Concurrent Computer Corp. reports fourth quarter results for period ended June 30, 1996.FORT LAUDERDALE Fort Lauderdale (lô`dərdāl), residential, commercial, and resort city (1990 pop. 149,377), seat of Broward co., SE Fla., on the Atlantic coast; settled around a fort built (c.1837) in the Seminole War, inc. 1911. , Fla.--(BUSINESS WIRE)--Aug. 29, 1996-- Concurrent Computer Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CCUR CCUR Center for Crops Utilization Research ) Thursday reported revenues of $18.7 million for the fourth quarter ended June 30, 1996, compared to $26.2 million for the quarter ended March 31, 1996 and $30.5 million for the quarter ended June 30, 1995. Revenue for fiscal year 1996 was $95.8 million compared to $140 million for fiscal year 1995. Loss for the quarter ended June 30, 1996 was $34.1 million and $39.7 million for the year. The loss included a $29 million charge for restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). and the write down of inventory and other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. in conjunction with the purchase of the real-time business of Harris Computer Systems Corp. which was completed on June 27, 1996. "The fourth quarter results were not unexpected. The quarter was a very challenging time for both Concurrent Computer Corporation  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . and Harris Computer Systems Corporation due to the prolonged pro·long tr.v. pro·longed, pro·long·ing, pro·longs 1. To lengthen in duration; protract. 2. To lengthen in extent. nature of the transaction. Concurrent is looking forward to the future and believes that with our new products and markets and an integrated employee base we are well positioned to meet our goals, and based on shipments and backlog as of this date we are enthusiastic about the future of the business," said E. Courtney Siegel, president and chief executive officer of Concurrent. "The Company is currently working on merging the two organizations and expects the integration to be largely completed by September 30, 1996. The Company rolled out its new product concept, which combines the most advanced features of both company s products, to our sales force during a worldwide sales meeting sales meeting n → reunión f de ventas held in Fort Lauderdale in mid-July. The integration of Sales, Marketing and Development has been completed and has been well received by our customers and employees," Siegel explained. "The telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. market and interactive real-time (which includes video-on-demand and wagering wa·ger n. 1. a. An agreement under which each bettor pledges a certain amount to the other depending on the outcome of an unsettled matter. b. A matter bet on; a gamble. 2. and gaming) market provides us with real opportunities for growth. These markets, as well as our solid core business of real-time, offer potential benefits for our customers and shareholders," Siegel concluded. Concurrent Computer Corp., headquartered in Fort Lauderdale, is the leading supplier of high-performance real-time computer systems, software and solutions to commercial and government markets. The company focuses on five distinct business areas: simulation; data acquisition; instrumentation & process control; telecommunications; and interactive real-time which includes video-on-demand and wagering & gaming. Operating in 22 countries worldwide, they provide sales and support from offices throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Europe, and Asia, as well as through authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: distributors, resellers and representatives. -0- CONSOLIDATED STATEMENTS OF OPERATIONS - CONCURRENT COMPUTER CORP. (Dollars in thousands except earnings per share)
Three Months Ended Twelve Months Ended
June 30, June 30, June 30, June 30,
1996 1995 1996 1995
Net Sales Computer systems $ 6,734 $14,202 $42,430 $72,074 Service and other 11,958 16,304 53,370 68,070 Total sales 18,692 30,506 95,800 140,144 Cost of sales Computer systems 7,358 8,219 27,487 38,639 Service and other 8,751 9,067 33,048 40,838 Total cost of sales 16,109 17,286 60,535 79,477 Gross margin 2,583 13,220 35,265 60,667
Other operating expense
Research and development 3,974 4,009 13,837 19,464
Selling, general and
administrative 7,881 7,972 29,818 36,921
Provision for
restructuring 23,180 500 24,480 3,200
Sales and use tax credit 0 0 0 (1,000)
Total other
operating expenses 35,035 12,481 68,135 58,585
Operating income (loss) (32,452) 739 (32,870) 2,082
Interest expense (465) (529) (2,316) (2,638)
Interest income 33 101 226 513
Other non-recurring
charge 0 0 (1,700) (1,000)
Other income
(expense) - net (1,022) 254 (1,502) 737
Total income/
(expense) (1,454) (174) (5,292) (2,388)
Income (loss) before provision for income taxes (33,906) 565 (38,162) (306) Provision for income taxes 150 300 1,550 1,700 Net income (loss) ($34,056) $265 ($39,712) ($2,006) Net income (loss) per share ($1.10) $0.01 ($1.30) ($0.07) CONTACT: Concurrent Computer Corp., Fort Lauderdale Corporate Communications Corporate communications is the process of facilitating information and knowledge exchanges with internal and key external groups and individuals that have a direct relationship with an enterprise. Beth Alonzo, 305/973-5100 |
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