Concurrent Computer Corp. reports second quarter results.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)--Jan. 30, 1997--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 Thursday: see week. reported revenues of $26.6 million for the second quarter ended Dec. 27, 1996, compared with $24.5 million for the second quarter ended Dec. 31, 1995. Profit for the quarter was $2.7 million, or $0.06 per share, compared with a loss of ($2.6 million), or ($0.08) per share for the comparable quarter a year ago. The current quarter includes a gain of $2.2 million on the sale of 261,500 shares of CyberGuard stock and revaluation Revaluation A calculated adjustment to a country's official exchange rate relative to a chosen baseline. The baseline can be anything from wage rates to the price of gold to a foreign currency. In a fixed exchange rate regime, only a decision by a country's government (i.e. of the 307,678 remaining shares. "International sales strengthened this quarter. A large domestic order was booked late in the quarter and will be shipped in the third quarter," said Corky cork·y adj. cork·i·er, cork·i·est 1. Of or resembling cork. 2. Informal Lively; buoyant. cork Siegel Siegel, a surname, is associated with two ethnic groups. As a Jewish surname Siegel (סג"ל) it could be an acronym of Segan Levi (סגן לוי), meaning "Assistant Levite". , Concurrent's president and chief executive officer. "We are expecting an improved third quarter over the prior quarter. The third quarter will also mark the release of several new products -- our new operating system operating system (OS) Software that controls the operation of a computer, directs the input and output of data, keeps track of files, and controls the processing of computer programs. , PowerMAX OS(tm), and our state-of-the-art video server, Media Hawk hawk, name generally applied to the smaller members of the Accipitridae, a heterogeneous family of diurnal birds of prey, such as the eagle, the kite, the Old World vulture, and the secretary bird. (tm). These latest technologies are the result of the combination of the best real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. features of Concurrent and the former Harris Harris, Scotland: see Lewis and Harris. Computer Systems." "In order to further our commitment to the growing video-on-demand market we have appointed Robert T. Menzel as vice president, Video-On-Demand. The company is committed to bringing high-performance, real-time products to the video-on-demand industry and we believe the appointment of Mr. Menzel, as well as the introduction of our new video server, are major steps in that direction," Siegel added. Concurrent Computer Corp., headquartered in Fort Lauderdale, is the leading supplier of high-performance, real-time computers to commercial and government markets. The company focuses on strategic business areas that include -- simulation; data acquisition; instrumentation instrumentation, in music: see orchestra and orchestration. instrumentation In technology, the development and use of precise measuring, analysis, and control equipment. and process control; interactive real-time, consisting of 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; telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. ; and vibration control. The company operates in 28 countries worldwide. It provides 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. , South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. , Europe, Asia, and Australia. Certain matters discussed in this news release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. involving certain risks and uncertainties including, without limitation, changes in product demand, changes in competition, economic conditions, various inventory risks due to changes in market conditions and other risks. -0-
CONCURRENT COMPUTER CORP.
QUARTER 2 INCOME STATEMENT ($K)
Three Months Ended Six Months Ended
12/27/96 12/31/95 12/27/96 12/31/95
-------- -------- -------- --------
Revenue $ $ $ $
-------- -------- -------- --------
Equipment $ 12,870 $ 10,332 $ 26,244 $ 21,865
Maintenance 13,755 14,151 28,138 29,070
Total 26,625 24,483 54,382 50,935
Cost of Sales
Equipment 6,796 5,892 13,905 12,363
Maintenance 7,156 8,004 14,914 16,780
Transition/One Time
Cost 64 0 802 0
Total COS 14,016 13,896 29,621 29,143
Gross Margin 12,609 10,587 24,761 21,792
Development 3,443 3,339 6,799 7,054
Selling, General and
Administrative 7,797 7,319 15,028 15,271
Transition/
Restructuring
cost 872 1,300 2,106 1,300
Postretirement
Benefit/Reversal
FASB 106 (1,200) 0 (2,181) 0
Total Indirect 10,912 11,958 21,752 23,625
Operating Income 1,697 (1,371) 3,009 (1,833)
Interest Expense (532) (626) (1,191) (1,320)
Interest Income 29 70 81 181
Other Income/
(Expense) (161) (30) (420) (517)
Other Non-recurring
Charges 0 0 0 (1,700)
CyberGuard stock 2,192 0 (1,876) 0
IBT 3,225 (1,957) (397) (5,189)
Taxes 530 600 970 1,000
IAT $ 2,695 $ (2,557) $ (1,367) $ (6,189)
Earnings per Share $ 0.06 $ (0.08) $ (0.03) $ (0.20)
Without Transition and Restructuring Expense, CyberGuard
Stock Gain/(Loss) and other non-recurring charges
IAT $ 239 $ (1,257) $ 1,236 $ (4,889)
Earnings per Share $ 0.01 $ (0.04) $ 0.03 $ (0.16)
CONCURRENT COMPUTER CORP.
QUARTER 2 BALANCE SHEET ($K)
Dec. 27, June 30,
1996 1996
-------- --------
ASSETS $ $
-------- --------
Cash $ 2,672 $ 3,562
Securities available for sale 3,838 10,077
Net accounts receivable 27,173 27,948
Net inventories 13,573 11,683
Other current assets 2,066 2,384
Total current assets 49,322 55,654
Plant & equipment 16,874 16,453
Facility held for disposal 4,700 4,700
Other long term assets 1,634 3,407
Total Assets 72,530 80,214
LIABILITIES AND STOCKHOLDERS' EQUITY
Notes and loans payable 5,423 5,013
Current portion of long-term debt 1,668 1,241
Revolved credit facility 4,044 5,014
Accounts payable 12,393 9,453
Accrued wages and benefit 7,135 7,934
Deferred revenue 4,682 4,573
Other accrued expenses 14,524 23,251
Total current liabilities 49,869 56,479
Long term debt 5,564 6,603
Other long term liabilities 2,094 4,454
Preferred stock 3,757 5,610
Equity 11,246 7,068
Total Liabilities and Equities $ 72,530 $ 80,214
-0- Note: For additional company or product information from Concurrent Computer Corp. via fax, call 888/286-6418 or visit our website at http://www.ccur.com. PowerMAX OS(tm) and Media Hawk(tm) are trademarks of Concurrent Computer Corp. In the World Wide Web address noted in this news release, there is a double slash between http: and www.ccur.com. These symbols may not appear properly in some systems. 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, 954/973-5100 |
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