Severance and Other Restructuring Costs |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
Severance and Other Restructuring Costs |
During the three months ended April 30, 2016, we incurred restructuring charges of $1.8 million primarily from severance costs for terminated employees. The following table shows the change in balances of our accrued severance reported as a component of other accrued expenses on the consolidated balance sheet as of April 30, 2016 (amounts in thousands):
As a result of restructuring activities relating to our Timeline Labs operations in fiscal 2017, we incurred $0.6 million of charges, which include $0.4 million in severance to former Timeline Labs employees and $0.2 million in other restructuring charges relating to our remaining lease obligation of our Timeline Labs facility in San Francisco, California. In addition, effective April 6, 2016, we terminated the employment of Jay Samit, our former Chief Executive Officer (“CEO”). In connection with his termination, Mr. Samit and SeaChange entered into a Separation Agreement and Release of Claims (“Separation Agreement”). Under the terms of the Separation Agreement and consistent with our pre-existing obligations to Mr. Samit in connection with a termination without cause, we incurred a charge of $1.0 million in the first quarter of fiscal 2017, which included $0.2 million for satisfaction of his remaining fiscal 2016 and 2017 annual bonuses and $0.8 million in severance payable in twelve equal monthly installments which will be completed in the first quarter of fiscal 2018. |