SAN FRANCISCO (AP) ? SeaChange International Inc. said Wednesday that it second quarter net income fell because of a tax benefit that inflated the prior-year numbers.
Its adjusted earnings fell short of Wall Street’s expectations and the company’s shares tumbled in extended trading.
The Acton, Mass.-based company, which makes technology for video delivery, said net income was $787,000, or 2 cents per share, compared with $3.5 million, or 11 cents per share a year ago. The year-ago figures included $3.3 million income tax benefit.
Excluding items, the company earned 12 cents per share. Analysts were expecting 16 cents per share, according to FactSet.
Revenue was $50.1 million, which was $1.5 million lower than the second quarter of last year.
Shares fell 55 cents, or 7 percent, to $7.34 in after-hours trading following the release of the earnings report. The shares ended the regular session up 34 cents at $7.89.