October 30, 2012 at 16:01 PM EDT
Concurrent Reports Fiscal Year 2013 First Quarter Financial Results

ATLANTA, Oct. 30, 2012 /PRNewswire/ -- Concurrent (NASDAQ: CCUR), a global leader in video and media data solutions, today announced financial results for its first quarter Fiscal 2013 ended September 30, 2012.

Revenue for the fiscal 2013 first quarter was $15.0 million compared with $12.9 million for the same period in fiscal 2012, and $14.7 million in the preceding quarter. 

Gross margin for the fiscal 2013 first quarter was 58.7% compared with 56.5% for the same period in fiscal 2012, and 57.4% in the preceding quarter, primarily reflecting the mix of product and service revenue.  Operating expenses were $8.4 million, compared with $9.8 million for the same period in fiscal 2012, and $8.3 million in the preceding quarter.  

The company reported net income of $325 thousand, or $0.04 per diluted share, in the first quarter of fiscal 2013, compared with a loss of $2.6 million, or $0.31 per diluted share, in the same period in fiscal 2012, and net income of $209 thousand, or $0.02 per diluted share, in the preceding quarter.

"The company achieved its third consecutive quarter of profitability despite a modest revenue level," said Dan Mondor, the company's president and CEO. "We continue to benefit from the steps we took in the last fiscal year to improve our operating model."  Mondor continued, "The competitive position of our products remains solid and our customer relationships are strong; however, we continue to face a challenging revenue environment, notably in Europe."

At September 30, 2012, Concurrent had cash and cash equivalents of $28.9 million. The company has no debt.

Recent Company Highlights

  • Demonstrated a joint offering with Alcatel-Lucent's Velocix CDN technology that enables service providers to cost-effectively expand their video content catalogs by hundreds of thousands of hours by accessing regional or national archives;
  • Combined digital rights management (DRM) technology from AuthenTec with Concurrent's eFactor solution enabling customers to utilize Microsoft's market-leading PlayReady DRM to stream to Android and Apple iOS devices; and
  • Extended its Media Data Intelligence software to monitor and analyze on-line and mobile video consumption to provide operators with data on subscriber viewing for traditional television services and TV Everywhere offerings.

Conference Call Information                                                     

Concurrent will hold a conference call to discuss its fiscal 2013 first quarter financial results today, Tuesday, October 30th, at 4:30 p.m. ET, followed by a question and answer session with analysts.  The call will be broadcast live at www.ccur.com, under the "Investors" section.  The call can be accessed live by dialing 1-800-230-1766 (U.S.) 612-332-0228 (international) and entering pass code 121030.  A webcast of the live call as well as a replay will also be available at www.ccur.com.

Click here to view Financial Results

About Concurrent

Concurrent (NASDAQ: CCUR) is a global leader in multi-screen video delivery, media data management and real-time computing solutions. Built on a solid foundation of Emmy Award-winning technology, service providers, content providers, and others across the video ecosystem are provided with enterprise-level CDN technology, multi-screen video delivery, content workflow applications, and video on demand. Additionally, Concurrent's media data solutions provide media stakeholders with a holistic view of their consumers' video experience, offering opportunities for monetization. Concurrent's video solutions are built upon a rich heritage of Real-Time technology, which has powered solutions for the aerospace, defense, automotive, transportation, energy and financial industries for more than four decades. Concurrent is headquartered in Atlanta with offices in North America, Europe and Asia.  Visit www.ccur.com for further information. Follow us on Twitter: www.twitter.com/Concurrent_CCUR.

For more information, contact:

Investor Relations:
Concurrent                                          
Kirk Somers
(678) 258-4000
investor.relations@ccur.com                   

Media Relations:
Concurrent
Kristen Izzo
(678) 258-4221
Kristen.Izzo@ccur.com

Certain statements made or incorporated by reference in this release may constitute "forward-looking statements" within the meaning of the federal securities laws. Statements regarding future events and developments and the company's future performance, including, but not limited to, management's expectations, beliefs, plans, estimates, or projections relating to the future, are forward-looking statements within the meaning of these laws. All forward-looking statements are subject to certain risks and uncertainties that could cause actual events to differ materially from those projected.

The risks and uncertainties which could affect our financial condition or results of operations include, without limitation: delays or cancellations of customer orders; changes in product demand; economic conditions; various inventory risks due to changes in market conditions; margins of video business to capture new business; fluctuations and timing of large video orders; doing business in the People's Republic of China; uncertainties relating to the development and ownership of intellectual property; uncertainties relating to our ability and the ability of other companies to enforce their intellectual property rights; the pricing and availability of equipment, materials and inventories; the concentration of our customers; failure to effectively manage change; delays in testing and introductions of new products;  the impact of reductions in force on our operations; rapid technology changes; system errors or failures; reliance on a limited number of suppliers and failure of components provided by those suppliers; uncertainties associated with international business activities, including foreign regulations, trade controls, taxes, and currency fluctuations; the impact of competition on the pricing of video solutions products; our ability to satisfy the financial covenants in the Revolver; failure to effectively service the installed base; the entry of new well-capitalized competitors into our markets; the success of new video solutions; the success of our relationships with technology and channel partners; capital spending patterns by a limited customer base; the current challenging macro-economic environment; continuing unevenness of the global economic recovery; privacy concerns over data collection; earthquakes, tsunamis, floods and other natural disasters in areas in which our customers and suppliers operate; and the availability of debt or equity financing to support our liquidity needs.

Other important risk factors are discussed in Concurrent's Form 10-K filed August 28, 2012 with the Securities and Exchange Commission (SEC), and may be discussed in subsequent filings with the SEC. The risk factors discussed in the Forms 10-K under the heading "Risk Factors" are specifically incorporated by reference in this press release. Forward-looking statements are based on current expectations and speak only as of the date of such statements. Concurrent undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information, or otherwise.

Concurrent Computer Corporation and its logo are registered trademarks of Concurrent. All other Concurrent product names are trademarks of Concurrent while all other product names are trademarks or registered trademarks of their respective owners.

 




Concurrent Computer Corporation




Condensed Consolidated Statements of Operations (Unaudited)




(In Thousands Except Per Share Data)















 Three Months Ended September 30, 







2012


2011


Revenues:







Product 


$             8,964


$             6,784



Service 


6,040


6,104





Total revenues


15,004


12,888


Cost of sales:







Product 


3,553


2,770



Service 


2,639


2,837





Total cost of sales


6,192


5,607


Gross margin


8,812


7,281


Operating expenses:







Sales and marketing


3,638


4,302



Research and development


2,847


3,580



General and administrative


1,914


1,903





Total operating expenses


8,399


9,785


Operating income (loss)


413


(2,504)


Other income, net


19


13


Income (loss) before income taxes


432


(2,491)


Income tax provision


107


109


Net income (loss)


$                325


$           (2,600)











Other comprehensive income (loss):









Foreign currency translation adjustment


(47)


108





Pension and post-retirement benefits, net of tax


2


-





Other comprehensive income (loss)


(45)


108





     Comprehensive income (loss)


$                280


$           (2,492)











Basic net income (loss) per share


$               0.04


$             (0.31)


Diluted net income (loss) per share


$               0.04


$             (0.31)


Basic weighted average shares outstanding


8,683


8,488


Diluted weighted average shares outstanding


8,801


8,488


Cash dividends declared per common share


$               0.12


$                  -











 




Concurrent Computer Corporation




Condensed Consolidated Statements of Operations (Unaudited)




(In Thousands Except Per Share Data)















 Three Months Ended  







 September 30, 


 June 30, 







2012


2012


Revenues:







Product 


$             8,964


$             8,167



Service 


6,040


6,541





Total revenues


15,004


14,708


Cost of sales:







Product 


3,553


3,038



Service 


2,639


3,224





Total cost of sales


6,192


6,262


Gross margin


8,812


8,446


Operating expenses:







Sales and marketing


3,638


3,666



Research and development


2,847


2,781



General and administrative


1,914


1,812





Total operating expenses


8,399


8,259


Operating income


413


187


Other income, net


19


241


Income before income taxes


432


428


Provision for income taxes


107


219


Net income


$                325


$                209











Other comprehensive income (loss):









Foreign currency translation adjustment


(47)


172





Pension and post-retirement benefits, net of tax


2


(583)





Other comprehensive income (loss)


(45)


(411)





     Comprehensive income (loss)


$                280


$               (202)











Basic net income per share


$               0.04


$               0.02


Diluted net income per share


$               0.04


$               0.02


Basic weighted average shares outstanding


8,683


8,658


Diluted weighted average shares outstanding


8,801


8,776


Cash dividends declared per common share


$               0.12


$                   -













Concurrent Computer Corporation


 Condensed Consolidated Balance Sheets


(In Thousands)












September 30,


June 30,






2012


2012






(unaudited)













ASSETS








 Cash and cash equivalents 


$           28,940


$            29,613




 Trade accounts receivable, net 


9,517


8,739




 Inventories 


2,772


3,683




 Prepaid expenses and other current assets 


2,199


2,129




    Total current assets 


43,428


44,164












 Property, plant and equipment, net 


3,647


3,966




 Intangible assets, net 


1,442


1,667




 Other long-term assets 


1,040


1,076



 Total assets 


$           49,557


$            50,873











 LIABILITIES 








 Accounts payable and accrued expenses 


$             5,508


$              5,931




 Deferred revenue 


9,018


8,850




    Total current liabilities 


14,526


14,781












 Long-term deferred revenue 


2,162


2,788




 Revolving bank line of credit, non-current 


-


-




 Other long-term liabilities 


4,357


4,198




     Total liabilities 


21,045


21,767











 STOCKHOLDERS' EQUITY 








 Common stock 


87


87




 Additional paid-in capital 


207,998


207,830




 Accumulated deficit 


(180,132)


(179,415)




 Treasury stock, at cost 


(255)


(255)




 Accumulated other comprehensive income  


814


859




    Total stockholders' equity 


28,512


29,106



 Total liabilities and stockholders' equity 


$           49,557


$            50,873











 

SOURCE Concurrent

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