Concurrent Reports Fiscal Year 2013 Third Quarter Financial Results

     Concurrent Reports Fiscal Year 2013 Third Quarter Financial Results

PR Newswire

ATLANTA, April 30, 2013

ATLANTA, April 30, 2013 /PRNewswire/ --Concurrent (NASDAQ: CCUR), a global
leader in video, media data intelligence and real-time Linux^® solutions,
today announced financial results for the third quarter of its fiscal 2013
ended March 31, 2013.

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

Revenue for the third quarter of fiscal 2013 was $16.9 million compared with
$16.3 million for the same period in fiscal 2012, and $16.6 million in the
preceding quarter.

Gross margin for the third quarter of fiscal 2013 was 59.1% compared with
61.5% for the same period in fiscal 2012, and 57.5% in the preceding quarter,
primarily reflecting the mix of customers. Operating expenses were $8.8
million, compared with $9.3 million for the same period in fiscal 2012, and
$8.7 million in the preceding quarter. 

The company reported net income of $937 thousand, or $0.11 per diluted share,
in the third quarter of fiscal 2013, compared with net income of $337
thousand, or $0.04 per diluted share, in the same period in fiscal 2012, and
net income of $673 thousand, or $0.08 per diluted share, in the preceding
quarter.

"We are pleased to report continued improvement in our business performance
coupled with positive market acceptance of our latest generation video, media
data and high performance real time solutions. All in all, it was another
solid quarter for Concurrent," said Dan Mondor, the company's president and
CEO. "We continue to focus our efforts on addressing the fundamental market
drivers in our served markets and on winning new customers, better serving
existing customers, and expanding our deployment footprint worldwide."

The company paid four quarterly dividends of $0.06 each and a $0.50 special
dividend in the first nine months of the fiscal year. At March 31, 2013,
Concurrent had cash and cash equivalents of $22.4 million. The company has no
debt.

Recent Company Highlights

  oConcurrent's MediaHawk VX™ Unified Content Delivery Solution was selected
    by Virgin Media in support of their multi-screen Virgin TV Anywhere
    service. Virgin Media is the largest quad-play provider of broadband
    Internet, television, mobile and fixed line telephony services in the
    United Kingdom
  oA top 5 North American cable operator launched Concurrent's content
    delivery solution nationwide to dramatically expand its video-on-demand
    content library
  oIndependent analyst firm Current Analysis once again named Concurrent the
    leader for on demand video servers
  oConcurrent's Real-Time business delivered visual servers to KCEI in Korea
    for the K-Series Tank Platoon Simulation program and iHawk systems to a
    major contractor for a U.S. Army program

Conference Call Information 

Concurrent will hold a conference call to review its third quarter of fiscal
2013 financial results today, Tuesday, April 30th, at 4:30 p.m. ET. The call
will be broadcast live at www.ccur.com, under the "Investors" section. The
call can be accessed live by dialing 1-877-209-9920 (U.S.) 612-332-0802
(international) and entering pass code 130430. 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 investor relations 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
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 Bryant
(678) 258-4221
kristen.izzo@ccur.com 

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

Investor Relations Contact:
Concurrent
Sandra Dover
(678) 258-4112
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: 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. 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      Nine Months Ended
                              March 31,               March 31,
                              2013         2012        2013        2012
Revenues:
  Product                    $        $       $       $     
                              10,714       9,996     29,777    26,814
  Service                    6,213        6,295       18,743      18,775
       Total revenues         16,927       16,291      48,520      45,589
Cost of sales:
  Product                    4,591        3,329       12,439      10,668
  Service                    2,336        2,950       7,726       8,630
       Total cost of sales    6,927        6,279       20,165      19,298
Gross margin                  10,000       10,012      28,355      26,291
Operating expenses:
  Sales and marketing         3,527        3,993       10,808      12,591
  Research and development    2,878        3,446       8,673       10,372
  General and administrative  2,362        1,841       6,352       5,561
       Total operating        8,767        9,280       25,833      28,524
       expenses
Operating income (loss)       1,233        732         2,522       (2,233)
Other expense, net            (229)        (264)       (407)       (431)
Income (loss) before income   1,004        468         2,115       (2,664)
taxes
Income tax provision          67           131         180         432
Net income (loss)             $       $       $       $     
                                937         337     1,935   (3,096)
Basic net income (loss) per   $       $       $       $     
share                          0.11        0.04      0.22   (0.36)
Diluted net income (loss)     $       $       $       $     
per share                      0.11        0.04      0.22   (0.36)
Basic weighted average        8,754        8,644       8,726       8,584
shares outstanding
Diluted weighted average      8,894        8,751       8,873       8,584
shares outstanding
Cash dividends declared per   $       $       $       $     
common share                   0.06          -     0.74     -



                                 Concurrent Computer Corporation
                                 Condensed Consolidated Statements of
                                 Operations (Unaudited)
                                 (In Thousands Except Per Share Data)
                                         Three Months Ended
                                         March 31,       December 31,
                                         2013              2012
Revenues:
      Product                           $            $     
                                         10,714            10,099
      Service                           6,213             6,490
            Total revenues               16,927            16,589
Cost of sales:
      Product                           4,591             4,295
      Service                           2,336             2,751
            Total cost of sales          6,927             7,046
Gross margin                             10,000            9,543
Operating expenses:
      Sales and marketing                3,527             3,643
      Research and development           2,878             2,948
      General and administrative         2,362             2,076
            Total operating              8,767             8,667
            expenses
Operating income                         1,233             876
Other expense, net                       (229)             (197)
Income before income taxes               1,004             679
Provision for income taxes               67                6
Net income                               $           $       
                                          937            673
Basic net income per share               $           $       
                                          0.11            0.08
Diluted net income per share             $           $       
                                          0.11            0.08
Basic weighted average shares            8,754             8,741
outstanding
Diluted weighted average shares          8,894             8,851
outstanding
Cash dividends declared per common       $           $       
share                                     0.06            0.56



                           Concurrent Computer Corporation
                           Condensed Consolidated Statements of Comprehensive
                           Income (Unaudited)
                           (In Thousands Except Per Share Data)
                            Three Months Ended            Nine Months Ended
                                                            March 31,
                            March     December     March
                            31,      31,          31,
                            2013      2012         2012     2013      2012
                            $      $       $     $      $   
Net income (loss)             937  673                 1,935   (3,096)
                                                   337
Other comprehensive income
(loss):
   Foreign currency         (24)      (172)        (22)     (242)     207
   translation adjustment
   Pension and
   post-retirement          2         2            -        6         2
   benefits, net of tax
   Other comprehensive      (22)      (170)        (22)     (236)     209
   income (loss)
   Comprehensive       $      $       $     $      $   
   income (loss)              915  503                 1,699   (2,887)
                                                   315



Concurrent Computer Corporation
Condensed Consolidated Balance Sheets
(In Thousands)
                                 March 31,      December 31,  June 30,
                                 2013           2012           2012
                                 (unaudited)    (unaudited)
ASSETS
 Cash and cash equivalents     $         $         $     
                                 22,370         24,591         29,613
 Trade accounts receivable,     16,862         10,129         8,739
 net
 Inventories                   2,949          2,460          3,683
 Prepaid expenses and other     1,559          1,672          2,129
 current assets
  Total current assets       43,740         38,852         44,164
 Property, plant and            3,114          3,318          3,966
 equipment, net
 Intangible assets, net        994            1,218          1,667
 Other long-term assets        845            935            1,076
Total assets                   $         $         $     
                                 48,693         44,323         50,873
LIABILITIES
 Accounts payable and accrued   $        $        $      
 expenses                       7,376          6,209          5,931
 Dividend payable              74             76             -
 Deferred revenue              10,575         7,849          8,850
  Total current liabilities  18,025         14,134         14,781
 Non-current deferred revenue  1,607          1,605          2,788
 Non-current dividend payable  259            254            -
 Revolving bank line of         -              -              -
 credit, non-current
 Other non-current              4,215          4,354          4,198
 liabilities
  Total liabilities         24,106         20,347         21,767
STOCKHOLDERS' EQUITY
 Common stock                  88             88             87
 Additional paid-in capital    208,422        208,198        207,830
 Accumulated deficit           (184,291)      (184,700)      (179,415)
 Treasury stock, at cost       (255)          (255)          (255)
 Accumulated other              623            645            859
 comprehensive income
  Total stockholders'         24,587         23,976         29,106
 equity
Total liabilities and           $         $         $     
stockholders' equity            48,693         44,323         50,873



SOURCE Concurrent

Website: http://www.ccur.com