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Concurrent Reports Fiscal Year 2014 First Quarter Financial Results



     Concurrent Reports Fiscal Year 2014 First Quarter Financial Results

PR Newswire

ATLANTA, Oct. 29, 2013

ATLANTA, Oct. 29, 2013 /PRNewswire/ -- Concurrent (NASDAQ: CCUR), a global
leader in video, media data intelligence and real-time Linux^® solutions,
today announced financial results for the first quarter of its fiscal 2014
ended September 30, 2013.

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

Revenue for the first quarter of fiscal 2014 grew by 14% year over year to
$17.2 million compared with $15.0 million for the same period in fiscal 2013,
and $14.9 million in the preceding quarter. 

Gross margin for the first quarter of fiscal 2014 was 55.3% compared with
58.7% for the same period in fiscal 2013, and 56.8% in the preceding quarter,
primarily reflecting the mix of products and customers.  Operating expenses
were $8.7 million, compared with $8.4 million for the same period in fiscal
2013, and $6.0 million in the preceding quarter including $2.4 million in
proceeds from the sale of non-strategic intellectual property.  

The company reported net income of $734 thousand, or $0.08 per diluted share,
in the first quarter of fiscal 2014, compared with net income of $325
thousand, or $0.04 per diluted share, in the same period in fiscal 2013, and
net income of $2.3 million, or $0.26 per diluted share, in the preceding
quarter.

"We are pleased to announce another successful quarter, with double digit
revenue growth and a doubling of net income over the same quarter last year.
 The results for the quarter reaffirm the benefits of our strengthened
operating model implemented and optimized over the last 18 months," said Dan
Mondor, the company's president and CEO.  "We are encouraged by the market
traction of our latest generation solutions and industry recognition of our
market leadership position.  Our level of product innovation has never been
stronger and we have recently brought CDN assisted VOD, Network DVR, CDN
analytics, and new real time solutions to market.  I am also pleased to report
new design wins, including a CDN assisted video-on-demand (VOD) deployment
underway with a new top 5 North American MSO."

The company paid a quarterly dividend of $0.12 per share in the first three
months of the fiscal year.  At September 30, 2013, Concurrent had cash and
cash equivalents of $25.5 million.  The company has no debt.

Recent Company Highlights

Video Solutions:

  o ZON, Portugal's leading pay TV operator and the country's second largest
    Internet provider, launched network digital video recording (Network DVR)
    services to their 1.6 million customers using Concurrent's MediaHawk VX™
    unified content delivery solution.
  o Concurrent's CDN assisted VOD solution was selected by a new top 5 North
    American MSO and deployment is underway.
  o Concurrent was awarded 2 U.S. Patents for video solutions technology. 

       o U.S. Patent No. 8,505,057 was granted for a method of caching video
         content at the edge of a content delivery network. 
       o U.S. Patent No. 8,522,268 was granted for a method of creating and
         incorporating personalized streaming video and images into a
         subscriber's electronic program guide (EPG) for the purposes of
         advertisement.

  o The company announced a new major release software upgrade for its
    flagship MediaHawk VX content delivery solution that enables service
    providers to launch over-the-top (OTT) video services to reach consumers
    beyond the boundaries of their own networks.
  o Independent research firm, Current Analysis, once again ranked
    Concurrent's MediaHawk VX as a leader in their On-Demand Video Server
    Product Assessment.

Real-Time:

  o Several leading automotive companies and Formula 1 racing teams have
    selected Concurrent's SIMulation Workbench™ and iHawk™ solutions to
    support their most demanding simulation applications.
  o Concurrent shipped its GPU Workbench™ solution to a government research
    center for design and analysis of their next generation torpedoes.
  o The company shipped RedHawk™ and iHawk systems to a major defense
    contractor for a foreign ballistic missile defense program.

Conference Call Information

Concurrent will hold a conference call today, Tuesday, October 29th, at 4:30
p.m. ET to review its first quarter of fiscal 2014 financial results.  The
call will be broadcast live at www.ccur.com, on the "Investors" page, under
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 131029.  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 and
follow us on Twitter: www.twitter.com/Concurrent_CCUR.

For more information, contact:

Media Relations:
Concurrent
Kristen Bryant
(678) 258-4221
kristen.bryant@ccur.com 

Horn Group
Erica McDonald
(646) 202-9783
erica.mcdonald@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
September 17, 2013 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 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, 
                                           2013               2012
Revenues:
     Product                               $          11,446  $          
                                                               8,964
     Service                               5,752              6,040
              Total revenues               17,198             15,004
Cost of sales:
     Product                               4,984              3,553
     Service                               2,712              2,639
              Total cost of sales          7,696              6,192
Gross margin                               9,502              8,812
Operating expenses:
     Sales and marketing                   3,482              3,638
     Research and development              3,173              2,847
     General and administrative            2,047              1,914
              Total operating expenses     8,702              8,399
Operating income                           800                413
Other (expense) income, net                (27)               19
Income before income taxes                 773                432
Income tax provision                       39                 107
Net income                                 $                  $              
                                           734                325
Basic net income per share                 $                  $            
                                            0.08               0.04
Diluted net income per share               $                  $            
                                            0.08               0.04
Basic weighted average shares outstanding  8,813              8,683
Diluted weighted average shares            9,049              8,801
outstanding
Cash dividends declared per common share   $                  $            
                                            0.12               0.12

 

              Concurrent Computer Corporation
              Condensed Consolidated Statements of Operations (Unaudited)
              (In Thousands Except Per Share Data)
                                         Three Months Ended  
                                         September 30,         June 30, 
                                        2013                  2013
Revenues:
  Product                               $           11,446    $            
                                                              8,637
  Service                               5,752                 6,287
              Total revenues            17,198                14,924
Cost of sales:
  Product                               4,984                 3,935
  Service                               2,712                 2,507
              Total cost of sales       7,696                 6,442
Gross margin                            9,502                 8,482
Operating expenses:
  Sales and marketing                   3,482                 3,550
  Research and development              3,173                 2,926
  General and administrative            2,047                 1,874
  Gain on sale of intellectual          -                     (2,381)
  property, net
              Total operating expenses  8,702                 5,969
Operating income                        800                   2,513
Other expense, net                      (27)                  (11)
Income before income taxes              773                   2,502
Provision for income taxes              39                    189
Net income                              $                734  $            
                                                              2,313
Basic net income per share              $               0.08  $              
                                                              0.26
Diluted net income per share            $               0.08  $              
                                                              0.26
Basic weighted average shares           8,813                 8,764
outstanding
Diluted weighted average shares         9,049                 8,966
outstanding
Cash dividends declared per common      $               0.12  $              
share                                                         0.12

 

      Concurrent Computer Corporation
      Condensed Consolidated Statements of Comprehensive Income
      (Unaudited)
      (In Thousands Except Per Share Data)
                                    Three Months Ended
                                     Sept. 30,     June 30,      Sept. 30,
                                    2013           2013          2012
Net income                          $         734  $      2,313  $         325
Other comprehensive income (loss):
      Foreign currency translation  (53)           (83)          (47)
      adjustment
      Pension and post-retirement   5              (180)         2
      benefits, net of tax
      Other comprehensive income    (48)           (263)         (45)
      (loss)
           Comprehensive income     $         686  $      2,050  $         280

 

 Concurrent Computer Corporation
  Condensed Consolidated Balance Sheets
 (In Thousands)
                                    September 30,        June 30,
                                    2013                 2013
                                    (unaudited)
 ASSETS
   Cash and cash equivalents        $           25,533   $           27,927
   Trade accounts receivable, net   9,645                10,701
   Inventories                      3,009                2,844
   Prepaid expenses and other       1,560                2,324
  current assets 
      Total current assets          39,747               43,796
   Property, plant and equipment,   3,178                3,102
  net 
   Intangible assets, net           617                  834
   Other long-term assets           911                  737
  Total assets                      $           44,453   $           48,469
  LIABILITIES 
   Accounts payable and accrued     $             5,019  $             7,671
  expenses 
   Deferred revenue                 7,515                8,383
      Total current liabilities     12,534               16,054
   Long-term deferred revenue       1,529                1,924
   Revolving bank line of credit,   -                    -
  non-current 
   Other long-term liabilities      4,713                4,706
       Total liabilities            18,776               22,684
  STOCKHOLDERS' EQUITY 
   Common stock                     89                   88
   Additional paid-in capital       208,975              208,677
   Accumulated deficit              (183,444)            (183,085)
   Treasury stock, at cost          (255)                (255)
   Accumulated other comprehensive  312                  360
  income  
      Total stockholders' equity    25,677               25,785
  Total liabilities and             $           44,453   $           48,469
 stockholders' equity 

 

SOURCE Concurrent

Website: http://www.ccur.com
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