Concurrent Computer Corporation Reports 35% Increase in Fourth Quarter Revenue.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. 21, 1997-- 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 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 ) today reported revenue for the fourth quarter ended June June: see month. 30, 1997 of $25.3 million, compared with $18.7 million for the fourth quarter ended June 30, 1996, representing a 35% increase in revenue. Total revenue for fiscal year 1997 was $108.4 million, compared with $95.8 million for fiscal year 1996, or a 13% increase in revenue. Profit for the fourth quarter is $3.1 million or $0.07 per share, compared with a loss of ($35.7) million or ($1.16) per share for the comparative quarter a year ago. Profit for fiscal year 1997 is $4.1 million or $0.08 per share, compared to a loss of ($41.3) million or ($1.35) per share for fiscal year 1996. 1996 fourth quarter and total fiscal year 1996 numbers were restated to reflect a $1.6 million charge identified in fiscal year 1997 relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the disposal of certain foreign subsidiaries in fiscal year 1996. "Concurrent had a very good year," said E. Courtney Courtney (also Courteney or Courtenay) is a common given name, derived from an English surname. Surname origin This distinguished name is of Norman, Old French origin, introduced into England after the Norman Conquest of 1066. Siegel, President and Chief Executive Officer. "Product revenue increased 31%, gross margins increased from 37% to 47%, and positive cash flow led to the reduction of debt and preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. by $7.9 million. These results, together with the increased thrust in the video-on-demand market, cause us to be optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about our future. We currently are in discussions with several major cable companies and hotel system providers regarding our new products." Concurrent Computer Corporation, headquartered in Fort Lauderdale, Florida Fort Lauderdale, known as the "Venice of America" due to its expansive and intricate canal system, is a city in Broward County, Florida, United States. The city's population is described as metropolitan, where diverse culture is commonplace. According to 2006 U.S. , is the leading supplier of high-performance 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. 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 32 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 CORPORATION
INCOME STATEMENT
Three Months Ended Twelve Months Ended
June 30, June 30, June 30, June 30,
1997 1996 (1) 1997 1996 (1)
Net Sales $ $ $ $
Computer systems $13,468 $6,734 $55,664 $42,430
Service 11,862 11,958 52,703 53,370
Total sales 25,330 18,692 108,367 95,800
Cost of Sales
Computer systems 5,463 7,358 27,662 27,487
Service 6,684 8,751 28,426 33,048
Transition 95 0 1,068 0
Total cost of sales 12,242 16,109 57,156 60,535
Gross Margin 13,088 2,583 51,211 35,265
Operating expenses
Research and
development 3,339 3,974 13,577 13,837
Selling, general and
administrative 6,824 7,881 28,604 29,818
Provision for
restructuring 0 23,180 0 24,480
Transition expense 115 0 2,292 0
Curtailment gain on
postretirment
benefits 0 0 (2,501) 0
Total operating
expenses 10,278 35,035 41,972 68,135
Operating income
(loss) 2,810 (32,452) 9,239 (32,870)
Interest expense (294) (465) (2,034) (2,316)
Interest income 12 33 164 226
Other non-recurring
charges 0 (1,597) 0 (3,297)
Realized and unrealized
gain/(loss) on
CyberGuard Stock 290 0 (1,577) 0
Other income/(expense) 340 (1,022) (350) (1,502)
Income/(loss) before
tax provision 3,158 (35,503) 5,442 (39,759)
Provision for income
taxes 10 150 1,381 1,550
Net income/(loss) $3,148 ($35,653) $4,061 ($41,309)
Earnings per share $0.07 ($1.16) $0.08 ($1.35)
Earnings per share
without CyberGuard
Stock $0.06 $0.12
(1) Restated to reflect a $1.6 million charge identified in fiscal
year 1997 relating to the disposal of certain foreign
subsidiaries in fiscal year 1996.
CONCURRENT COMPUTER CORPORATION
BALANCE SHEET
June 30, June 30,
1997 1996 (1)
ASSETS $ $
Current Assets:
Cash and cash equivalents $4,024 $3,515
Trading Securities 2,718 10,077
Accounts Receivable, Net 25,720 27,681
Inventories 8,399 11,674
Prepaid expenses and other current
assets 2,286 2,256
Total current assets 43,147 55,203
Property, plant and equipment 14,207 16,384
Facility held for disposal 4,700 4,700
Other long term assets 1,474 3,357
Total assets 63,528 79,644
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Notes payable $5,399 $5,013
Current portion of long-term debt 1,668 1,241
Revolving credit facility 3,118 5,014
Accounts payable and accrued
expenses 23,866 40,285
Deferred revenue 4,402 4,573
Total current liabilities 38,453 56,126
Long term debt 4,493 6,603
Other long term liabilities 1,219 4,378
Preferred stock 1,243 5,610
Shareholder's equity
Common stock 461 412
Capital in excess of par 92,650 84,252
Accumulated deficit (74,587) (78,337)
Treasury stock (58) (58)
Cumulative translation adjustment (346) 658
Total stockholder's equity 18,120 6,927
Total liabilities and equities $63,528 $79,644
(1) Restated to reflect a $1.6 million charge identified in fiscal
year 1997 relating to the disposal of certain foreign
subsidiaries in fiscal year 1996.
NOTE: For additional company or product information from Concurrent Computer Corporation via fax, call 1.888.286.6418 or visit our website at http://www.ccur.com 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 Corporation 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. Linda Blaun, 954/973-5100 |
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