Concurrent Computer reports second quarter results for fiscal year 1996.OCEANPORT, N.J.--(BUSINESS WIRE)--Jan. 31, 1996--Concurrent Computer Corporation (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 ) announced its second quarter financial results for fiscal year 1996. For the second quarter ended December 31, 1995, Concurrent reported a net loss of $2.6 million including a restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. of $1.3 million, compared with net income of $1.0 million in the same quarter last year. Loss per share for the quarter was $0.08, compared with earnings per share of $0.03 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 were $24.5 million compared with first quarter sales of $26.5 million and last year's second quarter sales of $37.8 million. For the six months ended December 31, 1995, Concurrent reported a net loss of $6.2 million, or $0.20 per share compared with net income of $2.7 million, or $0.09 per share for the comparable period in the prior year. Net sales for the six month period were $50.9 million, compared with net sales of $79.3 million in the prior period. John Stihl, Chairman, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. stated, "We are disappointed not to have delivered an increase in sales from our first quarter and an operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. to our shareholders. At the end of the quarter about $2 million in customer orders scheduled to ship were delayed for a variety of reasons, including government funding issues. The good news is that our backlog for computer systems is higher than at any point in the past year. "We are seeing more multimedia opportunities, especially in support of interactive video-on-demand and multimedia server applications. Our proven capabilities in designing and implementing these types of systems, combined with the performance advantage of the real-time architecture of concurrent's computer systems, gives us a significant competitive advantage. "As recently announced, we also met a major development milestone with the completion of a new configuration of our MAXION(TM) real-time computer that can support up to 64 processors. The first unit was shipped to a major aerospace vendor this month. This new configuration, also makes Concurrent more competitive in markets such as simulation and C4I C4I Command, Control, Communications, Computers, & Intelligence (US DoD) C4I Command Control Communications Computer and Intelligence (command, control, communications, computers, and intelligence)" 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 . is the leading supplier of high-performance, real-tine computer systems based on 1995 net sales of companies focused on providing real-time systems. Applications for Concurrent computers include: development and training simulation, measurement and control, C4I, wagering and gaming and multimedia. The company provides sales and support worldwide from offices throughout North America, Europe and Asia, as well as through authorized distributors. The company headquarters are in Oceanport, New Jersey Oceanport is a Borough in Monmouth County, New Jersey, United States. As of the United States 2000 Census, the borough population was 5,807. Oceanport was formed as a borough by an Act of the New Jersey Legislature on April 6, 1920, from portions of Eatontown Township (now , USA. -0- MAXION is a trademark of Concurrent Computer Corporation. Concurrent Computer Corp. Consolidated statements of operations (Dollars in thousands, except per share amounts) Three Months Ended Six Months Ended Dec. 31, Dec. 31, 1995 1994 1995 1994 Net sales: Computer systems $10,332 $20,402 $21,865 $44,275 Service and other 14,151 17,384 29,070 35,019 Total 24,483 37,786 50,935 79,294 Cost of sales: Computer systems 5,892 9,718 12,363 21,897 Service and other 8,004 10,782 16,780 21,334 Total 13,896 20,500 29,143 43,231 Gross margin 10,587 17,286 21,792 36,063 Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. : Research and development 3,339 5,327 7,054 10,748 Selling, general and administrative 7,319 10,086 15,271 20,284 Provision for restructuring 1,300 -- 1,300 -- Sales and use tax Sales and use tax refers to:
Total 11,958 14,413 23,625 30,032 Operating income (loss) (1,371) 2,873 (1,833) 6,031 Interest expense (626) (648) (1,320) (1,372) Interest income 70 129 181 311 Other non-recurring charge -- -- (1,700) -- Other income (expense)- net (30) (14) (517) 144 Income (loss) before provision for income taxes, (1,957) 2,340 (5,189) 5,114 Provision for income taxes 600 1,300 1,000 2,400 Net income (loss) ($2,557) $1,040 ($6,189) $2,714 Net income (loss) per share ($0.08) $0.03 ($0.20) $0.09 CONTACT: Concurrent Computer Corp. Ron Baker, Director Corporate Communications 908/870-5888 email: bakerr@ocpt.ccur.com |
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