8-K 1 doc1.txt SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 -------------------------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): October 28, 2002 Concurrent Computer Corporation ------------------------------- (Exact name of registrant as specified in its charter) Delaware -------- (State or other jurisdiction of incorporation) 0-13150 ------- (Commission File Number) 04-2735766 ---------- (IRS Employer Identification Number) 4375 River Green Parkway, Duluth, Georgia 30096 ----------------------------------------------- (Address of principal executive offices) Registrant's telephone number, including area code: (678) 258-4000 Not Applicable -------------- (Former Name or Former Address, if Changed Since Last Report) ITEM 5. OTHER EVENTS Set forth below for Concurrent Computer Corporation are (1) the condensed consolidated balance sheets as of September 30, 2002 (unaudited) and June 30, 2002, (2) the unaudited condensed consolidated statements of operations for the three months ended September 30, 2002 and the three months ended September 30, 2001, and (3) the unaudited segment data for the three months ended September 30, 2002 and the three months ended September 30, 2001.
CONCURRENT COMPUTER CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS) SEPTEMBER 30, JUNE 30, 2002 2002 (UNAUDITED) --------------- ---------- ASSETS Cash and cash equivalents $ 29,124 $ 30,519 Trade accounts receivable, net 18,484 23,894 Inventories 6,679 6,822 Prepaid expenses and other current assets 3,089 1,879 --------------- ---------- Total current assets 57,376 63,114 Property, plant and equipment, net 11,135 10,696 Purchased developed computer software, net 1,346 1,393 Goodwill 10,744 10,744 Investment in minority owned companies 7,826 7,814 Note receivable from minority owned company 6,000 3,000 Other long-term assets, net 1,887 1,927 --------------- ---------- Total assets $ 96,314 $ 98,688 =============== ========== LIABILITIES Accounts payable and accrued expenses $ 12,099 $ 15,514 Deferred revenue 4,106 4,055 --------------- ---------- Total current liabilities 16,205 19,569 Long-term deferred revenue 1,902 1,677 Other long-term liabilities 8,528 8,218 STOCKHOLDERS' EQUITY Common stock 618 618 Additional Paid-in Capital 172,982 172,929 Treasury stock (58) (58) Retained earnings (deficit) (97,757) (98,377) Accumulated other comprehensive loss (6,106) (5,888) --------------- ---------- Total stockholders' equity 69,679 69,224 --------------- ---------- Total liabilities and stockholders' equity $ 96,314 $ 98,688 =============== ==========
CONCURRENT COMPUTER CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS EXCEPT PER SHARE DATA) THREE MONTHS ENDED SEPTEMBER 30, -------------------------------- 2002 2001 (UNAUDITED) (UNAUDITED) ------------ ------------ Revenues: Product: Real-time systems $ 4,092 $ 5,336 Video-on-demand systems 12,449 3,254 ------------ ------------ Total product revenues 16,541 8,590 Service: Real-time systems 4,678 5,253 Video-on-demand systems 922 259 ------------ ------------ Total service revenues 5,600 5,512 ------------ ------------ Total revenues 22,141 14,102 Cost of sales: Product: Real-time systems 1,776 2,501 Video-on-demand systems 5,241 1,888 ------------ ------------ Total product cost of sales 7,017 4,389 Service: Real-time systems 2,607 2,849 Video-on-demand systems 660 404 ------------ ------------ Total service cost of sales 3,267 3,253 ------------ ------------ Total cost of sales 10,284 7,642 ------------ ------------ Gross margin 11,857 6,460 Operating expenses: Sales and marketing 4,404 4,154 Research and development 4,447 3,461 General and administrative 2,328 1,909 ------------ ------------ Total operating expenses 11,179 9,524 ------------ ------------ Operating income (loss) 678 (3,064) Other income (loss) 149 204 ------------ ------------ Income (loss) before income taxes 827 (2,860) Provision for income taxes 207 150 ------------ ------------ Net income (loss) $ 620 $ (3,010) ============ ============ Basic net income (loss) per share $ 0.01 $ (0.05) ============ ============ Diluted net income (loss) per share $ 0.01 $ (0.05) ============ ============ Basic weighted average shares outstanding 61,860 59,564 ============ ============ Diluted weighted average shares outstanding 62,368 59,564 ============ ============
CONCURRENT COMPUTER CORPORATION SEGMENT DATA (IN THOUSANDS) REAL-TIME DIVISION XSTREME DIVISION -------------------------- ------------------------- THREE MONTHS ENDED THREE MONTHS ENDED -------------------------- ------------------------- 09/30/02 09/30/01 09/30/02 09/30/01 (Unaudited) (Unaudited) (Unaudited) (Unaudited) ------------ ------------ ------------ ----------- Revenues: Product $ 4,092 $ 5,336 $ 12,449 $ 3,254 Service 4,678 5,253 922 259 ------------ ------------ ------------ ----------- Total 8,770 10,589 13,371 3,513 Cost of sales: Product 1,776 2,501 5,241 1,888 Service 2,607 2,849 660 404 ------------ ------------ ------------ ----------- Total 4,383 5,350 5,901 2,292 ------------ ------------ ------------ ----------- Gross margin 4,387 5,239 7,470 1,221 Operating expenses Sales and marketing 1,860 1,675 2,544 2,479 Research and development 1,399 1,232 3,048 2,229 General and administrative 1,004 919 1,324 990 ------------ ------------ ------------ ----------- Total operating expenses 4,263 3,826 6,916 5,698 ------------ ------------ ------------ ----------- Operating income (loss) $ 124 $ 1,413 $ 554 $ (4,477) ============ ============ ============ ===========
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: October 28, 2002. CONCURRENT COMPUTER CORPORATION By: /s/ Steven R. Norton ------------------------------- Steven R. Norton Executive Vice President, Chief Financial Officer and Secretary