Cascade posts surprise profit; SeaChange beats revenue estimates

Posted Dec 3rd 2009 9:00AM by Trey Thoelcke
Filed under: Earnings Reports

Lift truck maker Cascade Corp. (CASC) and video-on-demand TV solutions provider SeaChange International, Inc. (SEAC) both closed higher Wednesday ahead of their after-the-bell earnings reports.

Cascade reported that net income for the third quarter of fiscal 2010 came to $157,000, or 1 cent per share. That compared to a net income of $10.4 million (94 cents per share) for the same period of fiscal 2009, but was up from a net loss of $12.3 million ($1.14 loss per share) in the second quarter.

Net sales of $80.8 million for the three months that ended Oct. 31 were 42% lower than a year ago, but up 5% from the second quarter.

Analysts surveyed by Thomson Reuters had expected a net loss of 9 cents per share on revenue of $83.9 million.

For its fiscal 2010 third quarter, SeaChange said net income totaled $0.7 million, or 2 cents per share, compared with $3.4 million (11 cents per share) for the same period of last year, as well as the 6 cents per share consensus forecast of analysts.

Total revenue for the three months that ended Oct. 31 came to $53.3 million, beating the analysts' forecast for $51.6 million and up from $51.8 million a year ago.

For fiscal 2011, the company foresees revenue in the range of $225 million to $235 million. Analysts expect to see $227.8 million.

Tags: CASC, Cascade, earnings, inthenews, SEAC, SeaChange