-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Ao81dsbOqpL+aOzFsNCe0DZf1eaqlWgQssbAyOugMROXBgwbF8DcVgx5nNLU7z1e h1KdxzRehuhzwpwB2iZnFw== 0001140361-06-001156.txt : 20060127 0001140361-06-001156.hdr.sgml : 20060127 20060127091627 ACCESSION NUMBER: 0001140361-06-001156 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060127 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060127 DATE AS OF CHANGE: 20060127 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CONCURRENT COMPUTER CORP/DE CENTRAL INDEX KEY: 0000749038 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRONIC COMPUTERS [3571] IRS NUMBER: 042735766 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-13150 FILM NUMBER: 06555335 BUSINESS ADDRESS: STREET 1: 4375 RIVER GREEN PARKWAY CITY: DULUTH STATE: GA ZIP: 30097 BUSINESS PHONE: 6782584000 MAIL ADDRESS: STREET 1: 4375 RIVER GREEN PARKWAY CITY: DULUTH STATE: GA ZIP: 30097 FORMER COMPANY: FORMER CONFORMED NAME: MASSACHUSETTS COMPUTER CORP DATE OF NAME CHANGE: 19881018 8-K 1 form8-k.txt CONCURRENT COMPUTER 8-K 01-27-2006 UNITED STATES 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): January 27, 2006 Concurrent Computer Corporation ------------------------------- (Exact Name of Registrant as Specified in its Charter) Delaware 0-13150 04-2735766 -------- ------- ---------- (State or Other (Commission (IRS Employer Jurisdiction File Number) Identification Number) of Incorporation) 4375 River Green Parkway, Suite 100, Duluth, Georgia 30096 ---------------------------------------------------- ----- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (678) 258-4000 -------------- Not applicable -------------- (Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [_] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [_] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [_] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On January 27, 2006, Concurrent Computer Corporation (the "company") issued a press release containing information about its financial condition and results of operations for its second fiscal 2006 quarter and six months ended December 31, 2006. Included in the press release are (1) the condensed consolidated balance sheets of the company as of December 31, 2005 (unaudited), September 30, 2005 (unaudited) and June 30, 2005, and (2) the company's unaudited condensed consolidated statements of operations for the three and six months ended December 31, 2005 and 2004. A copy of this press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits THE FOLLOWING EXHIBIT IS FILED HEREWITH: EXHIBIT NO. DESCRIPTION - ----------- ----------- 99.1 Press release of Concurrent Computer Corporation, issued on January 27, 2006. -2- 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: January 27, 2006. CONCURRENT COMPUTER CORPORATION (Registrant) By: /s/ Gregory S. Wilson ------------------------------------------ Gregory S. Wilson Chief Financial Officer -3- EXHIBIT INDEX EXHIBIT NUMBER AND DESCRIPTION - ------------------------------ 99.1 Press Release of Concurrent Computer Corporation, issued on January 27, 2006. -4- EX-99.1 2 ex99_1.txt EXHIBIT 99.1 EXHIBIT 99.1 FOR IMMEDIATE RELEASE CONCURRENT COMPUTER CORPORATION ANNOUNCES SECOND QUARTER OF FISCAL YEAR 2006 FINANCIAL RESULTS Quarter over Quarter Revenue Growth of 16.3% ATLANTA, GEORGIA, JANUARY 27, 2006 - Concurrent (Nasdaq: CCUR), a worldwide leader of on-demand and real-time computing technology, today announced its results for the second quarter of fiscal year 2006. In the second quarter of fiscal 2006, consolidated revenue for the company aggregated $18.9 million compared to $16.2 million in the first quarter of fiscal 2006, an increase of 16.3%. Revenue from Concurrent's on-demand product line totaled $9.8 million for the second quarter of fiscal 2006 compared to $7.3 million in the first quarter of fiscal 2006, an increase of 33.7%. Revenue from the company's real-time product line totaled $9.1 million for the second quarter of fiscal 2006 compared to $8.9 million in the first quarter of fiscal 2006, an increase of 2.1%. Cash at the end of the second quarter of fiscal 2006 totaled $17.0 million, a decrease of $0.4 million from the prior quarter. The net loss for the second quarter of fiscal 2006 was $1.6 million, or a loss of $0.02 per fully diluted share, compared to a net loss of $2.2 million, or a loss of $0.03 per fully diluted share, in the first quarter of fiscal 2006. "Given the known slowdown in year-end spending in the cable industry, we are pleased to show quarter over quarter top-line growth," said Gary Trimm, Concurrent's president and chief executive officer. "We have successfully completed the integration of Everstream while holding our base operating expenses in-line. Additionally, we achieved higher overall gross margins partly due to our continued evolution to a software company. These operating results combined with the anticipated growth of both the video-on-demand business and our real-time operating system business indicate improving results in calendar 2006. Our enthusiasm is due to the huge growth in content availability for VOD, the success of near network DVR applications like "Start Over", and our recent announcement of a partnership with Novell to sell our real-time Linux operating system on the SUSE Linux release. Our real-time Linux operating system continues to gain momentum as the best high performance operating system in the market. We anticipate growing revenues in the coming quarters which, coupled with sound fundamentals, should tend toward positive results." As previously announced, Concurrent Computer Corporation will hold a conference call to discuss its second quarter fiscal 2006 results on January 27, 2006 at 10:00 a.m. E.D.T., which will be broadcast live over the Internet on the company's web page at www.ccur.com, Investor Relations page. ------------ ABOUT CONCURRENT Concurrent (www.ccur.com) is a global leader in providing digital on-demand ------------ systems to the broadband industry and real-time computer systems for industry and government. Concurrent's on-demand systems are widely deployed worldwide by major broadband operators and provide a flexible, comprehensive, robust solution which is utilized within the domestic and international broadband cable, DSL, and IP-based markets. The company's powerful and scalable on-demand systems are based on open standards and are integrated with the leading broadband technologies. Concurrent is also a leading provider of high-performance, real-time computer systems, solutions, and software that focus on hardware-in-the-loop and man-in-the-loop simulation, data acquisition and process control for commercial and government markets. Concurrent has nearly four decades of experience in high-performance, on-demand, mission-critical solutions and provides its best of breed solutions through offices in North America, Europe, Asia, and Australia. 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 our future performance, as well as our expectations, beliefs, plans, estimates, or projections relating to the future, are forward-looking statements within the meaning of these laws. Examples of forward looking statements in this press release include, without limitation, our expectation with regard to future revenues and revenue growth, anticipated growth in the markets for our on-demand and real-time products, anticipated positive results, and the performance of our products. All forward-looking statements are subject to certain risks and uncertainties that could cause actual events to differ materially from those projected. Such risks and uncertainties include our ability to realize expected synergies, achieve revenue goals, and win new opportunities. In addition, the risks and uncertainties which could affect our financial condition or results of operations include, without limitation: our ability to keep our customers satisfied; availability of video-on-demand content; delays or cancellations of customer orders; changes in product demand; economic conditions; various inventory risks due to changes in market conditions; 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; rapid technology changes; system errors or failures; reliance on a limited number of suppliers; uncertainties associated with international business activities, including foreign regulations, trade controls, taxes, and currency fluctuations; the highly competitive environment in which we operate and predatory pricing pressures; failure to effectively service the installed base; the entry of new well-capitalized competitors into our markets; the success of new on-demand and real-time products; the availability of Linux software in light of issues raised by SCO Group; capital spending patterns by a limited customer base; the integration of Everstream; and contractual obligations that could impact revenue recognition. Other important risk factors are discussed in our Form 10-K filed with the Securities and Exchange Commission on Sept. 2, 2005 and may be discussed in subsequent filings with the SEC. The risk factors discussed in such Form 10-K under the heading "Risk Factors" are specifically incorporated by reference in this press release. Our forward-looking statements are based on current expectations and speak only as of the date of such statements. We undertake 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, its logo and are registered trademarks of Concurrent Computer Corporation. All other product names are trademarks or registered trademarks of their respective owners. # # # Note to Editors: For additional company or product information from Concurrent, please contact Concurrent, 4375 River Green Parkway, Suite 100, Duluth, GA 30096. Call toll free in the U.S. and Canada at (877) 978-7363, fax (678) 258-4199. Readers can also access information through the company's Web site at www.ccur.com.
CONCURRENT COMPUTER CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS) DECEMBER 31, SEPTEMBER 30, JUNE 30, 2005 2005 2005 (UNAUDITED) (UNAUDITED) -------------- --------------- ------------ ASSETS Cash and cash equivalents $ 17,050 $ 17,435 $ 19,880 Trade accounts receivable, net 15,495 14,422 16,577 Inventories, net 6,640 5,436 5,071 Prepaid expenses and other current assets 2,176 2,176 1,084 -------------- --------------- ------------ Total current assets 41,361 39,469 42,612 Property, plant and equipment, net 6,899 7,471 8,319 Intangible assets, net 9,331 776 823 Goodwill 15,590 10,744 10,744 Investment in minority owned company - 140 140 Other long-term assets, net 1,086 1,193 1,339 -------------- --------------- ------------ Total assets $ 74,267 $ 59,793 $ 63,977 ============== =============== ============ LIABILITIES Accounts payable and accrued expenses $ 12,667 $ 10,501 $ 12,055 Notes payable to bank, current portion 993 973 954 Deferred revenue 6,706 6,593 6,692 -------------- --------------- ------------ Total current liabilities 20,366 18,067 19,701 Long-term deferred revenue 1,843 2,059 2,349 Notes payable to bank, less current portion 1,077 1,333 1,583 Other long-term liabilities 2,046 2,038 1,991 STOCKHOLDERS' EQUITY Common stock 714 628 637 Additional paid-in capital 188,879 174,370 175,769 Retained earnings (deficit) (140,242) (138,638) (136,455) Treasury stock (34) - - Unearned compensation - - (1,562) Accumulated other comprehensive loss (382) (64) (36) -------------- --------------- ------------ Total stockholders' equity 48,935 36,296 38,353 -------------- --------------- ------------ Total liabilities and stockholders' equity $ 74,267 $ 59,793 $ 63,977 ============== =============== ============
CONCURRENT COMPUTER CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS EXCEPT PER SHARE DATA) THREE MONTHS ENDED DECEMBER 31, SIX MONTHS ENDED DECEMBER 31, ------------------------------------- ------------------------------------- 2005 2004 2005 2004 (Unaudited) (Unaudited) (Unaudited) (Unaudited) ----------------- ------------------ ----------------- ------------------ Revenues: Product $ 12,750 $ 14,721 $ 23,693 $ 26,308 Service 6,106 5,303 11,370 11,046 ----------------- ------------------ ----------------- ------------------ Total revenues 18,856 20,024 35,063 37,354 Cost of sales: Product 6,084 6,880 11,452 13,547 Service 2,855 3,248 5,600 6,772 ----------------- ------------------ ----------------- ------------------ Total cost of sales 8,939 10,128 17,052 20,319 ----------------- ------------------ ----------------- ------------------ Gross margin 9,917 9,896 18,011 17,035 Operating expenses: Sales and marketing 4,234 4,087 8,362 8,564 Research and development 4,900 4,672 9,238 9,852 General and administrative 2,379 2,275 4,902 4,781 ----------------- ------------------ ----------------- ------------------ Total operating expenses 11,513 11,034 22,502 23,197 ----------------- ------------------ ----------------- ------------------ Operating loss (1,596) (1,138) (4,491) (6,162) Loss on minority investment - (313) - (313) Other income - net 18 16 777 73 ----------------- ------------------ ----------------- ------------------ Loss before income taxes (1,578) (1,435) (3,714) (6,402) Provision for income taxes 26 12 73 66 ----------------- ------------------ ----------------- ------------------ Net loss $ (1,604) $ (1,447) $ (3,787) $ (6,468) ================= ================== ================= ================== Basic net loss per share $ (0.02) $ (0.02) $ (0.06) $ (0.10) ================= ================== ================= ================== Diluted net loss per share $ (0.02) $ (0.02) $ (0.06) $ (0.10) ================= ================== ================= ================== Basic weighted average shares outstanding 70,385 62,747 66,578 62,714 ================= ================== ================= ================== Diluted weighted average shares outstanding 70,385 62,747 66,578 62,714 ================= ================== ================= ==================
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