Concurrent Reports Fiscal Year 2014 Third Quarter Financial Results - KCTV5

Concurrent Reports Fiscal Year 2014 Third Quarter Financial Results

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SOURCE Concurrent

ATLANTA, April 29, 2014 /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 2014 ended March 31, 2014.

Revenue for the third quarter of fiscal 2014 grew by 8.0% year over year to $18.3 million compared with $16.9 million for the same period in fiscal 2013, and $17.8 million in the preceding quarter. 

Gross margin for the third quarter of fiscal 2014 was 56.1% compared with 59.1% for the same period in fiscal 2013, and 55.8% in the preceding quarter, primarily reflecting the mix of products and customers.  Operating expenses were $9.0 million, compared with $8.8 million for the same period in fiscal 2013, and $8.8 million in the preceding quarter.  

The company reported net income of $1.1 million, or $0.12 per diluted share, in the third quarter of fiscal 2014, compared with net income of $937 thousand, or $0.11 per diluted share, in the same period in fiscal 2013, and net income of $1.1 million, or $0.12 per diluted share, in the preceding quarter.

"In the third quarter we added new customers, expanded our patent portfolio, and released a host of new product innovations," said Dan Mondor, Concurrent's president and CEO. "With healthy contribution from both our video and real-time businesses, our Q3 revenue grew by 8% versus the same quarter last year.  On a year to date basis, revenue has grown 10%, operating income is up 27%, and net income has improved by $0.10 per diluted share. I am pleased with our market momentum and the solid progress we have made in the business this year."  

The company paid quarterly dividends of $0.12 per share in each of the first three quarters of the fiscal year.  At March 31, 2014, Concurrent had cash and cash equivalents of $22.5 million.  The company has no debt.

Recent Company Highlights

Video Solutions:

  • Get, Norway's leading digital television and broadband Internet provider, selected Concurrent's MediaHawk VX™ unified content delivery solution to power their "Get TV" online video streaming service.
  • Concurrent delivered multi-screen video solutions to two new top-tier service providers in Europe.
  • The company set a record pace for video patent awards by securing four U.S. patents in the past nine months. 
  • The company offered customers a glimpse of Concurrent's future products at the NAB show in Las Vegas, highlighting new solutions for over the top video delivery.

Real-Time:

  • Concurrent was awarded new design wins for jet engine test stands, military aircraft simulators, and commercial automotive simulators.
  • The company enhanced its SIMulation Workbench application to introduce support for FMI/FMU (functional mock-up interface), an emerging standard for model based systems development that supports faster frame rates.
  • The company shipped a large ImaGen solution for a U.S. Navy training program.

Conference Call Information       

Concurrent will broadcast a conference call today, Tuesday, April 29th, at 4:30 p.m. ET to review its third quarter of fiscal 2014 financial results.  The call will be broadcast at www.ccur.com, on the "Investors" page, under the 'About' tab. The call can be accessed by dialing 1-800-230-1093 (U.S.) 612-288-0329 (international) and entering pass code 140429.  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
Alex Shapiro
(415) 905-4011
Concurrentteam@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: the potential consolidation of the markets that we serve; 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; 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 Form 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 or registered 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 March 31, 


 Nine Months Ended March 31, 






2014


2013


2014


2013

Revenues:










Product 


$          12,197


$          10,714


$       34,651


$           29,777


Service 


6,081


6,213


18,662


18,743



Total revenues


18,278


16,927


53,313


48,520

Cost of sales:










Product 


5,495


4,591


15,701


12,439


Service 


2,535


2,336


7,906


7,726



Total cost of sales


8,030


6,927


23,607


20,165

Gross margin


10,248


10,000


29,706


28,355

Operating expenses:










Sales and marketing


3,595


3,527


10,590


10,808


Research and development


3,409


2,878


9,998


8,673


General and administrative


1,984


2,362


5,925


6,352



Total operating expenses


8,988


8,767


26,513


25,833

Operating income 


1,260


1,233


3,193


2,522

Other expense, net


(38)


(229)


(128)


(407)

Income before income taxes


1,222


1,004


3,065


2,115

Income tax provision


140


67


160


180

Net income 


$            1,082


$               937


$         2,905


$             1,935












Basic net income per share


$              0.12


$              0.11


$           0.33


$               0.22

Diluted net income per share


$              0.12


$              0.11


$           0.32


$               0.22

Basic weighted average shares outstanding


8,944


8,754


8,897


8,726

Diluted weighted average shares outstanding


9,090


8,894


9,074


8,873

Cash dividends declared per common share


$              0.12


$              0.06


$           0.36


$               0.74

 

 




Concurrent Computer Corporation




Condensed Consolidated Statements of Operations (Unaudited)




(In Thousands Except Per Share Data)















 Three Months Ended  







 March 31, 


 December 31, 







2014


2013


Revenues:







Product 


$           12,197


$           11,008



Service 


6,081


6,829





Total revenues


18,278


17,837


Cost of sales:







Product 


5,495


5,222



Service 


2,535


2,659





Total cost of sales


8,030


7,881


Gross margin


10,248


9,956


Operating expenses:







Sales and marketing


3,595


3,513



Research and development


3,409


3,416



General and administrative


1,984


1,894





Total operating expenses


8,988


8,823


Operating income


1,260


1,133


Other expense, net


(38)


(63)


Income before income taxes


1,222


1,070


Provision (benefit) for income taxes


140


(19)


Net income


$             1,082


$             1,089











Basic net income per share


$               0.12


$               0.12


Diluted net income per share


$               0.12


$               0.12


Basic weighted average shares outstanding


8,944


8,934


Diluted weighted average shares outstanding


9,090


9,041


Cash dividends declared per common share


$               0.12


$               0.12


 

 

Concurrent Computer Corporation

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

(In Thousands Except Per Share Data)




















Three Months Ended


Nine Months Ended






 March 31, 


Dec. 31,


March 31,


 March 31, 


March 31,






2014


2013


2013


2014


2013















Net income 


$      1,082


$      1,089


$         937


$      2,905


$      1,935















Other comprehensive income (loss):












Foreign currency translation adjustment


31


(92)


(24)


(114)


(242)


Pension and post-retirement benefits, net of tax


5


5


2


15


6


Other comprehensive income (loss)


36


(87)


(22)


(99)


(236)


     Comprehensive income


$      1,118


$      1,002


$         915


$      2,806


$      1,699

 

 

Concurrent Computer Corporation


 Condensed Consolidated Balance Sheets


(In Thousands)














March 31,


December 31,


June 30,






2014


2013


2013






(unaudited)


(unaudited)















ASSETS










 Cash and cash equivalents 


$           22,452


$           25,096


$           27,927




 Trade accounts receivable, net 


18,165


11,745


10,701




 Inventories 


3,609


3,856


2,844




 Prepaid expenses and other current assets 


1,426


1,408


2,324




    Total current assets 


45,652


42,105


43,796














 Property, plant and equipment, net 


2,992


2,921


3,102




 Intangible assets, net 


512


552


834




 Other long-term assets 


921


889


737



 Total assets 


$           50,077


$           46,467


$           48,469













 LIABILITIES 










 Accounts payable and accrued expenses 


$             9,274


$             7,990


$             7,671




 Deferred revenue 


8,590


6,303


8,383




    Total current liabilities 


17,864


14,293


16,054














 Long-term deferred revenue 


1,160


1,462


1,924




 Other long-term liabilities 


4,987


4,906


4,706




     Total liabilities 


24,011


20,661


22,684













 STOCKHOLDERS' EQUITY 










 Common stock 


90


90


88




 Additional paid-in capital 


209,464


209,211


208,677




 Accumulated deficit 


(183,494)


(183,465)


(183,085)




 Treasury stock, at cost 


(255)


(255)


(255)




 Accumulated other comprehensive income  


261


225


360




    Total stockholders' equity 


26,066


25,806


25,785



 Total liabilities and stockholders' equity 


$           50,077


$           46,467


$           48,469



 

Concurrent, a global leader in innovative solutions, enables seamless delivery, management and monetization of video on any screen. Concurrent's screen-independent video delivery and media data solutions create a 360-degree view of the consumer video experience and provides cable, telco, wireless, web, advertising and content development industries with new revenue opportunities. Concurrent, Concurrent Computer Corporation and its logo are registered trademarks of Concurrent Computer Corporation.

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