Concurrent Computer Corporation reports fourth quarter and fiscal year results.OCEANPORT, N.J.--(BUSINESS WIRE)--Sept. 27, 1995--Concurrent Computer Corp. (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 symbol: CCUR CCUR Center for Crops Utilization Research ) announced its fourth quarter and fiscal year 1995 results. For the fourth quarter ended June June: see month. 30, 1995, Concurrent reported net income of $265,000, compared with net income of $2.3 million in the same quarter last year. Earnings per share for the quarter were $0.01, compared with $0.08 a year ago. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the quarter as previously reported in August, were $30.5 million compared with third quarter sales of $30.3 million and last year's fourth quarter sales of $44.9 million. For the 12 months ended June 30, 1995, Concurrent reported a net loss of $2.0 million, or $0.07 per share, compared with the prior year's loss of $39.8 million, or $1.42 per share. Results for the current year include a provision for 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). of $3.2 million, or $0.11 per share. Results for the prior year include an extraordinary loss on early extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. of debt of $23.2 million, or $0.83 per share, a non-cash accounting change of $5.0 million or $0.18 per share, and a provision for restructuring of $12.0 million, or $0.43 per share. Net sales for the 12 months were $140.1 million, compared with $179.0 million a year ago. Concurrent Computer Corp. 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. computer systems. Applications for Concurrent computers include: development and training simulation, measurement and control, C3I C3I Command, Control, Communications & Intelligence (US DoD) C3I Computer Controlled Coil Ignition C3I Command, Control, and Communications Interoperability C3I Command Control Communications and Intelligence (command, control, communications, and intelligence), 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, and multimedia. The company provides sales and support worldwide 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. , 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). , and
Asia in addition to authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: distributors. The company's headquarters are in Oceanport. -0-
Concurrent Computer Corp.
Consolidated Statements of Operations
(Dollars in thousands, except per share amounts)
Three Months Ended Twelve Months Ended
June 30, June 30,
1995 1994(a) 1995 1994(a)
Net sales: Computer systems $14,202 $26,635 $72,074 $100,293 Service and other 16,304 18,289 68,070 78,738 Total 30,506 44,924 140,144 179,031 Cost of sales: Computer systems 8,219 14,322 38,639 54,517 Service and other 9,067 10,727 40,838 48,473 Total 17,286 25,049 79,477 102,990 Gross margin 13,220 19,875 60,667 76,041 Operating expenses: Research and development 4,009 5,463 19,464 23,823 Selling, general and administrative 7,972 11,054 36,921 48,651 Provision for restructuring 500 -- 3,200 12,000 Sales and use tax credit -- -- (1,000) (1,440)
Total 12,481 16,517 58,585 83,034
Operating income (loss) 739 3,358 2,082 (6,993) Interest expense (529) (659) (2,638) (3,486) Interest income 101 197 513 634 Other non-recurring charge -- -- (1,000) -- Other income (expense) - net 254 (199) 737 (486) Income (loss) before provision for income taxes, extraordinary loss and cumulative effect of change in accounting principles 565 2,697 (306) (10,331) Provision for income taxes 300 400 1,700 1,300 Income (loss) before extraordinary loss and cumulative effect of change in accounting principles 265 2,297 (2,006) (11,631) Extraordinary loss on early extinguishment of debt -- -- -- (23,193) Cumulative effect of change in accounting principles for income taxes and post- retirement benefits -- -- -- (5,000) Net income (loss) $ 265 $2,297 $(2,006) ($39,824) Income (loss) per share: Income (loss) before extraordinary loss and cumulative effect of change in accounting principles $ 0.01 $ 0.08 $ (0.07) $ (0.41) Extraordinary loss on early extinguishment of debt -- -- -- (0.83) Cumulative effect of change in accounting principles for income taxes and post- retirement benefits -- -- -- (0.18) Net income (loss) $ 0.01 $ 0.08 $ (0.07) $ (1.42) (a) Reclassified to conform to current year presentation. CONTACT: Concurrent Computer Corp., Oceanport Joanne Joanne is a common given name for females, being a variant of Joanna, the feminine form of John and is derived from the Latin name Johanna and has a hebrew meaning of "God is Gracious" People with the given name Joanne: |
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