January 29, 2013 at 16:01 PM EST
Concurrent Reports Fiscal Year 2013 Second Quarter Financial Results

ATLANTA, Jan. 29, 2013 /PRNewswire/ -- Concurrent (NASDAQ: CCUR), a global leader in video, media data intelligence and real-time Linux® solutions, today announced financial results for its second quarter fiscal 2013 ended December 31, 2012.

Revenue for the fiscal 2013 second quarter was $16.6 million compared with $16.4 million for the same period in fiscal 2012, and $15.0 million in the preceding quarter. 

Gross margin for the fiscal 2013 second quarter was 57.5% compared with 54.8% for the same period in fiscal 2012, and 58.7% in the preceding quarter, primarily reflecting the mix of customers.  Operating expenses were $8.7 million, compared with $9.5 million for the same period in fiscal 2012, and $8.4 million in the preceding quarter.  

The company reported net income of $673 thousand, or $0.08 per diluted share, in the second quarter of fiscal 2013, compared with a loss of $833 thousand, or $0.10 per diluted share, in the same period in fiscal 2012, and net income of $325 thousand, or $0.04 per diluted share, in the preceding quarter.

"I am pleased with the operating results in the second quarter, which marked our fourth consecutive quarter of profitability," said Dan Mondor, the company's president and CEO. "Continued focus on improving our operating model through cost reduction and process improvements allowed us to generate increased value for our shareholders."  

The company paid three quarterly dividends of $0.06 each and a $0.50 special dividend in the first half of the fiscal year.  At December 31, 2012, Concurrent had cash and cash equivalents of $24.6 million. The company has no debt.

Recent Company Highlights

  • Expanded support for Smart TVs on our MediaHawk VX™ unified CDN solution. With this software solution, operators can reach new customers on Internet-connected TVs and eliminate the need for traditional set-top box terminals.
  • Launched new Multi-screen Video Assurance Services, designed to help operators proactively identify issues and trends that could affect their quality of service.
  • Selected by General Electric and Mitsubishi Heavy Industries to power mission critical design testing applications using Concurrent's real time solutions.
  • Launched a new website (www.ccur.com) designed to better highlight Concurrent's products and value proposition for the markets we serve.

Conference Call Information                                       

Concurrent will hold a conference call to discuss its fiscal 2013 second quarter financial results today, Tuesday, January 29th, 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 1-800-230-1093 (U.S.) 612-288-0337 (international) and entering pass code 130129.  A webcast of the live call as well as a replay will also be available at www.ccur.com.

To view Financial Results click here.

About Concurrent
Concurrent (NASDAQ: CCUR) is a global leader in video, media data intelligence and real-time Linux® solutions.  Concurrent provides customers with transformative solutions to fuel their business beyond what was thought possible. Concurrent's unified video delivery and media data intelligence solutions support every screen simultaneously, making it easier for cable MSOs, fixed-line telecommunications providers, mobile operators, online media companies and satellite TV broadcasters to deliver revenue generating video services to consumers on any device, over any network. The world's leading telecommunication and online media companies have selected Concurrent to provide the solutions and services required to support their next-generation multi-screen video initiatives. Concurrent's Emmy award-winning video solutions are based upon a rich heritage of high-performance real-time technology.  Concurrent's real-time Linux solutions are used to support applications in the defense, aerospace, automotive and financial industries. Concurrent has offices in North America, Europe and Asia. Visit www.ccur.com for further information and follow us on Twitter: www.twitter.com/Concurrent_CCUR.

For more information, contact:

Media Relations:
Concurrent  
Kristen Izzo
678-258-4221
kristen.izzo@ccur.com

Horn Group
Nicole Matthews
(646) 202-9773
nicole.matthews@horngroup.com

Investor Relations Contact:
Concurrent
Leah Connell
(678) 258-4108
investor.relations@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 and subsequent SEC filings 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 December 31, 


 Six Months Ended December 31, 






2012


2011


2012


2011

Revenues:










Product 


$          10,099


$          10,034


$           19,063


$           16,818


Service 


6,490


6,376


12,530


12,480




Total revenues


16,589


16,410


31,593


29,298

Cost of sales:










Product 


4,295


4,569


7,848


7,339


Service 


2,751


2,843


5,390


5,680




Total cost of sales


7,046


7,412


13,238


13,019

Gross margin


9,543


8,998


18,355


16,279

Operating expenses:










Sales and marketing


3,643


4,296


7,281


8,598


Research and development


2,948


3,346


5,795


6,926


General and administrative


2,076


1,817


3,990


3,720




Total operating expenses


8,667


9,459


17,066


19,244

Operating income (loss)


876


(461)


1,289


(2,965)

Other income, net


(197)


(180)


(178)


(167)

Income (loss) before income taxes


679


(641)


1,111


(3,132)

Income tax provision


6


192


113


301

Net income (loss)


$               673


$              (833)


$                998


$           (3,433)













Basic net income (loss) per share


$              0.08


$             (0.10)


$               0.11


$             (0.40)

Diluted net income (loss) per share


$              0.08


$             (0.10)


$               0.11


$             (0.40)

Basic weighted average shares outstanding


8,741


8,621


8,712


8,554

Diluted weighted average shares outstanding


8,851


8,621


8,852


8,554

Cash dividends declared per common share


$              0.56


$                  -


$               0.68


$                  -

 




Concurrent Computer Corporation




Condensed Consolidated Statements of Operations (Unaudited)




(In Thousands Except Per Share Data)















 Three Months Ended  







 December 31, 


 September 30, 







2012


2012


Revenues:







Product 


$           10,099


$             8,964



Service 


6,490


6,040





Total revenues


16,589


15,004


Cost of sales:







Product 


4,295


3,553



Service 


2,751


2,639





Total cost of sales


7,046


6,192


Gross margin


9,543


8,812


Operating expenses:







Sales and marketing


3,643


3,638



Research and development


2,948


2,847



General and administrative


2,076


1,914





Total operating expenses


8,667


8,399


Operating income


876


413


Other income, net


(197)


19


Income before income taxes


679


432


Provision for income taxes


6


107


Net income


$                673


$                325











Basic net income per share


$               0.08


$               0.04


Diluted net income per share


$               0.08


$               0.04


Basic weighted average shares outstanding


8,741


8,683


Diluted weighted average shares outstanding


8,851


8,801


Cash dividends declared per common share


$               0.56


$               0.12


 

 




Concurrent Computer Corporation




Condensed Consolidated Statements of Comprehensive Income (Unaudited)




(In Thousands Except Per Share Data)


















 Three Months Ended December 31, 


 Six Months Ended December 31, 






2012


2011


2012


2011













Net income (loss)


$               673


$              (833)


$                998


$           (3,433)













Other comprehensive income (loss):












Foreign currency translation adjustment


(172)


117


(218)


229




Pension and post-retirement benefits, net of tax


2


6


4


2




Other comprehensive income (loss)


(170)


123


(214)


231




     Comprehensive income (loss)


$               503


$              (710)


$                784


$           (3,202)

 

 


Concurrent Computer Corporation



 Condensed Consolidated Balance Sheets



(In Thousands)
















December 31, 


September 30,


June 30,







2012


2012


2012







(unaudited)


(unaudited)

















ASSETS











 Cash and cash equivalents 


$           24,591


$           28,940


$           29,613





 Trade accounts receivable, net 


10,129


9,517


8,739





 Inventories 


2,460


2,772


3,683





 Prepaid expenses and other current assets 


1,672


2,199


2,129





    Total current assets 


38,852


43,428


44,164
















 Property, plant and equipment, net 


3,318


3,647


3,966





 Intangible assets, net 


1,218


1,442


1,667





 Other long-term assets 


935


1,040


1,076




 Total assets 


$           44,323


$           49,557


$           50,873















 LIABILITIES 











 Accounts payable and accrued expenses 


$             6,285


$             5,508


$             5,931





 Deferred revenue 


7,849


9,018


8,850





    Total current liabilities 


14,134


14,526


14,781
















 Non-current deferred revenue 


1,605


2,162


2,788





 Other non-current liabilities 


4,608


4,357


4,198





     Total liabilities 


20,347


21,045


21,767















 STOCKHOLDERS' EQUITY 











 Common stock 


88


87


87





 Additional paid-in capital 


208,198


207,998


207,830





 Accumulated deficit 


(184,700)


(180,132)


(179,415)





 Treasury stock, at cost 


(255)


(255)


(255)





 Accumulated other comprehensive income  


645


814


859





    Total stockholders' equity 


23,976


28,512


29,106




 Total liabilities and stockholders' equity 


$           44,323


$           49,557


$           50,873



 

SOURCE Concurrent

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