Concurrent Computer Corporation Announces Second Quarter Results; Second Quarter VOD Revenue Exceeds Q1 FY'00 VOD Revenue by 94%; Corporate Product Revenue Up 24%.Business Editors ATLANTA--(BUSINESS WIRE)--Jan. 27, 2000 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 total revenue for the second quarter ended December December: see month. 31, 1999 of $16.9 million, an increase of 8% over the first quarter ended September September: see month. 30, 1999. The Company's loss from operations in the second quarter was $2.5 million, excluding the one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. ($14 million or $.27 per share) of in-process research and development in connection with the acquisition of Vivid Technology, compared to a loss of $738 thousand in the first quarter, excluding the 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 relocation RELOCATION, Scotch law, contracts. To let again to renew a lease, is called a relocation. 2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. charge. Including the one-time charges discussed above, the net loss per share was $.32 in the second quarter compared to a loss of $.05 in the first quarter and earnings of $.02 per share in the second quarter of the prior year. The balance sheet continues to be financially strong as evidenced by no debt and inventories, receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed , and days sales outstanding In accountancy, Days Sales Outstanding is a company's average collection period. A low figure indicates that the company collects its outstanding receivables quickly. Typically it is looked at either quarterly or yearly (90 or 365 days). being at their lowest levels in 4 quarters. &uot;I am pleased to announce that the XSTREME Division had another outstanding quarter and almost doubled its revenues from $1.1 million in the first quarter to $2.1 million in the second quarter (94%). This success was primarily driven by the first large scale commercial deployment of a 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. system for a major system operator,&uot; said Steve v. t. 1. To pack or stow, as cargo in a ship's hold. See Steeve. Nussrallah, Concurrent's President and Chief Executive Officer. &uot;As required by generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting , we recognized a one-time operational charge of $14 million for the write-off of the purchased in-process research and development related to the acquisition of Vivid Technology, Inc. on October October: see month. 28, 1999. This acquisition has quickly demonstrated the benefits we anticipated as evidenced by the recent announcement by Comcast Comcast Corporation, (NASDAQ: CMCSA) is the largest[1] cable television (CATV) company and the second largest Internet service provider in the United States. , the nation's 3rd largest cable operator, of a trial on the General Instruments' digital platform using the Vivid video server.&uot; &uot;The 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 posted product revenue growth of 13% over the first quarter. During the second quarter, the Company shipped its single largest system of all time as a part of the U.S. Government's Patriot missile program. The Real-Time Division continues to manage the decline in service revenue while maximizing profitability and generating significant cash for the Corporation as well as strong operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. ,&uot; Mr. Nussrallah concluded. Concurrent Computer Corporation (http://www.ccur.com), headquartered in Atlanta Atlanta (ətlăn`tə, ăt–), city (1990 pop. 394,017), state capital and seat of Fulton co., NW Ga., on the Chattahoochee R. and Peachtree Creek, near the Appalachian foothills; inc. 1847. , Georgia Georgia, country, Asia Georgia (jôr`jə), Georgian Sakartvelo, Rus. Gruziya, officially Republic of Georgia, republic (2005 est. pop. 4,677,000), c.26,900 sq mi (69,700 sq km), in W Transcaucasia. , is a leading provider of 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 Computer Corporation's XSTREME Division is a leading supplier in the emerging digital video server marketplace. This market includes the broadband/cable, corporate training, education, hospitality, and in-flight entertainment In-flight entertainment (IFE) refers to the entertainment available to aircraft passengers during a flight. After World War II commercial aviation flights became a daily event in which entertainment was requested by passengers to help the time pass. industries. Concurrent is also a leading provider of high-performance, real-time computer systems, solutions, and software for commercial and government markets. The company's 30-year old real-time business focuses on strategic market areas that include: hardware-in-the-loop and man-in-the-loop simulation; data acquisition; industrial systems; and software and embedded applications An application that permanently resides in an industrial or consumer device. Providing some type of control function and/or user interface, the software is typically stored in a non-volatile memory such as ROM or flash memory. . Operating in 32 countries worldwide, Concurrent 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 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.
Certain matters discussed in this news release maybe &uot;forward-looking statements&uot; as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Concurrent Computer Corporation cautions investors that any 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. made herein are not guarantees of future performance and that a variety of factors could cause its actual results and experience to differ materially from the anticipated results or other expectations expressed in such forward-looking statements. The risks and uncertainties which could affect Concurrent Computer Corporation's performance or results include, without limitation, changes in product demand; economic conditions; various inventory risks due to changes in market conditions; uncertainties relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the development and ownership of intellectual property; uncertainties relating to the ability of Concurrent Computer Corporation and other companies to enforce their intellectual property rights; the pricing and availability of equipment, materials and inventories; technological developments; delays in testing of new products; rapid technology changes; the highly competitive environment in which Concurrent Computer Corporation operates; the entry of new well-capitalized competitors into Concurrent Computer Corporation's markets, and other risks and uncertainties.
Concurrent Computer Corporation
Consolidated Condensed Balance Sheets
(In Thousands)
(Unaudited)
December 31, June 30,
1999 1999
------------ ------------
ASSETS
Cash and cash equivalents $ 7,952 $ 6,872
Trade accounts receivable, net 14,769 14,879
Inventory 4,383 4,641
Prepaid expenses and other current
assets 706 1,053
------------ ------------
Total current assets 27,810 27,445
Property, plant and equipment, net 11,474 10,936
Purchased developed computer software 1,868 -
Goodwill 3,101 -
Other long-term assets 1,898 2,188
------------ ------------
Total Assets $46,151 $40,569
------------ ------------
------------ ------------
LIABILITIES
Accounts payable and accrued expenses 9,327 8,973
Deferred revenue 2,536 3,778
------------ ------------
Total current liabilities 11,863 12,751
Long-term liabilities 1,827 1,807
STOCKHOLDERS' EQUITY
Common stock 532 485
Additional Paid-in Capital 124,384 98,916
Treasury stock (58) (58)
Retained earnings (deficit) (92,028) (72,856)
Accumulated translation adjustment (369) (476)
------------ ------------
Total stockholders' equity 32,461 26,011
------------ ------------
Total liabilities and stockholders'
equity $46,151 $40,569
------------ ------------
------------ ------------
Concurrent Computer Corporation
Consolidated Statements of Operations
(In Thousands Except Per Share Data)
3 Months 6 Months
Ended December 31, Ended December 31,
----------------------- -----------------------
1999 1998 1999 1998
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
----------- ----------- ----------- -----------
Net sales
Computer systems $ 9,456 $ 9,068 $ 17,062 $ 15,796
Service and other 7,466 10,113 15,544 20,259
----------- ----------- ----------- -----------
Total 16,922 19,181 32,606 36,055
Cost of sales
Computer systems 5,043 4,244 8,833 7,258
Service and other 4,126 5,103 8,380 10,214
----------- ----------- ----------- -----------
Total 9,169 9,347 17,213 17,472
----------- ----------- ----------- -----------
Gross margin 7,753 9,834 15,393 18,583
Operating expenses
Research and development 2,409 2,545 4,631 5,249
Selling, general and
administrative 7,850 6,750 14,006 12,583
Cost of purchased in
process computer
software technology 14,000 - 14,000 -
Relocation and
restructuring - - 2,367 -
----------- ----------- ----------- -----------
24,259 9,295 35,004 17,832
Operating income (loss) (16,506) 539 (19,611) 751
Other income (loss) 35 462 739 (176)
----------- ----------- ----------- -----------
Earnings (loss) before
income taxes (16,471) 1,001 (18,872) 575
Income taxes 150 86 300 86
----------- ----------- ----------- -----------
Net earnings (loss) $(16,621) $ 915 $(19,172) $ 489
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
Earnings (loss) Per
Share
Basic $ (0.32) $ 0.02 $ (0.38) $ 0.01
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
Diluted $ (0.32) $ 0.02 $ (0.38) $ 0.01
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
Weighted Average
Shares Outstanding
- Basic 51,560 47,852 50,262 47,763
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
Weighted Average
Shares Outstanding
- Diluted 51,560 49,214 50,262 49,220
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
Concurrent Computer Corporation
Segment Data
(In Thousands Except Per Share Data)
Real Time Division Video On Demand Division
Q2 Ended Q1 Ended Q2 Ended Q1 Ended
12/31/99 09/30/99 12/31/99 09/30/99
----------- ----------- ----------- -----------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Net sales
Computer systems $ 7,336 $ 6,517 $ 2,120 $ 1,089
Service and other 7,466 8,078 - -
----------- ----------- ----------- -----------
Total 14,802 14,595 2,120 1,089
Cost of sales
Computer systems 3,350 3,045 1,693 745
Service and other 4,126 4,254 - -
----------- ----------- ----------- -----------
Total 7,476 7,299 1,693 745
----------- ----------- ----------- -----------
Gross margin 7,326 7,296 427 344
Operating expenses
Research and development 962 1,213 1,447 1,009
Selling, general and
administrative 4,670 3,970 3,180 2,186
Cost of purchased in
process computer
software technology - - 14,000 -
Relocation and
restructuring - 1,208 - 1,159
----------- ----------- ----------- -----------
5,632 6,391 18,627 4,354
Operating income
(loss) $ 1,694 $ 905 $(18,200) $(4,010)
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
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