Click here to close now.

Welcome!

Apache Authors: Don MacVittie, AppDynamics Blog, Pat Romanski, Liz McMillan, Elizabeth White

News Feed Item

Concurrent Reports Fiscal Year 2014 Second Quarter Financial Results

ATLANTA, Jan. 28, 2014 /PRNewswire/ -- Concurrent (NASDAQ: CCUR), a global leader in video, media data intelligence and real-time Linux® solutions, today announced financial results for the second quarter of its fiscal 2014 ended December 31, 2013.

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

Revenue for the second quarter of fiscal 2014 grew by 7.5% year over year to $17.8 million compared with $16.6 million for the same period in fiscal 2013, and $17.2 million in the preceding quarter. 

Gross margin for the second quarter of fiscal 2014 was 55.8% compared with 57.5% for the same period in fiscal 2013, and 55.3% in the preceding quarter, primarily reflecting the mix of products and customers.  Operating expenses were $8.8 million, compared with $8.7 million for the same period in fiscal 2013, and $8.7 million in the preceding quarter.  

The company reported net income of $1.1 million, or $0.12 per diluted share, in the second quarter of fiscal 2014, compared with net income of $673 thousand, or $0.08 per diluted share, in the same period in fiscal 2013, and net income of $734 thousand, or $0.08 per diluted share, in the preceding quarter.

"We are pleased to announce another solid quarter, with continued revenue growth and higher operating income on both a quarterly and year-to-date basis," said Dan Mondor, the company's president and CEO.  "Year-to-date revenues are up 11%, operating income has improved by 50%, and we reported a net income of $0.20 per diluted share versus $0.11 per diluted share in the same period last fiscal year.  We are pleased with the market traction we are seeing around the globe for our video products, as well as growing demand for our latest real-time solutions."

The company paid quarterly dividends of $0.12 per share in each of the first two quarters of the fiscal year.  At December 31, 2013, Concurrent had cash and cash equivalents of $25.1 million.  The company has no debt.

Recent Company Highlights

Video Solutions:

  • Concurrent launched a new cloud-enabled unified origin server solution that allows multi-channel video service providers to stream premium content hosted on cloud storage services such as Amazon S3™
  • Concurrent's MediaHawk VX™ CDN Assisted Video On-Demand solution was awarded 4 diamonds from Broadband Technology Report's (BTR) Diamond Technology Reviews
  • The company released a new intelligent request router that enables service providers to efficiently deliver multi-screen video content to consumers across a geographically distributed IP network
  • Independent research firm, Current Analysis, again ranked Concurrent's MediaHawk VX as the leader in their latest On-Demand Video Server Product Assessment
  • A new thought-leadership webinar series was announced that will explore the state, trends, and future of multi-screen video delivery and monetization technologies

Real-Time:

  • Concurrent continued to gain traction in the automotive simulation and testing market with the shipment of SIMulation Workbench™ solutions to several leading automotive companies and Formula 1 racing teams
  • The company shipped iHawk™ solutions to a major locomotive supplier to run hardware-in-the-loop models for its engine control units
  • Concurrent delivered iHawk solutions to United Launch Alliance and Orbital Sciences Corporation for their space programs

Conference Call Information

Concurrent will hold a conference call today, Tuesday, January 28th, at 4:30 p.m. ET to review its second 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 1-800-230-1059 (U.S.) 612-288-0340 (international) and entering pass code 140128.  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
[email protected]

Horn Group
Alex Shapiro
(415) 905-4011
[email protected]

Investor Relations Contact:
Concurrent
Sandra Dover
(678) 258-4112
[email protected]

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 December 31, 


 Six Months Ended December 31, 





2013


2012


2013


2012

Revenues:










Product 


$          11,008


$          10,099


$       22,454


$           19,063


Service 


6,829


6,490


12,581


12,530



Total revenues


17,837


16,589


35,035


31,593

Cost of sales:










Product 


5,222


4,295


10,206


7,848


Service 


2,659


2,751


5,371


5,390



Total cost of sales


7,881


7,046


15,577


13,238

Gross margin


9,956


9,543


19,458


18,355

Operating expenses:










Sales and marketing


3,513


3,643


6,995


7,281


Research and development


3,416


2,948


6,589


5,795


General and administrative


1,894


2,076


3,941


3,990



Total operating expenses


8,823


8,667


17,525


17,066

Operating income 


1,133


876


1,933


1,289

Other expense, net


(63)


(197)


(90)


(178)

Income before income taxes


1,070


679


1,843


1,111

Income tax (benefit) provision


(19)


6


20


113

Net income 


$            1,089


$               673


$         1,823


$                998












Basic net income per share


$              0.12


$              0.08


$           0.21


$               0.11

Diluted net income per share


$              0.12


$              0.08


$           0.20


$               0.11

Basic weighted average shares outstanding


8,934


8,741


8,874


8,712

Diluted weighted average shares outstanding


9,040


8,851


9,060


8,852

Cash dividends declared per common share


$              0.12


$              0.56


$           0.24


$               0.68

 




Concurrent Computer Corporation




Condensed Consolidated Statements of Operations (Unaudited)




(In Thousands Except Per Share Data)















 Three Months Ended  







 December 31, 


 September 30, 







2013


2013


Revenues:







Product 


$           11,008


$           11,446



Service 


6,829


5,752





Total revenues


17,837


17,198


Cost of sales:







Product 


5,222


4,984



Service 


2,659


2,712





Total cost of sales


7,881


7,696


Gross margin


9,956


9,502


Operating expenses:







Sales and marketing


3,513


3,482



Research and development


3,416


3,173



General and administrative


1,894


2,047





Total operating expenses


8,823


8,702


Operating income


1,133


800


Other expense, net


(63)


(27)


Income before income taxes


1,070


773


(Benefit) provision for income taxes


(19)


39


Net income


$             1,089


$                734











Basic net income per share


$               0.12


$               0.08


Diluted net income per share


$               0.12


$               0.08


Basic weighted average shares outstanding


8,934


8,813


Diluted weighted average shares outstanding


9,040


9,049


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


Six Months Ended






 Dec. 31, 


Sept. 30,


Dec. 31,


 Dec. 31, 


Dec. 31,






2013


2013


2012


2013


2012















Net income 


$      1,089


$         734


$         673


$      1,823


$         998















Other comprehensive income (loss):














Foreign currency translation adjustment


(92)


(53)


(172)


(145)


(218)




Pension and post-retirement benefits, net of tax


5


5


2


10


4




Other comprehensive income (loss)


(87)


(48)


(170)


(135)


(214)




     Comprehensive income


$      1,002


$         686


$         503


$      1,688


$         784

 

Concurrent Computer Corporation


 Condensed Consolidated Balance Sheets


(In Thousands)














December 31,


September 30,


June 30,






2013


2013


2013






(unaudited)


(unaudited)















ASSETS










 Cash and cash equivalents 


$           25,096


$           25,533


$           27,927




 Trade accounts receivable, net 


11,745


9,645


10,701




 Inventories 


3,856


3,009


2,844




 Prepaid expenses and other current assets 


1,408


1,560


2,324




    Total current assets 


42,105


39,747


43,796














 Property, plant and equipment, net 


2,921


3,178


3,102




 Intangible assets, net 


552


617


834




 Other long-term assets 


889


911


737



 Total assets 


$           46,467


$           44,453


$           48,469













 LIABILITIES 










 Accounts payable and accrued expenses 


$             7,990


$             5,019


$             7,671




 Deferred revenue 


6,303


7,515


8,383




    Total current liabilities 


14,293


12,534


16,054














 Long-term deferred revenue 


1,462


1,529


1,924




 Other long-term liabilities 


4,906


4,713


4,706




     Total liabilities 


20,661


18,776


22,684













 STOCKHOLDERS' EQUITY 










 Common stock 


90


89


88




 Additional paid-in capital 


209,211


208,975


208,677




 Accumulated deficit 


(183,465)


(183,444)


(183,085)




 Treasury stock, at cost 


(255)


(255)


(255)




 Accumulated other comprehensive income  


225


312


360




    Total stockholders' equity 


25,806


25,677


25,785



 Total liabilities and stockholders' equity 


$           46,467


$           44,453


$           48,469



 

 

SOURCE Concurrent

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
The basic integration architecture, as defined by ESBs, hasn’t changed for more than a decade. Most cloud integration providers still rely on an ESB architecture and their proprietary connectors. As a result, enterprise integration projects suffer from constraints of availability and reliability of these connectors that are not re-usable across other integration vendors. However, the rapid adoption of APIs and almost ubiquitous availability of APIs amongst most SaaS and Cloud applications are rapidly redefining traditional integration approaches and their reliance on proprietary connectors. ...
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of profound change in the industry.
Internet of Things is moving from being a hype to a reality. Experts estimate that internet connected cars will grow to 152 million, while over 100 million internet connected wireless light bulbs and lamps will be operational by 2020. These and many other intriguing statistics highlight the importance of Internet powered devices and how market penetration is going to multiply many times over in the next few years.
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi’s VP Business Development and Engineering, will explore the IoT cloud-based platform technologies driving this change including privacy controls, data transparency and integration of real time context wi...
Internet of Things (IoT) will be a hybrid ecosystem of diverse devices and sensors collaborating with operational and enterprise systems to create the next big application. In their session at @ThingsExpo, Bramh Gupta, founder and CEO of robomq.io, and Fred Yatzeck, principal architect leading product development at robomq.io, discussed how choosing the right middleware and integration strategy from the get-go will enable IoT solution developers to adapt and grow with the industry, while at the same time reduce Time to Market (TTM) by using plug and play capabilities offered by a robust IoT ...
"We have a tagline - "Power in the API Economy." What that means is everything that is built in applications and connected applications is done through APIs," explained Roberto Medrano, Executive Vice President at Akana, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Architect for the Internet of Things and Intelligent Systems, described how to revolutionize your archit...
WebRTC converts the entire network into a ubiquitous communications cloud thereby connecting anytime, anywhere through any point. In his session at WebRTC Summit,, Mark Castleman, EIR at Bell Labs and Head of Future X Labs, will discuss how the transformational nature of communications is achieved through the democratizing force of WebRTC. WebRTC is doing for voice what HTML did for web content.
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society-changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his session at @ThingsExpo, Jason Mondanaro, Director, Product Management at Metanga, discussed how you can plan to cooperate, partner, and form lasting all-star teams to change the world and it starts with business models and monetization strategies.
To many people, IoT is a buzzword whose value is not understood. Many people think IoT is all about wearables and home automation. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed some incredible game-changing use cases and how they are transforming industries like agriculture, manufacturing, health care, and smart cities. He will discuss cool technologies like smart dust, robotics, smart labels, and much more. Prepare to be blown away with a glimpse of the future.
SYS-CON Events announced today that BMC will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. BMC delivers software solutions that help IT transform digital enterprises for the ultimate competitive business advantage. BMC has worked with thousands of leading companies to create and deliver powerful IT management services. From mainframe to cloud to mobile, BMC pairs high-speed digital innovation with robust IT industrialization – allowing customers to provide amazing user experiences with optimized IT per...
There will be 150 billion connected devices by 2020. New digital businesses have already disrupted value chains across every industry. APIs are at the center of the digital business. You need to understand what assets you have that can be exposed digitally, what their digital value chain is, and how to create an effective business model around that value chain to compete in this economy. No enterprise can be complacent and not engage in the digital economy. Learn how to be the disruptor and not the disruptee.
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will addresses this very serious issue of profound change in the industry.
Business as usual for IT is evolving into a "Make or Buy" decision on a service-by-service conversation with input from the LOBs. How does your organization move forward with cloud? In his general session at 16th Cloud Expo, Paul Maravei, Regional Sales Manager, Hybrid Cloud and Managed Services at Cisco, discusses how Cisco and its partners offer a market-leading portfolio and ecosystem of cloud infrastructure and application services that allow you to uniquely and securely combine cloud business applications and services across multiple cloud delivery models.
In his General Session at 16th Cloud Expo, David Shacochis, host of The Hybrid IT Files podcast and Vice President at CenturyLink, investigated three key trends of the “gigabit economy" though the story of a Fortune 500 communications company in transformation. Narrating how multi-modal hybrid IT, service automation, and agile delivery all intersect, he will cover the role of storytelling and empathy in achieving strategic alignment between the enterprise and its information technology.
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists peeled away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud environment, and we must architect and code accordingly. At the very least, you'll have no problem fillin...
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Opening Keynote at 16th Cloud Expo, Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, d...
Converging digital disruptions is creating a major sea change - Cisco calls this the Internet of Everything (IoE). IoE is the network connection of People, Process, Data and Things, fueled by Cloud, Mobile, Social, Analytics and Security, and it represents a $19Trillion value-at-stake over the next 10 years. In her keynote at @ThingsExpo, Manjula Talreja, VP of Cisco Consulting Services, discussed IoE and the enormous opportunities it provides to public and private firms alike. She will share what businesses must do to thrive in the IoE economy, citing examples from several industry sectors.
In his keynote at 16th Cloud Expo, Rodney Rogers, CEO of Virtustream, discussed the evolution of the company from inception to its recent acquisition by EMC – including personal insights, lessons learned (and some WTF moments) along the way. Learn how Virtustream’s unique approach of combining the economics and elasticity of the consumer cloud model with proper performance, application automation and security into a platform became a breakout success with enterprise customers and a natural fit for the EMC Federation.
SYS-CON Events announced today that the "Second Containers & Microservices Conference" will take place November 3-5, 2015, at the Santa Clara Convention Center, Santa Clara, CA, and the “Third Containers & Microservices Conference” will take place June 7-9, 2016, at Javits Center in New York City. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.