Concurrent Computer Corporation Announces Third Quarter of Fiscal Year 2006 Financial Results; Revenue Growth Continues - On-Demand Strong.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. -- Concurrent (Nasdaq: CCUR CCUR Center for Crops Utilization Research ), a worldwide leader of 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 and real-time computing “Realtime” redirects here. For other uses, see Realtime (disambiguation). In computer science, real-time computing (RToC) is the study of hardware and software systems which are subject to a "real-time constraint"—i.e. technology, today announced its results for the third quarter of fiscal year 2006. In the third quarter of fiscal 2006, consolidated revenue for the company aggregated $20.6 million compared to $18.9 million in the second quarter of fiscal 2006, an increase of 9.4%. Revenue from Concurrent's on-demand product line totaled $11.6 million for the third quarter of fiscal 2006 compared to $9.8 million in the second quarter of fiscal 2006, an increase of 19.1%. 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. product line totaled $9.0 million for the third quarter of fiscal 2006 compared to $9.1 million in the second quarter of fiscal 2006, a decrease of 1.0%. Cash at the end of the third quarter of fiscal 2006 totaled $14.8 million, a decrease of $2.2 million from the prior quarter. The net loss for the third quarter of fiscal 2006 was $1.0 million, or a loss of $0.01 per fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to a net loss of $1.6 million, or a loss of $0.02 per fully diluted share, in the second quarter of fiscal 2006. "We are pleased to report continued revenue growth on a consolidated basis with particularly strong sales from our on-demand group," said Gary Gary, city (1990 pop. 116,646), Lake co., NW Ind., a port of entry on Lake Michigan; inc. 1909. Gary was founded by the U.S. Steel Corporation, which purchased the land in 1905 and landscaped it for a city. Trimm, Concurrent's president and chief executive officer. "The on-demand market is improving and the potential for sales of our real-time operating system (operating system) Real-Time Operating System - (RTOS) Any operating system where interrupts are guaranteed to be handled within a certain specified maximum time, thereby making it suitable for control of hardware in embedded systems and other time-critical applications. software into broad markets make us optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about our opportunities going forward. We have won a number of new VOD See video-on-demand. VoD - video on demand systems as well as upgrades and enhancements to our installed base and additional `Startover' projects. Our Everstream subsidiary completed its first deployment outside 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. at J:COM (1) (Computer Output Microfilm) Creating microfilm or microfiche from the computer. A COM machine receives print-image output from the computer either online or via tape or disk and creates a film image of each page. in Japan and marked a milestone of now monitoring over 14 million digital subscribers. We anticipate growing revenues in the coming quarters which, coupled with sound fundamentals, should extend our trend of sequential improvements." As previously announced, 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 . will hold a conference call to discuss its third quarter fiscal 2006 results on April 21, 2006 at 10:00 a.m. E.D.T., which will be broadcast live over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the on the company's web page at www.ccur.com, Investor Relations Investor relations The process by which the corporation communicates with its investors. page. About Concurrent Concurrent (NASDAQ: CCUR) 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" , real-time Linux Linux Nonproprietary operating system (OS) for digital computers. In 1991 Linus Torvalds of Finland began asking for volunteer programmers over the Internet to collaborate on the development of a UNIX-like OS for personal computers; the “1. software and solutions for commercial and government markets. For 40 years Concurrent's best-of-breed The best product of its type. Organizations often purchase software from different vendors in order to obtain the best-of-breed for each application area; for example, a human resources package from one vendor and an accounting package from another. products have enabled a range of time-critical solutions including: modeling and simulation, high speed data acquisition, visual imaging, low latency Low latency allows human-unnoticeable delays between an input being processed and the corresponding output providing real time characteristics. This can be especially important for internet connections utilizing services such as online gaming and VOIP - VOIP is not as important as transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. and on-demand television. Concurrent's on-demand television applications are utilized by major service providers in the cable and IPTV (Internet Protocol TV) Also called "TV over IP," IPTV delivers scheduled TV programs and video-on-demand (VOD) via the IP protocol and digital streaming techniques used to watch video on the Internet. industries to deliver 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). Concurrent is a global company with regional offices in 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. , and has products
actively deployed in more than 24 countries. Concurrent's products
and services are recognized for being uniquely flexible, comprehensive,
robust and reliable. For more information, please visit www.ccur.com.
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. 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. Examples of forward looking statements in this press release include, without limitation, our expectation with regard to future revenues and revenue growth, anticipated growth in the markets for our on-demand and real-time products, anticipated positive results, and the performance of our products. All forward-looking statements are subject to certain risks and uncertainties that could cause actual events to differ materially from those projected. Such risks and uncertainties include our ability to achieve revenue goals, and win new opportunities. In addition, the risks and uncertainties which could affect our financial condition or results of operations include, without limitation: our ability to keep our customers satisfied; 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 concentration of our customers; failure to effectively manage change; delays in testing and introductions of new products; rapid technology changes; 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 predatory pricing Predatory pricing (also known as destroyer pricing) is the practice of a firm selling a product at very low price with the intent of driving competitors out of the market, or create a barrier to entry into the market for potential new competitors. pressures; failure to effectively service the installed base; the entry of new well-capitalized competitors into our markets; the success of new on-demand and real-time products; the availability of Linux software in light of issues raised by SCO Group The SCO Group, Inc. (TSG, informally SCO; NASDAQ: SCOX) is a software company formerly called Caldera Systems and Caldera International. After acquiring the Santa Cruz Operation's Server Software and Services divisions, as well as UnixWare and ; capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. patterns by a limited customer base; the integration of Everstream; and contractual obligations that could impact revenue recognition. Other important risk factors are discussed in our Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed with the Securities and Exchange Commission on Sept. 2, 2005 and may be discussed in subsequent filings with the SEC. The risk factors discussed in such Form 10-K under the heading "Risk Factors" are specifically incorporated by reference in this press release. 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. Concurrent Computer Corporation, its logo and are registered trademarks of Concurrent Computer Corporation. All other product names are trademarks or registered trademarks of their respective owners. Note to Editors: For additional company or product information from Concurrent, please contact Concurrent, 4375 River Green Parkway, Suite 100, Duluth, GA 30096. Call toll free in the U.S. and Canada at (877) 978-7363, fax (678) 258-4199. Readers can also access information through the company's Web site at www.ccur.com.
Concurrent Computer Corporation
Condensed Consolidated Statements of Operations
(In Thousands Except Per Share Data)
Three Months Ended Nine Months Ended
March 31, March 31,
------------------------- -------------------------
2006 2005 2006 2005
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
------------ ------------ ------------ ------------
Revenues:
Product $ 15,133 $ 14,391 $ 38,826 $ 40,699
Service 5,500 5,458 16,870 16,504
-------- --------- --------- ---------
Total
revenues 20,633 19,849 55,696 57,203
Cost of sales:
Product 7,456 5,747 18,908 19,294
Service 2,944 3,132 8,544 9,904
-------- --------- --------- ---------
Total cost
of sales 10,400 8,879 27,452 29,198
-------- --------- --------- ---------
Gross margin 10,233 10,970 28,244 28,005
Operating
expenses:
Sales and
marketing 4,053 4,333 12,415 12,897
Research and
development 4,852 4,447 14,090 14,299
General and
administrative 2,395 2,363 7,297 7,144
-------- --------- --------- ---------
Total
operating
expenses 11,300 11,143 33,802 34,340
-------- --------- --------- ---------
Operating loss (1,067) (173) (5,558) (6,335)
Loss on minority
investment - - - (313)
Other income - net 33 (2) 810 71
-------- --------- --------- ---------
Loss before income
taxes (1,034) (175) (4,748) (6,577)
Provision for
income taxes 14 2 87 68
-------- --------- --------- ---------
Net loss $ (1,048) $ (177) $ (4,835) $ (6,645)
======== ========= ========= =========
Basic net loss per
share $ (0.01) $ (0.00) $ (0.07) $ (0.11)
======== ========= ========= =========
Diluted net loss
per share $ (0.01) $ (0.00) $ (0.07) $ (0.11)
======== ========= ========= =========
Basic weighted
average shares
outstanding 71,373 62,758 68,153 62,728
======== ========= ========= =========
Diluted weighted
average shares
outstanding 71,373 62,758 68,153 62,728
======== ========= ========= =========
Concurrent Computer Corporation
Condensed Consolidated Balance Sheets
(In Thousands)
March 31, December 31, June 30,
2006 2005 2005
(unaudited) (unaudited)
------------ ------------ ---------
ASSETS
Cash and cash
equivalents $ 14,811 $ 17,050 $ 19,880
Trade accounts
receivable, net 19,978 15,495 16,577
Inventories, net 5,245 6,640 5,071
Prepaid expenses and
other current assets 2,026 2,176 1,084
---------- --------- ---------
Total current assets 42,060 41,361 42,612
Property, plant and
equipment, net 6,570 6,899 8,319
Intangible assets, net 9,059 9,331 823
Goodwill 15,590 15,590 10,744
Investment in minority
owned company - - 140
Other long-term assets,
net 1,106 1,086 1,339
---------- --------- ---------
Total assets $ 74,385 $ 74,267 $ 63,977
========== ========= =========
LIABILITIES
Accounts payable and
accrued expenses $ 12,591 $ 12,667 $ 12,055
Notes payable to bank,
current portion 1,013 993 954
Deferred revenue 7,714 6,706 6,692
---------- --------- ---------
Total current
liabilities 21,318 20,366 19,701
Long-term deferred
revenue 1,944 1,843 2,349
Notes payable to bank,
less current portion 815 1,077 1,583
Other long-term
liabilities 2,108 2,046 1,991
STOCKHOLDERS' EQUITY
Common stock 715 714 637
Additional paid-in
capital 189,164 188,879 175,769
Retained earnings
(deficit) (141,290) (140,242) (136,455)
Treasury stock (27) (34) -
Unearned compensation - - (1,562)
Accumulated other
comprehensive loss (362) (382) (36)
---------- --------- ---------
Total stockholders'
equity 48,200 48,935 38,353
---------- --------- ---------
Total liabilities and
stockholders' equity $ 74,385 $ 74,267 $ 63,977
========== ========= =========
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