Concurrent Computer Corporation Announces Fourth Quarter and Fiscal Year 2002 Annual Results.Business Editors/Technology Writers ATLANTA--(BUSINESS WIRE)--Aug. 23, 2002 Reports Record Quarterly VOD See video-on-demand. VoD - video on demand Revenue of $17.4 Million and Fourth Quarter Net Earnings of $.08 per Share 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 . (Nasdaq:CCUR CCUR Center for Crops Utilization Research ) today reported its fourth consecutive year of growth in Video-On-Demand The ability to deliver a movie, sports event or other video program to a TV set whenever the customer requests it. Video-on-demand (VOD) typically refers to free and paid programs from the cable TV companies or the telephone companies that offer video over DSL lines. (VOD) revenue from its XSTREME Division, which aggregated $48.0 million in fiscal year 2002 compared to $23.8 million in fiscal year 2001, an increase of 101%. VOD revenue in the fourth quarter of fiscal 2002 increased to $17.4 million from $6.2 million in the fourth quarter of fiscal 2001, an increase of 182%. Revenue from the Company's 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. Division aggregated $41.4 million in fiscal 2002 compared to $49.0 million in fiscal 2001, a decrease of 15.5%. In the fourth quarter of fiscal 2002, revenue from the Real-Time Division totaled $10.3 million compared to $13.7 million in the same quarter of the prior year. Paul Meyer
Marie-Paul-Hyacinthe Meyer (January 17, 1840 - September 7, 1917), was a French philologist. , president of the Real-Time Division, stated, "iHawk(tm), RedHawk(tm), Aegis, and 3200-2000 are new initiatives that will allow us to stabilize stabilize See peg. revenues. These new products and programs are the dividends of the reinvestment Reinvestment Using dividends, interest and capital gains earned in an investment or mutual fund to purchase additional shares or units, rather than receiving the distributions in cash. 1. In terms of stocks, it is the reinvestment of dividends to purchase additional shares. in Real-Time that commenced over a year ago." Total revenue for fiscal 2002 aggregated $89.4 million, an increase of 22.7% over fiscal 2001 revenue of $72.8 million. Total revenue aggregated $27.8 million in the fourth quarter ended June June: see month. 30, 2002, compared to $19.9 million in the fourth quarter ended June 30, 2001, an increase of 39.5%. The Company's gross margin on sales grew to 49.9% in fiscal 2002 and 55.0% in the fourth quarter of fiscal 2002 compared to 45.3% in fiscal 2001 and 43.0% in the fourth quarter of fiscal 2001. This increase is largely due to the lower product costs associated with the MediaHawk(R) Model 3000 Video Server, improved margins in the Real-Time Division resulting from the reduction in large-scale large-scale adj. 1. Large in scope or extent. 2. Drawn or made large to show detail. large-scale Adjective 1. wide-ranging or extensive 2. integration projects at lower gross margins, and an increase in demand for the higher margin PowerMAXION(R) hardware and software products. The Company's earnings from operations for all of fiscal 2002 were $3.7 million compared to a loss from operations of $5.6 million in fiscal 2001. In the fourth quarter of fiscal 2002, earnings from operations were $4.3 million compared to a loss of $0.7 million in the same period of the prior year. The Real-Time and XSTREME Divisions both contributed to the positive earnings performance. Net earnings for fiscal year 2002 were $4.4 million or $0.07 per share compared to net losses of $6.2 million or ($0.11) per share for fiscal year 2001. Earnings for the fourth quarter were $5.0 million or $0.08 per share compared to a net loss of $0.8 million or ($.01) per share for the fourth quarter of fiscal 2001. The Company's cash balance at the end of June was $30.5 million. During the quarter, the Company generated positive operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. of $10.0 million and free cash flow of $8.8 million. For the fiscal year 2002, Concurrent At the same time. It implies that multiple processes are taking place simultaneously. See concurrent operation. had positive operating cash flow of $5.8 million and free cash flow of $1.2 million. Even with the recent delay of a couple of expected new VOD market deployments, Concurrent anticipates 5 to 6 new VOD market deployments supporting revenue from sales of its VOD systems in the range of $13 to $14 million in the fiscal first quarter. Revenue from the Real-Time Division is expected to be between $9 and $9.5 million. The Company anticipates continued positive earnings per share of between $0.01 and $0.02 for the quarter. "There are a number of positive indicators which bode bode 1 v. bod·ed, bod·ing, bodes v.tr. 1. To be an omen of: heavy seas that boded trouble for small craft. 2. well for on-demand On-Demand refers to a service or feature which addresses the user's need for instant gratification and immediacy of use. In most cases the value proposition for an on-demand service is wrapped up in the fact that the user or consumer of the service avoids a significant up-front services. The documented accounts of movie-oriented VOD and subscription VOD (SVOD SVOD Subscription Video on Demand SVOD Stacked Volumetric Optical Disk SVOD Subscription Voice on Demand ) resulting in reduction of subscriber subscriber, n the person, usually the employee, who represents the family unit in relation to the prepayment plan. Other family members are dependents. Also called certificate holders or enrollees. churn churn: see butter. , increased premium channel subscriptions, and overall higher customer satisfaction are very encouraging to Concurrent, and, indeed, the overall industry," said Steve v. t. 1. To pack or stow, as cargo in a ship's hold. See Steeve. Necessary, president, Concurrent XSTREME Division. "We are extremely pleased with our financial performance over the past year and particularly happy with our results for the fourth quarter of fiscal 2002," commented Jack Bryant Bry·ant , William Cullen 1794-1878. American poet, critic, and editor known especially for his early nature poems, such as "Thanatopsis" (1817) and "To a Waterfowl" (1821). , Concurrent president and chief executive officer. "As of the end of our fourth quarter, Concurrent had 39 system-wide deployments completed or in process with six of the top eight multiple system cable operators in 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. . These cable operators have purchased video stream capacity of 196,000 streams for their base of 10.4 million basic subscribers of which 3.1 million are digital subscribers." He continued, "The growth in our XSTREME Division and the strong performance of our Real-Time Division this year are a direct result of the focus on improving our operating performance by our dedicated workforce around the world. We have managed to deliver profitable growth under very demanding market circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or . We have the financial strength and profitability to continue to invest in our future with no debt and no significant liabilities or impediments IMPEDIMENTS, contracts. Legal objections to the making of a contract. Impediments which relate to the person are those of minority, want of reason, coverture, and the like; they are sometimes called disabilities. Vide Incapacity. 2. . Concurrent is very well positioned to deliver on the promise of the future with technology and solutions designed to solve very complex problems for our customers across the globe." About Concurrent Concurrent Computer Corporation (http://www.ccur.com) is a worldwide leader in high-performance Adj. 1. high-performance - modified to give superior performance; "a high-performance car" superior - of high or superior quality or performance; "superior wisdom derived from experience"; "superior math students" computer systems, software, and servers. Concurrent's XSTREME Division is the worldwide market leader in providing digital VOD systems to the broadband broadband Term describing the radiation from a source that produces a broad, continuous spectrum of frequencies (contrasted with a laser, which produces a single frequency or very narrow range of frequencies). industry. This market includes broadband VOD and rich streaming media See streaming audio, streaming video and digital media hub. applications such as corporate training, education, hospitality, and digital video-to-the-home. Concurrent is also a leading provider of high-performance, real-time computer systems, solutions, and software for commercial and government markets. Concurrent's 35-year-old Real-Time business focuses on strategic market areas that include hardware-in-the-loop and man-in-the-loop simulation The mathematical representation of the interaction of real-world objects. See scientific application and simulator. Simulation A broad collection of methods used to study and analyze the behavior and performance of actual or theoretical systems. , data acquisition, industrial systems, and software. Concurrent provides sales and support from offices throughout North America, Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). , Asia, and Australia Australia (ôstrāl`yə), smallest continent, between the Indian and Pacific oceans. With the island state of Tasmania to the south, the continent makes up the Commonwealth of Australia, a federal parliamentary state (2005 est. pop. .
Concurrent maintains its VOD leadership position, with service deployed to over 3 million digital subscribers, in 39 North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. markets, with seven major cable operators. Concurrent's proven technology provides the most flexible, comprehensive solution for HFC 1. (networking) HFC - Hybrid Fiber Coax. 2. (hardware) HFC - hydrofluorocarbon. , DSL DSL in full Digital Subscriber Line Broadband digital communications connection that operates over standard copper telephone wires. It requires a DSL modem, which splits transmissions into two frequency bands: the lower frequencies for voice (ordinary , and IP-based networks. The company's powerful and scalable VOD systems are based on open standards Specifications for hardware and software that are developed by a standards organization or a consortium involved in supporting a standard. Available to the public for developing compliant products, open standards imply "open systems;" that an existing component in a system can be replaced and are integrated with all the leading broadband technologies broadband technology Telecommunications devices, lines, or technologies that allow communication over a wide band of frequencies, and especially over a range of frequencies divided into multiple independent channels for the simultaneous transmission of different signals. . Certain statements made or incorporated by reference in this release may constitute "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. " within the meaning of the federal securities laws. When used or incorporated by reference in this release, the words "believes," "expects," "estimates," and similar expressions are intended to identify forward-looking statements. Statements regarding future events and developments and our future performance, as well as our expectations, beliefs, plans, estimates, or projections relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc 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: availability of video-on-demand content; delays or cancellations of customer orders; changes in product demand; economic conditions; various inventory risks due to changes in market conditions; 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 limited operating history of our video-on-demand segment; the concentration of our customers; failure to effectively manage growth; delays in testing and introductions of new products; rapid technology changes; demand shifts from high-priced Adj. 1. high-priced - having a high price; "costly jewelry"; "high-priced merchandise"; "much too dear for my pocketbook"; "a pricey restaurant" pricey, pricy, costly, dear , proprietary real-time systems Real-time systems Computer systems in which the computer is required to perform its tasks within the time restraints of some process or simultaneously with the system it is assisting. to low-priced, open server systems; system errors or failures; reliance on a limited number of suppliers; uncertainties associated with international business activities, including foreign regulations, trade controls, taxes, and currency fluctuations; the highly competitive environment in which we operate; and the entry of new well-capitalized competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. into our markets. Other important risk factors are discussed in our Current Report on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. , dated October October: see month. 22, 2001, incorporated herein by reference. Our forward-looking statements are based on current expectations and speak only as of the date of such statements. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise. Note to Editors: For additional company or product information from Concurrent Computer Corporation, please contact Concurrent Computer Corporation, 4375 River Green Parkway, Duluth Duluth (dəl  th`), city (1990 pop. 85,493), seat of St. Louis co., NE Minn., at the west end of Lake Superior, at the head of lake navigation and opposite Superior, Wis.; inc. 1870. , GA 30096. Call toll free
in the U.S. and Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of at (877) 978-7363, fax (678) 258-4199. Readers
can also access information through the company's Web site at
http://www.ccur.com.
Concurrent Computer Corporation, its logo, RedHawk, iHawk, PowerMAXION, and MediaHawk are registered and unregistered trademarks of Concurrent Computer Corporation. All other product names are trademarks or registered trademarks of their respective owners.
Concurrent Computer Corporation
Condensed Consolidated Balance Sheets
(In Thousands)
June 30, June 30,
2002 2001
--------- ---------
ASSETS
Cash and cash equivalents $ 30,519 $ 9,460
Trade accounts receivable, net 23,894 14,348
Inventories 6,822 7,187
Prepaid expenses and other current assets 1,879 1,058
--------- ---------
Total current assets 63,114 32,053
Property, plant and equipment, net 10,696 10,484
Purchased developed computer software, net 1,393 1,583
Goodwill, net 10,744 10,744
Investment in minority owned companies 7,814 -
Note receivable from minority owned company 3,000 -
Other long-term assets, net 1,927 2,188
--------- ---------
Total assets $ 98,688 $ 57,052
========= =========
LIABILITIES
Accounts payable and accrued expenses $ 15,514 $ 13,929
Deferred revenue 4,055 3,300
--------- ---------
Total current liabilities 19,569 17,229
Long-term deferred revenue 1,677 1,193
Other long-term liabilities 8,218 5,347
STOCKHOLDERS' EQUITY
Common stock 618 551
Additional Paid-in Capital 172,929 140,352
Treasury stock (58) (58)
Retained earnings (deficit) (98,377) (102,760)
Accumulated other comprehensive loss (5,888) (4,802)
--------- ---------
Total stockholders' equity 69,224 33,283
--------- ---------
Total liabilities and stockholders' equity $ 98,688 $ 57,052
========= =========
Concurrent Computer Corporation
Condensed Consolidated Statements of Operations
(In Thousands Except Per Share Data)
Three Months Ended Twelve Months Ended
June 30, June 30,
------------------------- -------------------
2002 2001 2002 2001
(Unaudited) (Unaudited)
------------ ------------ --------- ---------
Revenues:
Product sales
Real-time systems $ 5,756 $ 8,263 $ 21,601 $ 25,740
Video-on-demand
systems 17,447 6,196 47,961 23,814
------------ ------------ --------- ---------
Total product sales 23,203 14,459 69,562 49,554
Service and other 4,555 5,436 19,807 23,267
------------ ------------ --------- ---------
Total 27,758 19,895 89,369 72,821
Cost of sales:
Real-time and
video-on-demand
systems 9,556 8,248 33,215 27,193
Service and other 2,937 3,090 11,588 12,608
------------ ------------ --------- ---------
Total 12,493 11,338 44,803 39,801
------------ ------------ --------- ---------
Gross margin 15,265 8,557 44,566 33,020
Operating expenses:
Sales and marketing 4,458 3,914 16,984 16,112
Research and
development 4,314 3,205 15,291 11,579
General and
administrative 2,173 2,127 8,612 10,920
------------ ------------ --------- ---------
Total operating
expenses 10,945 9,246 40,887 38,611
------------ ------------ --------- ---------
Operating income (loss) 4,320 (689) 3,679 (5,591)
Other income (loss) 263 31 704 2
------------ ------------ --------- ---------
Income (loss) before
income taxes 4,583 (658) 4,383 (5,589)
Provision for income
taxes (450) 150 0 600
------------ ------------ --------- ---------
Net income (loss) $ 5,033 $ (808) $ 4,383 $ (6,189)
============ ============ ========= =========
Basic net income (loss)
per share $ 0.08 $ (0.01) $ 0.07 $ (0.11)
============ ============ ========= =========
Diluted net income (loss)
per share $ 0.08 $ (0.01) $ 0.07 $ (0.11)
============ ============ ========= =========
Basic weighted average
shares outstanding 61,856 55,058 60,997 54,683
============ ============ ========= =========
Diluted weighted average
shares outstanding 63,654 55,058 64,088 54,683
============ ============ ========= =========
Note: If the provisions of SFAS 142 were applied to the quarter
ending June 30, 2001, basic and diluted net loss per share would have
been $.01. If the provisions of SFAS 142 were applied to the twelve
months ending June 30, 2001, basic and diluted net loss per share
would have been $.09.
Concurrent Computer Corporation
Segment Data
(In Thousands)
Real-Time Division Xstreme Division
----------------------- -----------------------
Three Months Ended Three Months Ended
----------------------- -----------------------
06/30/02 06/30/01 06/30/02 06/30/01
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
----------- ----------- ----------- -----------
Revenues:
Product Sales $ 5,756 $ 8,263 $ 17,447 $ 6,196
Service and other 4,555 5,436 - -
----------- ----------- ----------- -----------
Total 10,311 13,699 17,447 6,196
Cost of sales:
Systems 1,904 4,818 7,652 3,430
Service and other 2,937 3,090 - -
----------- ----------- ----------- -----------
Total 4,841 7,908 7,652 3,430
----------- ----------- ----------- -----------
Gross margin 5,470 5,791 9,795 2,766
Operating expenses
Sales and marketing 1,854 1,878 2,604 2,036
Research and
development 1,496 940 2,818 2,265
General and
administrative 827 966 1,346 1,161
----------- ----------- ----------- -----------
Total operating
expenses 4,177 3,784 6,768 5,462
----------- ----------- ----------- -----------
Operating income (loss) $ 1,293 $ 2,007 $ 3,027 $ (2,696)
=========== =========== =========== ===========
Concurrent Computer Corporation
Segment Data
(In Thousands)
Real-Time Division Xstreme Division
----------------------- -----------------------
Twelve Months Ended Twelve Months Ended
----------------------- -----------------------
06/30/02 06/30/01 06/30/02 06/30/01
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
----------- ----------- ----------- -----------
Revenues:
Product Sales $ 21,601 $ 25,740 $ 47,961 $ 23,814
Service and other 19,807 23,267 - -
----------- ----------- ----------- -----------
Total 41,408 49,007 47,961 23,814
Cost of sales:
Systems 8,586 14,102 24,629 13,091
Service and other 11,588 12,608 - -
----------- ----------- ----------- -----------
Total 20,174 26,710 24,629 13,091
----------- ----------- ----------- -----------
Gross margin 21,234 22,297 23,332 10,723
Operating expenses
Sales and marketing 7,023 7,688 9,961 8,424
Research and
development 5,409 3,493 9,882 8,086
General and
administrative 3,889 4,569 4,723 6,351
----------- ----------- ----------- -----------
Total operating
expenses 16,321 15,750 24,566 22,861
----------- ----------- ----------- -----------
Operating income (loss) $ 4,913 $ 6,547 $ (1,234) $ (12,138)
=========== =========== =========== ===========
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