Concurrent Computer Corporation Reports Increased Earnings for First Three Quarters of Fiscal 1998.FT. LAUDERDALE Lauderdale is the name of various places:
The period beginning at the start of the calendar year up to the current date. profit for the first 9 months of fiscal 1998 is $3.7 million or $0.08 per share, compared with a profit of $0.9 million, or $0.02 per share for the first nine months of fiscal 1997. Revenue for the first nine months of fiscal 1998 was $62.0 million, compared with $83.0 million for the first nine months of fiscal 1997. Profit for the quarter ended March 31, 1998 is $1.0 million or $0.02 per share, compared with a profit of $2.3 million or $0.05 per share for the quarter ended March 31, 1997. Revenue for the quarter was $20.4 million, compared with $26.7 million for the same quarter a year ago. "Our profit continues to outpace out·pace tr.v. out·paced, out·pac·ing, out·pac·es To surpass or outdo (another), as in speed, growth, or performance. outpace Verb [-pacing, last 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". , Concurrent's Chairman, President and Chief Executive Officer. "We expect our fourth quarter to be stronger -- both in 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. sales and the beginning of our 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. revenue stream." "Significant progress continues to be made in the video-on-demand area. Our hospitality business is on plan with revenue starting in our fourth quarter and planned volume shipments in fiscal year 1999. The residential area is moving ahead of plan. We will be demonstrating our products at the NCTA NCTA National Cable & Telecommunications Association (fka National Cable Television Association) NCTA National Cable Television Association (now the National Cable & Telecommunications Association) Cable'98 show in Atlanta, May 4-6, 1998. The residential business area should provide significant revenue in the last half of our fiscal year 1999, which is the January-June 1999 timeframe. In addition, we introduced our corporate intranet product this quarter and are busy signing up distributors and value added resellers See VAR. (company) value added reseller - (VAR, or "value added retailer") A company which sells something (e.g. computers) made by another company (an OEM) with extra components added (e.g. specialist software). ." "As for our real-time business, the revenue decline is as expected. We continue to manage this decline profitably with over 6% IAT IAT Intelligent Agent Technology IAT International Conference on Intelligent Agent Technology (Joint IEEE, WIC, and ACM conference) IAT Implicit Association Test IAT Intake Air Temperature IAT Import Address Table while continuing to emphasize our real-time product transition and new video-on-demand products. The transition of our real-time product to a more software-oriented solution is going very well with significant wins in our process control business area. Recent wins totaling over $6 million with companies such as General Motors, BF Goodrich, Volvo and Pratt & Whitney provide confidence that our customers approve of this transition," Mr. Siegel concluded. 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 ) (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 real-time 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, 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-
INCOME STATEMENT ($K)
-------------------------------------------------
Three Months Ended Nine Months Ended
-------------------------------------------------
3/31/98 3/29/97 3/31/98 3/29/97
Revenue
Equipment $ 9,544 $ 16,440 $ 28,169 $ 42,196
Maintenance 10,850 12,215 33,846 40,841
-------- -------- -------- --------
Total 20,394 28,655 62,015 83,037
Cost of Sales
Equipment 5,123 8,529 13,916 22,199
Maintenance 5,670 6,593 17,852 21,742
Transition/
one time cost 0 171 0 973
-------- -------- -------- --------
Total COS 10,793 15,293 31,768 44,914
Gross Margin 9,601 13,362 30,247 38,123
Operating
Expenses
Research and
development 2,739 3,439 8,253 10,238
Selling, general
and administrative 5,845 6,432 17,739 19,279
Transition/
restructuring cost 71 (607) 2,177
-------- -------- -------- --------
Total Operating
Expenses 8,584 9,942 25,385 31,694
Operating Income 1,017 3,420 4,862 6,429
Interest income/
(expense) (108) (478) (500) (1,588)
Other income/
(expense) 120 (261) (122) (681)
CyberGuard stock 0 0 420 (1,876)
IBT 1,029 2,681 4,660 2,284
Taxes 24 401 932 1,371
-------- -------- -------- --------
IAT $ 1,005 $ 2,280 $ 3,728 $ 913
Preferred stock
dividend -- -- (18) --
-------- -------- -------- --------
Income available to
common shareholders $ 1,005 $ 2,280 $ 3,710 $ 913
======== ======== ======== ========
Earnings per share $ 0.02 $ 0.05 $ 0.08 $ 0.02
BALANCE SHEET ($K)
----------------------------
March 30, June 30,
1998 1997
----------------------------
ASSETS $ $
----------------------------
Cash $ 4,877 $ 4,024
Securities available for sale 0 2,718
Net accounts receivable 21,531 25,720
Net inventories 6,475 8,399
Other current assets 2,171 2,286
------- -------
Total current assets 35,054 43,147
Plant & equipment, net 12,589 14,207
Facility held for disposal 4,700
Other long term assets 1,350 1,474
------- -------
Total assets 48,993 63,528
LIABILITIES AND STOCKHOLDERS' EQUITY
Notes and loans payable 4,224 5,399
Current portion of long-term debt 0 1,668
Revolving credit facility 0 3,118
Accounts payable 4,875 7,451
Accrued wages and benefit 4,461 5,891
Deferred revenue 4,748 4,402
Other accrued expenses 5,003 10,524
------- -------
Total current liabilities 23,311 38,453
Long term debt 0 4,493
Other long term liabilities 1,516 1,219
Preferred stock 0 1,243
Equity 24,166 18,120
------- -------
Total liabilities and equity $48,993 $63,528
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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 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. Beth Alonzo, 954/973-5100 |
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