Consolidated Statements of Operations

(Unaudited, amounts in thousands, except per share data)

 

     Three Months Ended
April 30,
 
     2016     2015  

Revenues:

    

Products

   $ 4,200      $ 3,164   

Services

     17,370        20,013   
  

 

 

   

 

 

 

Total revenues

     21,570        23,177   
  

 

 

   

 

 

 

Cost of revenues:

    

Products

     1,574        1,677   

Services

     10,459        11,203   

Amortization of intangible assets

     316        181   

Stock-based compensation expense

     72        —     
  

 

 

   

 

 

 

Total cost of revenues

     12,421        13,061   
  

 

 

   

 

 

 

Gross profit

     9,149        10,116   
  

 

 

   

 

 

 

Operating expenses:

    

Research and development

     8,699        9,533   

Selling and marketing

     3,557        3,668   

General and administrative

     4,071        3,887   

Amortization of intangible assets

     450        941   

Stock-based compensation expense

     40        711   

Earn-outs and change in fair value of earn-outs

     —          502   

Professional fees - other

     132        128   

Severance and other restructuring costs

     1,775        212   
  

 

 

   

 

 

 

Total operating expenses

     18,724        19,582   
  

 

 

   

 

 

 

Loss from operations

     (9,575     (9,466

Other income (expenses), net

     922        (229
  

 

 

   

 

 

 

Loss before income taxes and equity income in earnings of affiliates

     (8,653     (9,695

Income tax provision

     254        147   

Equity income in earnings of affiliates, net of tax

     —          17   
  

 

 

   

 

 

 

Net loss

   $ (8,907   $ (9,825
  

 

 

   

 

 

 

Net loss per share:

    

Basic

   $ (0.26   $ (0.29
  

 

 

   

 

 

 

Diluted

   $ (0.26   $ (0.29
  

 

 

   

 

 

 

Weighted average common shares outstanding:

    

Basic

     34,354        33,328   
  

 

 

   

 

 

 

Diluted

     34,354        33,328   
  

 

 

   

 

 

 

 

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SeaChange Q1 FY17 Results/Page 7

 

SeaChange International, Inc.

Preliminary Condensed Consolidated Statements of Cash Flows

(Unaudited, amounts in thousands)

 

     Three Months Ended
April 30,
 
     2016     2015  

Cash flows from operating activities:

    

Net loss

   $ (8,907   $ (9,825

Adjustments to reconcile net loss to net cash used in operating activities from continuing operations:

    

Depreciation and amortization of property and equipment

     794        870   

Amortization of intangible assets

     766        1,122   

Fair value of contingent consideration

     —          502   

Stock-based compensation expense

     112        711   

Other

     40        89   

Changes in operating assets and liabilities, excluding impact of acquisition:

    

Accounts receivable

     5,363        7,822   

Unbilled receivables

     (664     (2,864

Inventories

     (91     (148

Prepaid expenses and other assets

     853        (1,091

Accounts payable

     (1,736     119   

Accrued expenses

     (2,201     (2,118

Deferred revenues

     80        (1,467

Other

     29        (465
  

 

 

   

 

 

 

Total cash used in operating activities

     (5,562     (6,743
  

 

 

   

 

 

 

Cash flows from investing activities:

    

Purchases of property and equipment

     (159     (282

Investment in capitalized software

     —          (749

Purchases of marketable securities

     (502     (2,033

Proceeds from sale and maturity of marketable securities

     —          4,034   

Cash paid for acquisition of business, net of cash acquired

     —          (11,686

Other investing activities

     (106     —     
  

 

 

   

 

 

 

Total cash used in investing activities

     (767     (10,716
  

 

 

   

 

 

 

Cash flows from financing activities:

    

Proceeds from issuance of common stock relating to stock option exercises

     33        —     

Other financing activities

     (3     —     
  

 

 

   

 

 

 

Total cash provided by financing activities

     30        —     
  

 

 

   

 

 

 

Effect of exchange rate changes on cash

     (922     411   
  

 

 

   

 

 

 

Net decrease in cash and cash equivalents

     (7,221     (17,048
  

 

 

   

 

 

 

Cash and cash equivalents, beginning of period

     58,733        90,019   
  

 

 

   

 

 

 

Cash and cash equivalents, end of period

   $ 51,512      $ 72,971   
  

 

 

   

 

 

 

 

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SeaChange Q1 FY17 Results/Page 8

 

Use of Non-GAAP Financial Information

We define non-GAAP income (loss) from operations as U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) operating loss plus stock-based compensation expenses, amortization of intangible assets, earn-outs and change in fair value of earn-outs, non-operating expense professional fees and severance and other restructuring costs. We discuss non-GAAP income (loss) from operations in our quarterly earnings releases and certain other communications as we believe non-GAAP income (loss) from operations is an important measure that is not calculated according to U.S. GAAP. We use non-GAAP income (loss) from operations in internal forecasts and models when establishing internal operating budgets, supplementing the financial results and forecasts reported to our Board of Directors, determining a component of bonus compensation for executive officers and other key employees based on operating performance and evaluating short-term and long-term operating trends in our operations. We believe that non-GAAP income (loss) from operations assists in providing an enhanced understanding of our underlying operational measures to manage the business, to evaluate performance compared to prior periods and the marketplace, and to establish operational goals. We believe that these non-GAAP financial adjustments are useful to investors because they allow investors to evaluate the effectiveness of the methodology and information used by management in our financial and operational decision-making.

Non-GAAP income (loss) from operations is a non-GAAP financial measure and should not be considered in isolation or as a substitute for financial information provided in accordance with U.S. GAAP. This non-GAAP financial measure may not be computed in the same manner as similarly titled measures used by other companies. We expect to continue to incur expenses similar to the non-GAAP income (loss) from operations financial adjustments described above, and investors should not infer from our presentation of this non-GAAP financial measure that these costs are unusual, infrequent or non-recurring.

In managing and reviewing our business performance, we exclude a number of items required by U.S. GAAP. Management believes that excluding these items is useful in understanding the trends and managing our operations. We provide these supplemental non-GAAP measures in order to assist the investment community to see SeaChange through the “eyes of management,” and therefore enhance the understanding of SeaChange’s operating performance. Non-GAAP financial measures should be viewed in addition to, and not as an alternative to, our reported results prepared in accordance with U.S. GAAP. Our non-GAAP financial measures reflect adjustments based on the following items:

Amortization of Intangible Assets. We incur amortization expense of intangible assets related to various acquisitions that have been made in recent years. These intangible assets are valued at the time of acquisition, are then amortized over a period of several years after the acquisition and generally cannot be changed or influenced by management after the acquisition. We believe that exclusion of these expenses allows comparisons of operating results that are consistent over time for both the Company’s newly-acquired and long-held businesses.

Stock-based Compensation Expense. We incur expenses related to stock-based compensation included in our U.S. GAAP presentation of cost of revenues and operating expenses. Although stock-based compensation is an expense we incur and is viewed as a form of compensation, the expense varies in amount from period to period, and is affected by market forces that are difficult to predict and are not within the control of management, such as the market price and volatility of our shares, risk-free interest rates and the expected term and forfeiture rates of the awards.

Earn-outs and Change in Fair Value of Earn-outs. Earn-outs and the change in the fair value of earn-outs are considered by management to be non-recurring expenses to the former shareholders of the businesses we acquire. We also incur expenses due to changes in fair value related to contingent consideration that we believe would otherwise impair comparability among periods.

 

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SeaChange Q1 FY17 Results/Page 9

 

Professional Fees - Other. We have excluded the effect of legal and other professional fees associated with our acquisitions, divestitures, litigation and strategic alternatives because the amounts are considered significant non-operating expenses.

Severance and Other Restructuring. We incur charges due to the restructuring of our business, including severance charges and facility reductions resulting from our restructuring and streamlining efforts and any changes due to revised estimates, which we generally would not have otherwise incurred in the periods presented as part of our continuing operations.

Depreciation Expense. We incur depreciation expense related to capital assets purchased to support the ongoing operations of the business. These assets are recorded at cost and are depreciated using the straight-line method over the useful life of the asset. Purchases of such assets may vary significantly from period to period and without any correlation to underlying operating performance. Management believes that exclusion of depreciation expense allows comparisons of operating results that are consistent across past, present and future periods.

 

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SeaChange Q1 FY17 Results/Page 10

 

The following table reconciles the Company’s estimated U.S. GAAP income (loss) from operations to the Company’s non-GAAP income (loss) from operations:

SeaChange International, Inc.

Preliminary Reconciliation of GAAP to Non-GAAP

(Unaudited, amounts in thousands)

 

     Three Months Ended     Three Months Ended  
     April 30, 2016     April 30, 2015  
     GAAP
As Reported
    Adjustments     Non-GAAP     GAAP
As Reported
    Adjustments     Non-GAAP  

Revenues:

            

Products

   $ 4,200      $ —        $ 4,200      $ 3,164      $ —        $ 3,164   

Services

     17,370        —          17,370        20,013        —          20,013   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

     21,570        —          21,570        23,177        —          23,177   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cost of revenues:

            

Products

     1,574        —          1,574        1,677        —          1,677   

Services

     10,459        —          10,459        11,203        —          11,203   

Amortization of intangible assets

     316        (316     —          181        (181     —     

Stock-based compensation

     72        (72     —          —          —          —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total cost of revenues

     12,421        (388     12,033        13,061        (181     12,880   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     9,149        388        9,537        10,116        181        10,297   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit percentage

     42.4     1.8     44.2     43.6     0.8     44.4

Operating expenses:

            

Research and development

     8,699        —          8,699        9,533        —          9,533   

Selling and marketing

     3,557        —          3,557        3,668        —          3,668   

General and administrative

     4,071        —          4,071        3,887        —          3,887   

Amortization of intangible assets

     450        (450     —          941        (941     —     

Stock-based compensation expense

     40        (40     —          711        (711     —     

Earn-outs and change in fair value of earn-outs

     —          —          —          502        (502     —     

Professional fees - other

     132        (132     —          128        (128     —     

Severance and other restructuring costs

     1,775        (1,775     —          212        (212     —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     18,724        (2,397     16,327        19,582        (2,494     17,088   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

(Loss) income from operations

   $ (9,575   $ 2,785      $ (6,790   $ (9,466   $ 2,675      $ (6,791
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

(Loss) income from operations percentage

     (44.4 %)      12.9     (31.5 %)      (40.8 %)      11.5     (29.3 %) 

Weighted average common shares outstanding:

            

Basic

     34,354        34,354        34,354        33,328        33,328        33,328   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

     34,354        34,492        34,354        33,328        33,464        33,328   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP operating (loss) income per share:

            

Basic

   $ (0.28   $ 0.08      $ (0.20   $ (0.28   $ 0.08      $ (0.20
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

   $ (0.28   $ 0.08      $ (0.20   $ (0.28   $ 0.08      $ (0.20
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA:

            

Loss from operations

       $ (9,575       $ (9,466

Depreciation expense

         794            870   

Amortization of intangible assets

         766            1,122   

Stock-based compensation expense

         112            711   

Earn-outs and changes in fair value

         —              502   

Professional fees: acquisitions, divestitures, etc.

         132            128   

Severance and other restructuring

         1,775            212   
      

 

 

       

 

 

 

Adjusted EBITDA

       $ (5,996       $ (5,921
      

 

 

       

 

 

 

Adjusted EBITDA %

         (27.8 %)          (25.5 %) 

 

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SeaChange Q1 FY17 Results/Page 11

 

SeaChange International, Inc.

Supplemental Schedule - Revenue Breakout for Last Nine Quarters

(Unaudited, amounts in thousands)

 

    Q1 FY15     Q2 FY15     Q3 FY15     Q4 FY15     Fiscal
2015
    Q1 FY16     Q2 FY16     Q3 FY16     Q4 FY16     Fiscal
2016
    Q1 FY17  

Product Revenues:

                     

Video Platform

  $ 2,166      $ 3,271      $ 1,757      $ 4,942      $ 12,136      $ 1,281      $ 3,890      $ 3,051      $ 2,819      $ 11,041      $ 2,566   

Advertising

    360        592        904        704        2,560        96        241        650        470        1,457        121   

User Experience

    791        980        765        388        2,924        (142 )*      27        168        357        410        377   

Hardware

    1,389        3,897        2,464        3,912        11,662        1,355        2,240        2,146        1,862        7,603        526   

Third-party Products

    352        —          1,421        452        2,225        574        557        180        74        1,385        610   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Product Revenues

    5,058        8,740        7,311        10,398        31,507        3,164        6,955        6,195        5,582        21,896        4,200   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Service Revenues:

                     

Maintenance and Support

  $ 11,993      $ 12,098      $ 11,825      $ 10,873      $ 46,789      $ 9,414      $ 10,151      $ 10,724      $ 9,882      $ 40,171      $ 9,677   

SaaS

    707        592        387        802        2,488        499        814        1,967        1,035        4,315        987   

Professional Services - Video Platform

    5,303        6,519        8,427        7,315        27,564        4,896        5,541        8,063        6,856        25,356        4,712   

User Experience

    1,276        1,900        2,020        1,891        7,087        5,204        4,410        1,798        3,842        15,254        1,994   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Service Revenues

    19,279        21,109        22,659        20,881        83,928        20,013        20,916        22,552        21,615        85,096        17,370   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Revenues

  $ 24,337      $ 29,849      $ 29,970      $ 31,279      $ 115,435      $ 23,177      $ 27,871      $ 28,747      $ 27,197      $ 106,992      $ 21,570   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

* Revenue reclassification between product and service revenue.

 

---end press release and tables---