Click here to close now.

Welcome!

Linux Containers Authors: Liz McMillan, Elizabeth White, JP Morgenthal, AppDynamics Blog, Roger Strukhoff

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
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, examined three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective storage designed to handle the massive surge in back-end data in a world where timely analytics is e...
Collecting data in the field and configuring multitudes of unique devices is a time-consuming, labor-intensive process that can stretch IT resources. Horan & Bird [H&B], Australia’s fifth-largest Solar Panel Installer, wanted to automate sensor data collection and monitoring from its solar panels and integrate the data with its business and marketing systems. After data was collected and structured, two major areas needed to be addressed: improving developer workflows and extending access to a business application to multiple users (multi-tenancy). Docker, a container technology, was used to ...
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...
The true value of the Internet of Things (IoT) lies not just in the data, but through the services that protect the data, perform the analysis and present findings in a usable way. With many IoT elements rooted in traditional IT components, Big Data and IoT isn’t just a play for enterprise. In fact, the IoT presents SMBs with the prospect of launching entirely new activities and exploring innovative areas. CompTIA research identifies several areas where IoT is expected to have the greatest impact.
2015 predictions circa 1970: houses anticipate our needs and adapt, city infrastructure is citizen and situation aware, office buildings identify and preprocess you. Today smart buildings have no such collective conscience, no shared set of fundamental services to identify, predict and synchronize around us. LiveSpace and M2Mi are changing that. LiveSpace Smart Environment devices deliver over the M2Mi IoT Platform real time presence, awareness and intent analytics as a service to local connected devices. In her session at @ThingsExpo, Sarah Cooper, VP Business of Development at M2Mi, will d...
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, data security and privacy.
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 this session, James Kirkland, Red Hat's Chief Architect for the Internet of Things and Intelligent Systems, will describe how to revolutionize your architecture and...
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series data. By focusing on enterprise applications and the data center, he will use OpenTSDB as an example t...
We’re entering a new era of computing technology that many are calling the Internet of Things (IoT). Machine to machine, machine to infrastructure, machine to environment, the Internet of Everything, the Internet of Intelligent Things, intelligent systems – call it what you want, but it’s happening, and its potential is huge. IoT is comprised of smart machines interacting and communicating with other machines, objects, environments and infrastructures. As a result, huge volumes of data are being generated, and that data is being processed into useful actions that can “command and control” thi...
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo, June 9-11, 2015, at the Javits Center in New York City. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using the URL as a basic building block, we open this up and get the same resilience that the web enjoys.
We are reaching the end of the beginning with WebRTC, and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will want to use their existing identities, but these will have credentials already that are (hopefully) i...
SYS-CON Events announced today that MetraTech, now part of Ericsson, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Ericsson is the driving force behind the Networked Society- a world leader in communications infrastructure, software and services. Some 40% of the world’s mobile traffic runs through networks Ericsson has supplied, serving more than 2.5 billion subscribers.
Thanks to widespread Internet adoption and more than 10 billion connected devices around the world, companies became more excited than ever about the Internet of Things in 2014. Add in the hype around Google Glass and the Nest Thermostat, and nearly every business, including those from traditionally low-tech industries, wanted in. But despite the buzz, some very real business questions emerged – mainly, not if a device can be connected, or even when, but why? Why does connecting to the cloud create greater value for the user? Why do connected features improve the overall experience? And why do...
SYS-CON Events announced today that O'Reilly Media has been named “Media Sponsor” of 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. O'Reilly Media spreads the knowledge of innovators through its books, online services, magazines, and conferences. Since 1978, O'Reilly Media has been a chronicler and catalyst of cutting-edge development, homing in on the technology trends that really matter and spurring their adoption by amplifying "faint signals" from the alpha geeks who are creating the future. An active participa...
Imagine a world where targeting, attribution, and analytics are just as intrinsic to the physical world as they currently are to display advertising. Advances in technologies and changes in consumer behavior have opened the door to a whole new category of personalized marketing experience based on direct interactions with products. The products themselves now have a voice. What will they say? Who will control it? And what does it take for brands to win in this new world? In his session at @ThingsExpo, Zack Bennett, Vice President of Customer Success at EVRYTHNG, will answer these questions a...
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and assessments, including a decade of leading incident response and digital forensics. He is co-author of t...
The Internet of Things is a misnomer. That implies that everything is on the Internet, and that simply should not be - especially for things that are blurring the line between medical devices that stimulate like a pacemaker and quantified self-sensors like a pedometer or pulse tracker. The mesh of things that we manage must be segmented into zones of trust for sensing data, transmitting data, receiving command and control administrative changes, and peer-to-peer mesh messaging. In his session at @ThingsExpo, Ryan Bagnulo, Solution Architect / Software Engineer at SOA Software, focused on desi...
The multi-trillion economic opportunity around the "Internet of Things" (IoT) is emerging as the hottest topic for investors in 2015. As we connect the physical world with information technology, data from actions, processes and the environment can increase sales, improve efficiencies, automate daily activities and minimize risk. In his session at @ThingsExpo, Ed Maguire, Senior Analyst at CLSA Americas, will describe what is new and different about IoT, explore financial, technological and real-world impact across consumer and business use cases. Why now? Significant corporate and venture...