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 email@example.com Horn Group Nicole Matthews (646) 202-9773 firstname.lastname@example.org Investor Relations Contact: Concurrent Sandra Dover (678) 258-4112 email@example.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
Concurrent Reports Fiscal Year 2013 Third Quarter Financial Results
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