Welcome!

Linux Containers Authors: Plutora Blog, Carmen Gonzalez, Elizabeth White, Pat Romanski, Yeshim Deniz

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
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, Cloud Expo and @ThingsExpo are two of the most important technology events of the year. Since its launch over eight years ago, Cloud Expo and @ThingsExpo have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors! In this blog post, I provide 7 tips on how, as part of our world-class faculty, you can deliver one of the most popular sessions at our events. But before reading the...
"Storage is growing. All of IDC's estimates say that unstructured data is now 80% of the world's data. We provide storage systems that can actually deal with that scale of data - software-defined storage systems," stated Paul Turner, Chief Product and Marketing Officer at Cloudian, in this SYS-CON.tv interview at 17th Cloud Expo, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Have you ever noticed how some IT people seem to lead successful, rewarding, and satisfying lives and careers, while others struggle? IT author and speaker Don Crawley uncovered the five principles that successful IT people use to build satisfying lives and careers and he shares them in this fast-paced, thought-provoking webinar. You'll learn the importance of striking a balance with technical skills and people skills, challenge your pre-existing ideas about IT customer service, and gain new in...
SYS-CON Events announced today that Hitrons Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Hitrons Solutions Inc. is distributor in the North American market for unique products and services of small and medium-size businesses, including cloud services and solutions, SEO marketing platforms, and mobile applications.
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develop...
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
In his session at @ThingsExpo, Steve Wilkes, CTO and founder of Striim, will delve into four enterprise-scale, business-critical case studies where streaming analytics serves as the key to enabling real-time data integration and right-time insights in hybrid cloud, IoT, and fog computing environments. As part of this discussion, he will also present a demo based on its partnership with Fujitsu, highlighting their technologies in a healthcare IoT use-case. The demo showcases the tracking of patie...
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business. Though, IoT is far more complex than most firms expected with a majority of IoT projects having failed. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, Chief IoTologist at Wipro, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology portfolios and business models to adopt and leverage IoT. He will delve in...
SYS-CON Events announced today that Outlyer, a monitoring service for DevOps and operations teams, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Outlyer is a monitoring service for DevOps and Operations teams running Cloud, SaaS, Microservices and IoT deployments. Designed for today's dynamic environments that need beyond cloud-scale monitoring, we make monitoring effortless so you...
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
Unsecured IoT devices were used to launch crippling DDOS attacks in October 2016, targeting services such as Twitter, Spotify, and GitHub. Subsequent testimony to Congress about potential attacks on office buildings, schools, and hospitals raised the possibility for the IoT to harm and even kill people. What should be done? Does the government need to intervene? This panel at @ThingExpo New York brings together leading IoT and security experts to discuss this very serious topic.
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 Day 2 Keynote at @ThingsExpo, Henrik Kenani Dahlgren, Portfolio Marketing Manager at Ericsson, discussed how to plan to cooperate, partner, and form lasting all-star teams to change the...
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
WebRTC services have already permeated corporate communications in the form of videoconferencing solutions. However, WebRTC has the potential of going beyond and catalyzing a new class of services providing more than calls with capabilities such as mass-scale real-time media broadcasting, enriched and augmented video, person-to-machine and machine-to-machine communications. In his session at @ThingsExpo, Luis Lopez, CEO of Kurento, introduced the technologies required for implementing these idea...
In an era of historic innovation fueled by unprecedented access to data and technology, the low cost and risk of entering new markets has leveled the playing field for business. Today, any ambitious innovator can easily introduce a new application or product that can reinvent business models and transform the client experience. In their Day 2 Keynote at 19th Cloud Expo, Mercer Rowe, IBM Vice President of Strategic Alliances, and Raejeanne Skillern, Intel Vice President of Data Center Group and G...
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.