Concurrent Reports Fiscal Year 2015 Third Quarter Financial Results

ATLANTA, April 28, 2015 /PRNewswire/ -- Concurrent (NASDAQ: CCUR), a global leader in unified content delivery, video analytics, and real-time Linux® solutions, today announced financial results for the third quarter of its fiscal 2015 ended March 31, 2015.

Revenue for the third quarter of fiscal 2015 was $17.1 million, compared with $18.3 million for the same period in fiscal 2014 and $16.0 million in the preceding quarter. 

Gross margin for the third quarter of fiscal 2015 was 58.9%, compared with 56.1% for the same period in fiscal 2014, and 55.1% in the preceding quarter.  Third quarter operating expenses were $8.6 million, compared with $9.0 million for the same period in fiscal 2014 and $9.4 million in the preceding quarter.  

For the third quarter of fiscal 2015, the company reported operating income of $1.5 million, which included non-cash expenses of $458 thousand in depreciation and amortization, and $232 thousand in share-based compensation.  For the same period in the prior year, the company reported operating income of $1.3 million, which included non-cash expenses of $442 thousand in depreciation and amortization, and $254 thousand in share-based compensation.  The company incurred a $608 thousand operating loss in the preceding quarter of fiscal 2015, which included $0.8 million of CEO transition costs, and non-cash expenses of $358 thousand in depreciation and amortization and $185 thousand in share-based compensation.

The company reported net income of $784 thousand, or $0.09 per share, in the third quarter of fiscal 2015, compared with net income of $1.1 million, or $0.12 per diluted share, in the same period in fiscal 2014, and a net loss of $571 thousand, or $0.06 per diluted share, in the preceding quarter. 

"In the third quarter we added five new customers, shipped our recently released software-defined storage solution to two major service providers, and won several competitive deals in the automotive simulation market," said Derek Elder, the company's president and CEO.  "I am encouraged by the progress in our business and the growing level of interest from customers in our latest products." 

The company paid quarterly dividends of $0.12 per share in each of the first three quarters of the fiscal year.  At March 31, 2015, Concurrent had cash and cash equivalents of $26.8 million. The company has no debt.

Recent Company Highlights

• Two major North American service providers selected Concurrent's UpShift™ Unified Content Delivery Solution to power their next generation video service offering
• Concurrent introduced a new software-defined object storage solution and shipped it to a North American MSO and a tier 1 telecommunications operator to support IP video applications
• The company received two U.S. patents for its unique, self-healing, resilient video streaming technology
• The company shipped its Simulation Workbench™ solution to a new racing team customer in the U.S.
• Concurrent shipped simulation systems to two new automotive customers through a system integrator and sold additional systems to several major automakers in Japan
• In the aerospace and defense market, the company sold additional systems for hardware-in-the-loop testing of avionics for a heavy lift rocket program

Conference Call Information        Concurrent will hold a conference call today, Tuesday, April 28th, at 4:30 p.m. ET to review its third quarter of fiscal 2015 financial results.  The call will be broadcast at www.ccur.com, on the "Investors" page, under the 'About' tab. The call can be accessed live by dialing 1-800-230-1059 (U.S.) 612-332-0107 (international) and entering pass code 150428.  A replay will also be available at www.ccur.com.

To view Financial Results visit our Investors page here.

About Concurrent Concurrent (NASDAQ: CCUR) is a global software and solutions provider that develops content delivery and real-time applications on a core foundation of high-performance Linux and storage technologies. The company serves industries and customers that demand uncompromising performance, reliability, and flexibility to gain a competitive edge, drive meaningful growth, and power brighter ideas that enrich the lives of millions of people around the world every day.  Concurrent works closely with service providers, aerospace and defense organizations, automotive manufacturers, and a diverse range of companies in the manufacturing, financial, energy, and healthcare markets to launch innovative solutions and help achieve their most ambitious endeavors. Offices are located in North America, Europe and Asia. Visit www.ccur.com for further information and follow us on Twitter: www.twitter.com/Concurrent_CCUR.

For more information, contact:

Media Relations:ConcurrentKristen Bryant(678) 258-4221[email protected]

Horn GroupDebra RainePhone: (646) 202-9755 Email: [email protected]

Investor Relations Contact:ConcurrentSandra Dover(678) 258-4112[email protected]

Certain statements made or incorporated by reference in this release may constitute "forward-looking statements" within the meaning of the federal securities laws. Statements regarding future events and developments and the company's future performance, including, but not limited to, management's expectations, beliefs, plans, estimates, or projections relating to the future, are forward-looking statements within the meaning of these laws. All forward-looking statements are subject to certain risks and uncertainties that could cause actual events to differ materially from those projected.

The risks and uncertainties which could affect our financial condition or results of operations include, without limitation: the potential consolidation of the markets that we serve, U.S. government sequestration; European austerity measures; delays or cancellations of customer orders; non-renewal of maintenance and support service agreements with customers; changes in product demand; economic conditions; various inventory risks due to changes in market conditions; margins of video solutions business to capture new business; fluctuations and timing of large video solutions orders; doing business in the People's Republic of China; uncertainties relating to the development and ownership of intellectual property; uncertainties relating to our ability and the ability of other companies to enforce their intellectual property rights; the pricing and availability of equipment, materials and inventories; the concentration of our customers; failure to effectively manage change; delays in testing and introductions of new products;  the impact of reductions in force on our operations; rapid technology changes; system errors or failures; reliance on a limited number of suppliers and failure of components provide by those suppliers; uncertainties associated with international business activities, including foreign regulations, trade controls, taxes, and currency fluctuations; the impact of competition on the pricing of video solutions products; failure to effectively service the installed base; the entry of new well-capitalized competitors into our markets; the success of new video solutions; the success of our relationships with technology and channel partners; capital spending patterns by a limited customer base; the current challenging macroeconomic environment; continuing unevenness of the global economic recovery; privacy concerns over data collection; our ability to utilize net operating losses to offset cash taxes in the event of an ownership change as defined by the Internal Revenue Service; earthquakes, tsunamis, floods and other natural disasters in areas in which our customers and suppliers operate; and the availability of debt or equity financing to support our liquidity needs.

Other important risk factors are discussed in Concurrent's Form 10-K filed August 27, 2014 with the Securities and Exchange Commission ("SEC"), and in subsequent filings of periodic reports with the SEC. The risk factors discussed in the Form 10-K and subsequently filed periodic reports under the heading "Risk Factors" are specifically incorporated by reference in this press release. Forward-looking statements are based on current expectations and speak only as of the date of such statements. Concurrent undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information, or otherwise.

Concurrent Computer Corporation and its logo are registered trademarks of Concurrent. All Concurrent product names are trademarks or registered trademarks of Concurrent while all other product names are trademarks or registered trademarks of their respective owners.

 

 

 

 

 

 

 

 

 

 

 

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SOURCE Concurrent