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.

(Logo: http://photos.prnewswire.com/prnh/20110317/CL67141LOGO )

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



RELATED LINKS
http://www.ccur.com

More by this Source

Best of Content We Love 2014 


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.