Concurrent Reports Fiscal 2012 Second Quarter Financial Results

ATLANTA, Jan. 31, 2012 /PRNewswire/ -- Concurrent (NASDAQ: CCUR), a global leader in video and media data solutions, today announced financial results for its fiscal year 2012 second quarter ended December 31, 2011.

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Revenue for the fiscal 2012 second quarter was $16.4 million compared with $17.9 million over the same period in fiscal 2011, and up from $12.9 million in the preceding first 2012 fiscal quarter.  

Gross margin for the fiscal 2012 second quarter was 55 percent compared with 53 percent for the same period last year, primarily reflecting the mix of product and services revenue.  Operating expenses were $9.5 million, compared with $10 million in the prior-year period.  

The company reported a net loss of $833,000, or $0.10 per share, in the second quarter of fiscal 2012, compared with a net loss of $1.2 million, or $0.14 per share, in the same quarter of the prior fiscal year.  

"Our results for the second quarter reflect renewed strength in our video solutions business," said Dan Mondor, the company's president and CEO.  "We are seeing a renewed interest in video on demand as this established technology is evolving quickly into a differentiator that service providers are using to serve growing amounts of video content across re-architected networks to various devices."

For the first half of fiscal 2012, revenue totaled $29.3 million versus $33.4 million in the first half of fiscal 2011.  Consolidated gross margin for the six-month period was 56 percent compared with 54 percent in the first six months of fiscal 2011.  Operating expenses were $19.2 million, compared with $19.4 million in the same period last year.  The company posted a net loss of $3.4 million, equal to $0.40 per share, compared with a net loss of $2.4 million, or $0.29 per share, in the first half of fiscal 2011.

At December 31, 2011, Concurrent had cash and cash equivalents of $26.7 million. The company has no debt.

Recent Company Highlights

• Signed a new video services contract with and delivered MediaHawk^® VX to Vectra, the second largest cable operator in Poland delivering residential TV, traditional and mobile internet services, and fixed-line telephone services to more than 800,000 subscribers;
• Delivered to a new North American tier-one telco customer the first application from our next generation media intelligence portfolio for linear advertisement performance analytics; and
• Awarded a U.S. patent for technology that enables the insertion of advertising in VOD and network DVR environments while consumers fast-forward or rewind programming.

Conference Call Information  

Concurrent will hold a conference call to discuss its fiscal 2012 second quarter financial results today, Tuesday, January 31, 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- 800-230-1059 and entering pass code 120131.  A webcast of the live call as well as a replay will also be available at www.ccur.com.

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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.

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; 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 30, 2011 and Form 10-Q filed November 2, 2011 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 10-Q 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.

SOURCE Concurrent