-----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, NXSSUOXsc4W0sEaMdC3OcZTPBCnyQ7c1uzPNM5RBEfpFCjoOWg+RprgZiknvCgKn aqtAIkfoVP3mq3fW7GerIA== 0001140361-06-011533.txt : 20060811 0001140361-06-011533.hdr.sgml : 20060811 20060811092057 ACCESSION NUMBER: 0001140361-06-011533 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060811 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060811 DATE AS OF CHANGE: 20060811 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: 061023061 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 08-11-2006 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): August 11, 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 August 11, 2006, Concurrent Computer Corporation (the "company") issued a press release containing information about its financial condition and results of operations for its fourth fiscal 2006 quarter and year ended June 30, 2006. Included in the press release are (1) the condensed consolidated balance sheets of the company as of June 30, 2006 (unaudited), March 31, 2006 (unaudited) and June 30, 2005, and (2) the company's unaudited condensed consolidated statements of operations for the three and twelve months ended June 30, 2006 and 2005. 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 August 11, 2006. 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: August 11, 2006. CONCURRENT COMPUTER CORPORATION (Registrant) By: /s/ Gregory S. Wilson ------------------------------------------ Gregory S. Wilson Chief Financial Officer EXHIBIT INDEX EXHIBIT NUMBER AND DESCRIPTION - ------------------------------ 99.1 Press Release of Concurrent Computer Corporation, issued on August 11, 2006. EX-99.1 2 ex99_1.txt EXHIBIT 99.1 EXHIBIT 99.1 FOR IMMEDIATE RELEASE CONCURRENT COMPUTER CORPORATION ANNOUNCES FOURTH QUARTER AND FISCAL YEAR 2006 FINANCIAL RESULTS ATLANTA, GEORGIA, AUGUST 11, 2006 - Concurrent (Nasdaq: CCUR), a worldwide leader of on-demand technology and real-time computing technology, today announced its results for the fourth quarter and fiscal year ended June 30, 2006. Fourth Quarter Results: - ------------------------- In the fourth quarter of fiscal 2006, company-wide revenue aggregated $15.9 million compared to $20.6 million in the third quarter of fiscal 2006, a decrease of 22.9%. Revenue from Concurrent's on-demand product line totaled $8.9 million for the fourth quarter of fiscal 2006 compared to $11.6 million in the third quarter of fiscal 2006, a decrease of 23.4%. Revenue from the company's real-time product line totaled $7.0 million for the fourth quarter of fiscal 2006 compared to $9.0 million in the third quarter of fiscal 2006, a decrease of 22.2%. The net loss for the fourth quarter of fiscal 2006 was $4.5 million, or a loss of $0.06 per fully diluted share, compared to a net loss of $1.0 million, or a loss of $0.01 per fully diluted share, in the third quarter of fiscal 2006. Consolidated gross margins for the fourth quarter of fiscal 2006 were 45% compared to 50% in the third quarter of fiscal 2006. The gross margins were down primarily due to pricing pressure in the VOD market and a lower revenue base for the quarter. Fiscal Year2006Results: - ------------------------ Company-wide revenue for fiscal year 2006 totaled $71.6 million compared to $78.7 million in fiscal year 2005, a decrease of 9.0%. For fiscal 2006, revenue from the company's on-demand product line totaled $37.6 million compared to $40.0 million in the prior year, a decrease of 5.9% while revenue from the company's real-time product line totaled $34.0 million in fiscal year 2006 compared to $38.7 million in fiscal year 2005, a decrease of 12.1%. For fiscal year 2006, the company reported a net loss of $9.3 million, or a loss of $0.14 per fully diluted share, compared to a net loss of $7.7 million, or a loss of $0.12 per fully diluted share, for fiscal year 2005. Cash at the end of the fiscal year 2006 totaled $14.4 million compared to $19.9 million at the end of fiscal year 2005, a decrease of $5.5 million. For More Information Contact: - ----------------------------- Concurrent - Kirk Somers - Investor Relations & General Counsel - (678) 258-4000 "I am disappointed with our fourth quarter and fiscal year results," said Gary Trimm, Concurrent president and chief executive officer. He continued, "However, I am encouraged by the outlook for our software only sales of our real-time operating system products and the potential for our Everstream products. Additionally, I believe the release of our Media Hawk 4500 software platform will leap-frog the competition, reinforcing our position as a technology leader in the VOD market." Concurrent Computer Corporation will hold a conference call to discuss these results on Friday, August 11, 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 (NASDAQ: CCUR) is a leading provider of high-performance, real-time Linux software and solutions for commercial and government markets. For 40 years Concurrent's best-of-breed products have enabled a range of time-critical solutions including: modeling and simulation, high speed data acquisition, visual imaging, low latency transaction processing and on-demand television. Concurrent's on-demand television applications are utilized by major service providers in the cable and IPTV industries to deliver video-on-demand (VOD) and, through subsidiary company Everstream, measure the effectiveness of interactive television. Concurrent is a global company with regional offices in North America, Europe, Asia and Australia, and has products actively deployed in more than 24 countries. Concurrent's products and services are recognized for being uniquely flexible, comprehensive, robust and reliable. For more information, please visit www.ccur.com. ------------ 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 our software only sales of our real-time operating system products, the potential for Everstream products and our outlook for the release of our Media Hawk 4500 software platform. All forward-looking statements are subject to certain risks and uncertainties that could cause actual events to differ materially from those projected. For More Information Contact: - ----------------------------- Concurrent - Kirk Somers - Investor Relations & General Counsel - (678) 258-4000 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; the availability of debt or equity financing to support our liquidity needs if cash flow does not improve; 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 Everstream and it's logo are registered trademarks of Concurrent Computer Corporation. All other Concurrent product names are trademarks of Concurrent while all other product names are trademarks or registered trademarks of their respective owners. Linux(R) is used pursuant to a sublicense from the Linux Mark Institute. # # # 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. - ------------- For More Information Contact: - ----------------------------- Concurrent - Kirk Somers - Investor Relations & General Counsel - (678) 258-4000
CONCURRENT COMPUTER CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS EXCEPT PER SHARE DATA) THREE MONTHS ENDED JUNE 30, TWELVE MONTHS ENDED JUNE 30, -------------------------------- --------------------------------- 2006 2005 2006 2005 (Unaudited) (Unaudited) (Unaudited) (Unaudited) -------------- ---------------- --------------- ---------------- Revenues: Product $ 10,766 $ 16,371 $ 49,592 $ 57,070 Service 5,150 5,111 22,020 21,615 -------------- ---------------- --------------- ---------------- Total revenues 15,916 21,482 71,612 78,685 Cost of sales: Product 6,102 7,759 25,010 27,053 Service 2,689 2,952 11,233 12,856 -------------- ---------------- --------------- ---------------- Total cost of sales 8,791 10,711 36,243 39,909 -------------- ---------------- --------------- ---------------- Gross margin 7,125 10,771 35,369 38,776 Operating expenses: Sales and marketing 4,161 4,871 16,576 17,768 Research and development 4,693 4,449 18,783 18,748 General and administrative 2,293 2,573 9,590 9,717 -------------- ---------------- --------------- ---------------- Total operating expenses 11,147 11,893 44,949 46,233 -------------- ---------------- --------------- ---------------- Operating loss (4,022) (1,122) (9,580) (7,457) Loss on minority investment - - - (313) Other income (expense) - net (61) (302) 749 (231) -------------- ---------------- --------------- ---------------- Loss before income taxes and cumulative effect of change in accounting principle (4,083) (1,424) (8,831) (8,001) Provision (benefit) for income taxes 104 (340) 191 (272) -------------- ---------------- --------------- ---------------- Net loss before cumulative effect of change in accounting principle (4,187) (1,084) (9,022) (7,729) Cumulative effect of accounting change (net of taxes) (323) - (323) - -------------- ---------------- --------------- ---------------- Net loss $ (4,510) $ (1,084) $ (9,345) $ (7,729) ============== ================ =============== ================ Basic net loss per share $ (0.06) $ (0.02) $ (0.14) $ (0.12) ============== ================ =============== ================ Diluted net loss per share $ (0.06) $ (0.02) $ (0.14) $ (0.12) ============== ================ =============== ================ Basic weighted average shares outstanding 71,503 62,764 68,988 62,737 ============== ================ =============== ================ Diluted weighted average shares outstanding 71,503 62,764 68,988 62,737 ============== ================ =============== ================
CONCURRENT COMPUTER CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS) JUNE 30, MARCH 31, JUNE 30, 2006 2006 2005 (UNAUDITED) (UNAUDITED) ------------ ------------ ---------- ASSETS Cash and cash equivalents $ 14,423 $ 14,811 $ 19,880 Trade accounts receivable, net 15,111 19,978 16,577 Inventories, net 6,163 5,245 5,071 Prepaid expenses and other current assets 1,578 2,026 1,084 ------------ ------------ ---------- Total current assets 37,275 42,060 42,612 Property, plant and equipment, net 6,015 6,570 8,319 Intangible assets, net 8,787 9,059 823 Goodwill 15,560 15,590 10,744 Investment in minority owned company - - 140 Other long-term assets, net 1,120 1,106 1,339 ------------ ------------ ---------- Total assets $ 68,757 $ 74,385 $ 63,977 ============ ============ ========== LIABILITIES Accounts payable and accrued expenses $ 11,581 $ 12,591 $ 12,055 Notes payable to bank, current portion 1,583 1,013 954 Deferred revenue 7,277 7,714 6,692 ------------ ------------ ---------- Total current liabilities 20,441 21,318 19,701 Long-term deferred revenue 1,602 1,944 2,349 Notes payable to bank, less current portion - 815 1,583 Other long-term liabilities 2,941 2,108 1,991 STOCKHOLDERS' EQUITY Common stock 716 715 637 Additional paid-in capital 189,409 189,164 175,769 Retained earnings (deficit) (145,800) (141,290) (136,455) Treasury stock (13) (27) - Unearned compensation - - (1,562) Accumulated other comprehensive loss (539) (362) (36) ------------ ------------ ---------- Total stockholders' equity 43,773 48,200 38,353 ------------ ------------ ---------- Total liabilities and stockholders' equity $ 68,757 $ 74,385 $ 63,977 ============ ============ ==========
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