Concurrent Computer Corporation Reports Earnings for Fiscal Year 1998.FT. LAUDERDALE Lauderdale is the name of various places:
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 total earnings for fiscal year 1998 of $5.0 million or $0.11 per share, compared with $3.8 million or $0.08 per share for fiscal year 1997, realizing a 33% increase in earnings. Not included in these figures is a $1.6 million non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. for the issuing of warrants for 2,000,000 shares of common stock to Scientific-Atlanta Scientific Atlanta Inc, a Cisco company, is a Georgia-based manufacturer of cable television, telecommunications, and broadband equipment. Both Scientific Atlanta and Cisco can trace their roots to academia. , Inc., exercisable at $5.00 per share over a four-year term. Earnings for the fourth quarter ended June June: see month. 30, 1998 were $1.3 million, prior to warrant expenses, or $0.03 per share, compared with $3.1 million or $0.07 per share for the fourth quarter ended June 30,1997. Revenue for fiscal year 1998 is $82.2 million and $20.2 million for the fourth quarter, compared with $108.4 million for fiscal year 1997 and $25.3 million for the comparative quarter a year ago. A decline in revenue continues as the transition to a software and an integration business where the average selling price The average sales price of goods or commodities. Especially used in the retail sector and technology distribution. of systems continues to decrease while margins improve. Declining maintenance revenues continue as customers transition from proprietary systems to open systems. "We are pleased with the results for the 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 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". , Chairman, President and Chief Executive Officer. "We weathered the Asia crisis and General Motors strike in pretty good shape. The strong dollar has hurt our top-line as 50% of our revenue is derived from overseas. Our strong financial results, and the excellent execution of our business plan, allowed us to spend over $6 million 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. research and development and SG&A - thus positioning ourselves as one of the leaders in this emerging market." "Our video-on-demand business is moving forward. We are in contact with numerous cable companies and expect to be included in a number of trials beginning in the fourth quarter of the calendar year. In addition, we began shipping our intranet product and expect increased revenues in this market segment in the future." 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) (http://www.ccur.com), 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 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 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. computer systems and software. The company is also one of the leaders in the emerging digital video server marketplace. This market includes the hospitality, residential, corporate training, 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. 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 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. 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 -0-
CONCURRENT COMPUTER CORPORATION
INCOME STATEMENT
(Dollars and shares in thousands, except per share amounts)
Three Months Ended Twelve Months Ended
June 30, June 30, June 30, June 30,
1998 1997 1998 1997
Net sales
Computer systems $9,699 $13,468 $37,868 $55,664
Service 10,501 11,862 44,347 52,703
Total sales 20,200 25,330 82,215 108,367
Cost of sales
Computer systems 4,640 5,463 18,556 27,662
Service 5,417 6,684 23,269 28,426
Transition - 95 - 1,068
Total cost of sales 10,057 12,242 41,825 57,156
Gross margin 10,143 13,088 40,390 51,211
Operating expenses
Research and development 2,694 3,339 10,947 13,577
Selling, general and
administrative 7,011 6,844 24,750 28,604
Non-cash warrants
issuance 1,605 - 1,605 -
Other non-recurring
expenses (benefits) 384 95 (223) (209)
Total operating
expenses 11,694 10,278 37,079 41,972
Operating income (loss) (1,551) 2,810 3,311 9,239
Interest expense (224) (294) (833) (2,034)
Interest income 76 12 185 164
Other non-recurring charges 1,014 290 1,434 (1,577)
Other income (expense) 399 340 277 (350)
Income (loss) before tax
provision (286) 3,158 4,374 5,442
Provision for income taxes 28 10 960 1,381
Net Income (loss) (314) 3,148 3,414 4,061
Preferred stock dividends and
accretion of mandatory
redeemable preferred
shares - (33) (18) (311)
Net income (loss) available
to common shareholders (314) 3,115 3,396 3,750
Earnings per share ($0.01) $0.07 $0.07 $0.08
Net income before non-cash
warrants available to
common shareholders $1,291 $5,001
Earnings per share $0.03 $0.11
CONCURRENT COMPUTER CORPORATION
BALANCE SHEET
(Dollars in thousands)
June 30, June 30,
1998 1997
ASSETS
Current assets:
Cash and cash equivalents $ 5,733 $ 4,024
Trading securities 0 2,718
Accounts receivable, net 18,996 25,720
Inventories 6,263 8,399
Prepaid expenses and other current assets 1,487 2,286
Total current assets 32,479 43,147
Property, plant and equipment 12,419 14,207
Facility held for disposal 0 4,700
Other long term assets 1,337 1,474
Total assets $ 46,235 $ 63,528
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable $ 365 $ 5,399
Current portion of long-term debt 0 1,668
Revolving credit facility 1,123 3,118
Accounts payable and accrued expenses 13,321 23,866
Deferred revenue 4,018 4,402
Total current liabilities 18,827 38,453
Long term debt 0 4,493
Other long term liabilities 1,898 1,219
Preferred stock 0 1,243
Stockholder's equity
Common stock 476 461
Capital in excess of par 97,136 92,650
Accumulated deficit (71,191) (74,587)
Treasury stock (58) (58)
Cumulative translation adjustment (853) (346)
Total stockholder's equity 25,510 18,120
Total liabilities and stockholder's equity $ 46,235 $ 63,528
CONTACT: Concurrent Computer Corporation, Ft. Lauderdale
Beth Alonzo, Corporate Communications
954.973.5100
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