8-K

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):

April 28, 2009

Concurrent Computer Corporation

(Exact Name of Registrant as Specified in its Charter)

Delaware	0-13150	04-2735766
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification Number)

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:

oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

oPre-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 April 28, 2009, Concurrent Computer Corporation (the “company”) issued a press release containing information about its financial condition and results of operations for its third fiscal 2009 quarter and nine months ended March 31, 2009.  Included in the press release are (1) the condensed consolidated balance sheets of the company as of March 31, 2009 (unaudited), December 31, 2008 (unaudited) and June 30, 2008, and (2) the company’s unaudited condensed consolidated statements of operations for the three and nine months ended March 31, 2009 and 2008, and three months ended December 31, 2008.  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 April 28, 2009.

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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:  April 28, 2009

CONCURRENT COMPUTER CORPORATION

(Registrant)

By:	/s/ Emory O. Berry
	Emory O. Berry
	Chief Financial Officer and Executive Vice President of Operations

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EXHIBIT INDEX

Exhibit Number and Description

99.1 Press Release of Concurrent Computer Corporation, issued on April 28, 2009.

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EX-99.1

EXHIBIT 99.1

FOR IMMEDIATE RELEASE

Concurrent Reports Fiscal 2009 Third Quarter Results

Improves Operating Model and Advances on New Initiatives

ATLANTA, Georgia, April 28, 2009 – Concurrent (Nasdaq: CCUR), a world-wide leader in video solutions, today announced results for its fiscal third quarter and nine months ended March 31, 2009.

For the third quarter, total revenues were $19.2 million and the Company recorded a net loss of $15.3 million, or $1.85 per diluted share, which includes non-cash impairment charges of $17.1 million resulting from a decline in the Company’s stock price and the write-down of the Everstream trademark in connection with renaming of the Company’s media data and advertising solutions.   The non-cash charges have no impact on the Company's existing cash balances, working capital, covenants revolver availability or normal business operations.  Excluding the impact of the impairment charges and the related income tax benefit, adjusted net income was $1.3 million, or $0.16 per diluted share, for the third quarter of fiscal 2009.  The Company’s cash balance as of March 31, 2009 was $23.9 million.

For the nine months ended March 31, 2009, total revenues increased 5% over the prior year period to $55.7 million.  The Company recorded a net loss for the first nine months of fiscal 2009 of $14.7 million, or $1.78 per share, which includes the non-cash impairment charges of $17.1 million.  Excluding the impact of the impairment charges and the related income tax benefit, adjusted net income for the first nine months of fiscal 2009 was $1.9 million, or $0.23 per diluted share.  This compares to net income of $1.3 million, or $0.15 per diluted share, reported in the same period of fiscal 2008.

Including the impairment charges noted above, the Company’s operating expenses were $46.5 million and operating loss was $14.6 million for the first nine months of fiscal 2009.  Excluding the impact of the impairment charges, adjusted operating expenses for the first nine months of fiscal 2009 decreased by approximately 6% to $29.4 million compared to $31.2 million in the comparable period of the prior fiscal year.  The Company’s adjusted operating income for the first nine months of fiscal 2009 was $2.5 million compared to an operating loss of $2.6 million in the prior year period.

Concurrent Computer Corporation Announces Third Quarter 2009 Financial Results

April 28, 2009

Page 2 of 4

“Although the continuing economic environment remains challenging, we improved our operating performance for the first nine months of fiscal 2009 by maintaining our customer focus and continuing to streamline our cost structure,” commented Dan Mondor, Concurrent President and Chief Executive Officer.  “Our adjusted operating income for the nine months improved by over $5.0 million compared to the prior period.  We have created a solid financial foundation and believe we are well positioned to capitalize on our next generation of video solutions for the three screens: television, personal computer and mobile device, as announced in late March.”

Conference Call Information

Concurrent Computer Corporation will hold a conference call to discuss third quarter results today, Tuesday, April 28, 2009, at 4:30 p.m. ET, which will be broadcast live at www.ccur.com, under the Investor Relations page.  The call can be accessed live by dialing 1-800-841-9385 and entering passcode 090428#.  The accompanying PowerPoint® presentation can be accessed at Concurrent’s website, www.ccur.com.  A webcast of the live call as well as a replay will also be available at www.ccur.com.

Use of Non-GAAP Financial Information

To help our readers understand our past financial performance and our future results, we supplement the financial results that we provide in accordance with generally accepted accounting principles, or GAAP, with non-GAAP financial measures. Specifically, in this press release, we present adjusted net income, adjusted operating expenses and adjusted operating income.  These non-GAAP financial measures exclude the impact of $17.1 million of non-cash impairment charges and adjusted net income also excludes the related income tax benefit of $430,000.  These non-GAAP financial measures are among the primary factors management used in assessing the Company’s results for the three and nine months ended March 31, 2009 and for planning and forecasting future periods.  We believe the non-GAAP disclosures provide better comparability of our operating results over the relevant periods.

The method we use to produce these non-GAAP financial measures is not computed according to GAAP and may differ from the methods used by other companies. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. Our management uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business and make operating decisions. Investors are encouraged to review the reconciliation of our non-GAAP financial measures to the comparable GAAP results, which is attached to this press release and which can be found, along with other financial information, on the investor relations’ page of our Web site at: www.ccur.com

Concurrent Computer Corporation Announces Third Quarter 2009 Financial Results

April 28, 2009

Page 3 of 4

About Concurrent

Concurrent (Nasdaq:  CCUR) is a global leader in innovative solutions that enable the seamless delivery, management and monetization of video on any screen.  Built on a solid foundation of video firsts and Emmy-award winning technology, Concurrent’s screen-independent video delivery solutions create a truly holistic, 360° view of the consumer video experience.  Concurrent provides customers in the cable, telco, wireless, Web, advertising and content development industries with new revenue opportunities by harnessing the full potential of video.  Concurrent’s video solutions are built upon a rich heritage of high-performance real-time technology which also powers solutions for the defense, aerospace, automotive and financial industries.  Concurrent is a global company with offices in North America, Europe and Asia.  For more information, please visit www.ccur.com.

For more information, contact:

Concurrent Investor Relations

Kirk Somers

678.258.4000

investor.relations@ccur.com

Erica Abrams, Jonathan Schaffer

The Blueshirt Group for Concurrent

415.217.5864 or 212.551.1452

erica@blueshirtgroup.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.  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: our ability to keep our customers satisfied;  delays or cancellations of customer orders; changes in product demand; economic conditions; our ability to satisfy the financial covenants in our credit agreement; 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 impact of competition on the pricing of on-demand products; 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 and in light of the current negative macro-economic environment; privacy issues regarding data collection; and the success of our relationship with Alcatel-Lucent.

Concurrent Computer Corporation Announces Third Quarter 2009 Financial Results

April 28, 2009

Page 4 of 4

Other important risk factors are discussed in our Form 10-K filed with the Securities and Exchange Commission (the SEC) on August 27, 2008, our Form 10-Q, for the first and second quarters of fiscal 2009 filed with the SEC on November 3, 2008 and January 28, 2009, and may be discussed in subsequent filings with the SEC. The risk factors discussed in the Form 10-K and our Form 10-Qs 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 and its 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® is used pursuant to a sublicense from the Linux Mark Institute.

Concurrent Computer Corporation

Condensed Consolidated Statements of Operations (Unaudited)

(In Thousands Except Per Share Data)

	Three Months Ended March 31,					Nine Months Ended March 31,
	2009			2008		2009			2008
Revenues:
Product	$	12,730		$	13,279	$	35,845		$	33,011
Service		6,513			6,095		19,853			20,196
Total revenues		19,243			19,374		55,698			53,207
Cost of sales:
Product		5,813			6,022		16,554			16,384
Service		2,453			2,753		7,265			8,210
Total cost of sales		8,266			8,775		23,819			24,594
Gross margin		10,977			10,599		31,879			28,613
Operating expenses:
Sales and marketing		4,200			3,923		12,006			11,437
Research and development		3,522			4,214		10,668			12,445
General and administrative		2,222			2,406		6,725			7,319
Impairment of goodwill and trademark		17,090			-		17,090			-
Total operating expenses		27,034			10,543		46,489			31,201
Operating (loss) income		(16,057	)		56		(14,610	)		(2,588	)
Other (expense) income - net		(120	)		265		(226	)		4,059
(Loss) income before income taxes		(16,177	)		321		(14,836	)		1,471
Income tax (benefit) provision		(832	)		20		(114	)		195
Net (loss) income	$	(15,345	)	$	301	$	(14,722	)	$	1,276
Basic net (loss) income per share	$	(1.85	)	$	0.04	$	(1.78	)	$	0.15
Diluted net (loss) income per share	$	(1.85	)	$	0.04	$	(1.78	)	$	0.15
Basic weighted average shares outstanding		8,276			8,306		8,281			8,300
Diluted weighted average shares outstanding		8,276			8,318		8,281			8,316

Concurrent Computer Corporation

Condensed Consolidated Statements of Operations (Unaudited)

(In Thousands Except Per Share Data)

	Three Months Ended
	March 31,			December 31,
	2009			2008
Revenues:
Product	$	12,730		$	11,066
Service		6,513			7,054
Total revenues		19,243			18,120
Cost of sales:
Product		5,813			5,106
Service		2,453			2,394
Total cost of sales		8,266			7,500
Gross margin		10,977			10,620
Operating expenses:
Sales and marketing		4,200			4,238
Research and development		3,522			3,307
General and administrative		2,222			2,180
Impairment of goodwill and trademark		17,090			-
Total operating expenses		27,034			9,725
Operating (loss) income		(16,057	)		895
Other (expense) income - net		(120	)		103
(Loss) income before income taxes		(16,177	)		998
(Benefit) provision for income taxes		(832	)		468
Net (loss) income	$	(15,345	)	$	530
Basic net (loss) income per share	$	(1.85	)	$	0.06
Diluted net (loss) income per share	$	(1.85	)	$	0.06
Basic weighted average shares outstanding		8,276			8,274
Diluted weighted average shares outstanding		8,276			8,302

Concurrent Computer Corporation

Condensed Consolidated Balance Sheets

(In Thousands)

	March 31,			December 31,			June 30,
	2009			2008			2008
	(unaudited)			(unaudited)
ASSETS
Cash and cash equivalents	$	23,856		$	27,668		$	27,359
Trade accounts receivable, net		22,355			12,063			14,422
Inventories		3,774			3,222			5,094
Prepaid expenses and other current assets		1,472			1,662			1,360
Total current assets		51,457			44,615			48,235
Property, plant and equipment, net		3,885			3,952			3,867
Intangible assets, net		4,696			6,068			6,611
Goodwill		-			15,990			15,990
Other long-term assets		804			824			836
Total assets	$	60,842		$	71,449		$	75,539
LIABILITIES
Accounts payable and accrued expenses	$	12,240		$	9,890		$	13,984
Deferred revenue		10,182			7,689			8,570
Total current liabilities		22,422			17,579			22,554
Long-term deferred revenue		1,278			1,034			962
Revolving bank line of credit - non-current		949			949			949
Other long-term liabilities		3,054			3,574			3,646
Total liabilities		27,703			23,136			28,111
STOCKHOLDERS' EQUITY
Common stock		83			83			83
Additional paid-in capital		205,048			204,821			204,574
Accumulated deficit		(172,504	)		(157,159	)		(157,782	)
Treasury stock, at cost		(255	)		(255	)		-
Accumulated other comprehensive income (loss)		767			823			553
Total stockholders' equity		33,139			48,313			47,428
Total liabilities and stockholders' equity	$	60,842		$	71,449		$	75,539

Concurrent Computer Corporation

Reconciliation of Non-GAAP Adjustments

Condensed Consolidated Statements of Operations (Unaudited)

(In Thousands Except Per Share Data)

	Three Months Ended
	March 31,			December 31,		March 31,		Nine Months Ended March 31,
	2009			2008		2008		2009			2008
OPERATING EXPENSES:
Operating expenses	$	27,034		$	9,725	$	10,543	$	46,489		$	31,201
Impairment of goodwill and trademark		(17,090	)		-		-		(17,090	)		-
Operating expense adjustment		(17,090	)		-		-		(17,090	)		-
Adjusted operating expenses	$	9,944		$	9,725	$	10,543	$	29,399		$	31,201
OPERATING (LOSS) INCOME:
Operating (loss) income	$	(16,057	)	$	895	$	56	$	(14,610	)	$	(2,588	)
Operating expense adjustment		17,090			-		-		17,090			-
Adjusted operating income (expense)	$	1,033		$	895	$	56	$	2,480		$	(2,588	)
INCOME TAX (BENEFIT) PROVISION
Income tax (benefit) provision	$	(832	)	$	468	$	20	$	(114	)	$	195
Deferred tax effect of operating expense adjustment		430			-		-		430			-
Adjusted income tax (benefit) provision	$	(402	)	$	468	$	20	$	316		$	195
NET (LOSS) INCOME
Net (loss) income	$	(15,345	)	$	530	$	301	$	(14,722	)	$	1,276
Operating expense adjustment		17,090			-		-		17,090			-
Deferred tax effect of operating expense adjustment		(430	)		-		-		(430	)		-
Adjusted net income	$	1,315		$	530	$	301	$	1,938		$	1,276
NET (LOSS) INCOME PER SHARE
(Loss) income per share - Diluted	$	(1.85	)	$	0.06	$	0.04	$	(1.78	)	$	0.15
Operating expense adjustment	$	2.06		$	-	$	-	$	2.06		$	-
Deferred tax effect of operating expense adjustment	$	(0.05	)	$	-	$	-	$	(0.05	)	$	-
Adjusted income (loss) per share - Diluted	$	0.16		$	0.06	$	0.04	$	0.23		$	0.15