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2014

Concurrent Reports Fiscal Year 2013 Fourth Quarter and Fiscal Year Financial Results

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ATLANTA, Aug. 27, 2013 /PRNewswire/ -- Concurrent (NASDAQ: CCUR), a global leader in video, media data intelligence and real-time Linux® solutions, today announced financial results for its fourth quarter and fiscal year ended June 30, 2013.

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

Revenue for the fourth quarter of fiscal 2013 was $14.9 million, compared with $14.7 million for the same period in fiscal 2012, and $16.9 million in the preceding quarter. 

Gross margin for the fourth quarter of fiscal 2013 was 56.8%, compared with 57.4% for the same period in fiscal 2012, and 59.1% in the preceding quarter, primarily reflecting the mix of customers and products.  Operating expenses included a $2.4 million gain on the sale of non-strategic intellectual property and were $6.0 million, compared with $8.3 million for the same period in fiscal 2012, and $8.8 million in the preceding quarter.  

The company reported net income of $2.3 million, or $0.26 per diluted share, in the fourth quarter of fiscal 2013, compared with net income of $209 thousand, or $0.02 per diluted share, in the same period in fiscal 2012, and net income of $937 thousand, or $0.11 per diluted share, in the preceding quarter.

"I am pleased to announce our sixth consecutive quarter and first full year of profitability in recent history," said Dan Mondor, the company's president and CEO. "We are encouraged by the overall progress we made in the business in fiscal 2013 underpinned by the continued market acceptance of our video and real-time solutions. We achieved a number of new design wins and saw an improvement in spending levels from some of our top customers resulting in a 5% year over year increase in revenue. We closed out the full year with a gain in net income of more than $7 million versus the prior year. Fiscal year 2013 represented a notable improvement in the financial performance of the company."

For fiscal 2013, revenue totaled approximately $63.4 million, compared with $60.3 million for fiscal 2012.  Consolidated gross margin for the year was 58.1%, compared with 57.6% for fiscal 2012.  Total operating expenses included a $2.4 million gain on the sale of non-strategic intellectual property and were $31.8 million for fiscal 2013, compared with total operating expenses of $36.8 million for fiscal 2012.  For fiscal 2013, the company posted $4.2 million of net income, equal to $0.48 per diluted share, compared with a net loss of $2.9 million, equal to $0.34 per diluted share, in fiscal 2012.

The company paid four cash dividends, each for $0.06 per share, one cash dividend of $0.12 per share, and a $0.50 per share special dividend in fiscal 2013.  At June 30, 2013, Concurrent had cash and cash equivalents of $27.9 million. The company has no debt.

Recent Company Highlights

  • Concurrent announced Cache Xpander™, a high performance, scalable storage device that improves the efficiency of edge based caching for high performance CDN applications and support of larger content libraries.
  • Concurrent released intelligent video archival software for unified CDN and network DVR applications designed to cost optimize content placement in multi-tier storage complexes.
  • Ultra high-density multi-screen transcoding was added to Concurrent's online video solution portfolio.
  • The company showcased its latest generation video and media data intelligence products at the NAB show in Las Vegas, announcing new session based policy controls for its eFactor dynamic content adaptation solution.
  • At the NCTA Cable Show, Concurrent hosted meetings to discuss the status, trends and the future of OTT and IP video services.
  • Concurrent shipped Imagen visual servers to KCEI in Korea for the K-Series Tank Platoon Simulation program.
  • The company increased its quarterly cash dividend from $0.06 per share to $0.12 per share in June 2013.

Conference Call Information 

Concurrent will hold a conference call to review its fiscal 2013 fourth quarter and fiscal year financial results today, Tuesday, August 27th, at 4:30 p.m. ET.  The call will be broadcast live at www.ccur.com, under the "Investors" section at the 'About' tab.  The call can be accessed live by dialing 1-877-260-8898 (U.S.) 612-332-0802 (international) and entering pass code 130827.

A webcast of the live call as well as a replay will also be available at www.ccur.com.

To view financial results visit our Investors page 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 multichannel video service providers have selected Concurrent to deliver 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. Follow us on Twitter: www.twitter.com/Concurrent_CCUR.

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: United States government sequestration; European austerity measures; 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 in subsequent filings of periodic reports with the SEC. The risk factors discussed in the Forms 10-K and subsequently filed periodic reports 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. 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 June 30, 


 Twelve Months Ended June 30, 






2013


2012


2013


2012

Revenues:










Product 


$             8,637


$             8,167


$           38,414


$           34,981


Service 


6,287


6,541


25,030


25,316



Total revenues


14,924


14,708


63,444


60,297

Cost of sales:










Product 


3,935


3,038


16,374


13,706


Service 


2,507


3,224


10,233


11,854



Total cost of sales


6,442


6,262


26,607


25,560

Gross margin


8,482


8,446


36,837


34,737

Operating expenses:










Sales and marketing


3,550


3,666


14,358


16,257


Research and development


2,926


2,781


11,599


13,153


General and administrative


1,874


1,812


8,226


7,373


Gain on sale of intellectual property, net


(2,381)


-


(2,381)


-



Total operating expenses


5,969


8,259


31,802


36,783

Operating income (loss)


2,513


187


5,035


(2,046)

Other (expense) income, net


(11)


241


(418)


(190)

Income (loss) before income taxes


2,502


428


4,617


(2,236)

Income tax provision


189


219


369


651

Net income (loss)


$             2,313


$                209


$             4,248


$            (2,887)













Basic net income (loss) per share


$               0.26


$               0.02


$               0.49


$              (0.34)

Diluted net income (loss) per share


$               0.26


$               0.02


$               0.48


$              (0.34)

Basic weighted average shares outstanding


8,764


8,658


8,736


8,602

Diluted weighted average shares outstanding


8,966


8,776


8,910


8,602

Cash dividends declared per common share


$               0.12


$                  -


$               0.86


$                   -

 




Concurrent Computer Corporation




Condensed Consolidated Statements of Operations (Unaudited)




(In Thousands Except Per Share Data)















 Three Months Ended  







 June 30, 


 March 31, 







2013


2013


Revenues:







Product 


$             8,637


$           10,714



Service 


6,287


6,213





Total revenues


14,924


16,927


Cost of sales:







Product 


3,935


4,591



Service 


2,507


2,336





Total cost of sales


6,442


6,927


Gross margin


8,482


10,000


Operating expenses:







Sales and marketing


3,550


3,527



Research and development


2,926


2,878



General and administrative


1,874


2,362



Gain on sale of intellectual property, net


(2,381)


-





Total operating expenses


5,969


8,767


Operating income


2,513


1,233


Other expense, net


(11)


(229)


Income before income taxes


2,502


1,004


Provision for income taxes


189


67


Net income


$             2,313


$                937











Basic net income per share


$               0.26


$               0.11


Diluted net income per share


$               0.26


$               0.11


Basic weighted average shares outstanding


8,764


8,754


Diluted weighted average shares outstanding


8,966


8,894


Cash dividends declared per common share


$               0.12


$               0.06


 

 



Concurrent Computer Corporation



Condensed Consolidated Statements of Comprehensive Income (Unaudited)



(In Thousands Except Per Share Data)
























 Three Months Ended 


 Twelve Months Ended 




June 30, 


March 31, 


June 30,


June 30,


June 30,




2013


2013


2012


2013


2012













Net income (loss)

$       2,313


$          937


$          209


$       4,248


$      (2,887)













Other comprehensive income (loss):












Foreign currency translation adjustment

(83)


(24)


172


(325)


379



Unrealized gain on investment

-


-


-


-


2



Pension, net of tax

(180)


2


(583)


(174)


(583)



Other comprehensive loss

(263)


(22)


(411)


(499)


(202)



     Comprehensive income (loss)

$       2,050


$          915


$         (202)


$       3,749


$      (3,089)

 

Concurrent Computer Corporation


 Condensed Consolidated Balance Sheets


(In Thousands)














June 30,


March 31,


June 30,






2013


2013


2012






(unaudited)


(unaudited)















ASSETS










 Cash and cash equivalents 


$           27,927


$           22,370


$            29,613




 Trade accounts receivable, net 


10,701


16,862


8,739




 Inventories 


2,844


2,949


3,683




 Prepaid expenses and other current assets 


2,324


1,559


2,129




    Total current assets 


43,796


43,740


44,164














 Property, plant and equipment, net 


3,102


3,114


3,966




 Intangible assets, net 


834


1,060


1,738




 Other long-term assets 


737


779


1,005



 Total assets 


$           48,469


$           48,693


$            50,873













 LIABILITIES 










 Accounts payable and accrued expenses 


$             7,671


$             7,450


$              5,931




 Deferred revenue 


8,383


10,575


8,850




    Total current liabilities 


16,054


18,025


14,781














 Non-current deferred revenue 


1,924


1,607


2,788




 Other non-current liabilities 


4,706


4,474


4,198




     Total liabilities 


22,684


24,106


21,767













 STOCKHOLDERS' EQUITY 










 Common stock 


88


88


87




 Additional paid-in capital 


208,677


208,422


207,830




 Accumulated deficit 


(183,085)


(184,291)


(179,415)




 Treasury stock, at cost 


(255)


(255)


(255)




 Accumulated other comprehensive income  


360


623


859




    Total stockholders' equity 


25,785


24,587


29,106



 Total liabilities and stockholders' equity 


$           48,469


$           48,693


$            50,873



 

SOURCE Concurrent



RELATED LINKS
http://www.ccur.com

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