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 27, 2010

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 27, 2010, Concurrent Computer Corporation (the “company”) issued a press release containing information about its financial condition and results of operations for its third fiscal 2010 quarter and nine months ended March 31, 2010.  Included in the press release are (1) the condensed consolidated balance sheets of the company as of March 31, 2010 (unaudited), December 31, 2009 (unaudited) and June 30, 2009, and (2) the company’s unaudited condensed consolidated statements of operations for the three and nine months ended March 31, 2010 and 2009, and three months ended December 31, 2009.  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 27, 2010.

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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 27, 2010

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 27, 2010.

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EX-99.1

EXHIBIT 99.1

FOR IMMEDIATE RELEASE

Concurrent Reports Fiscal 2010 Third Quarter Results

ATLANTA, Georgia, April 27, 2010 – Concurrent (Nasdaq: CCUR), a worldwide leader in video and media data and advertising solutions, today announced results for its fiscal year 2010 third quarter and nine months ended March 31, 2010.

Company-wide revenue for the third quarter of fiscal year 2010 was approximately $14.6 million, compared to $19.2 million in the prior year’s third quarter.  Gross margins for the third quarter of fiscal year 2010 were 55.5%, compared to 57.0% in the prior year’s third quarter.  Operating expenses were $9.0 million in the third quarter of fiscal year 2010, compared to $27.0 million, including a $17.1 million impairment charge, in the prior year’s third quarter.   The Company generated a net loss of $974,000, or $0.12 per diluted share, in the third quarter of fiscal year 2010, compared to a net loss of $15.3 million, or $1.85 per diluted share, including the impact of the prior year $17.1 million impairment charge and related tax effect, in the same quarter of the prior fiscal year.

Revenue was approximately $42.3 million in the first nine months of fiscal year 2010, compared to $55.7 million in the first nine months of fiscal 2009.  Consolidated gross margins were 59.4%, compared to 57.2% in the first nine months of fiscal 2009.  The Company had operating expenses of $27.0 million and an operating loss of $1.9 million in first nine months of fiscal year 2010, compared to operating expenses of $46.5 million and an operating loss of $14.6 million, including a $17.1 million impairment charge, in the first nine months of fiscal 2009.

The Company generated approximately $2.4 million of cash from operating activities during the first nine months of fiscal year 2010, compared to using $1.3 million of cash from operating activities during the same period in the prior year.  The Company’s cash balance as of March 31, 2010 was approximately $29.0 million.

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“Our revenue for the quarter was down slightly from the prior quarter due to the timing of orders,” commented Dan Mondor, Concurrent president and chief executive officer.  “We reiterate our prior guidance that our revenue for the second half of our fiscal year will exceed our revenue for the first half of the fiscal year.  We are seeing traction with our new three-screen offerings as shown by the execution of another multi-year contract with a North American MSO to deliver media data and advertising solutions as a managed service, consistent with the objectives of our long term strategy.”

Conference Call Information

Concurrent will hold a conference call to discuss third quarter results today, Tuesday, April 27, 2010, 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 pass code 100427.  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 prov ide 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

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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-degree 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, autom otive 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

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 our forward-looking statements in this release include anticipated revenue in the second half of fiscal year 2010.  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: delays or cancellations of customer orders; changes in product demand; economic conditions; our ability to satisfy the financial covenants in the 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 su ppliers and failure of components provided 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 products; failure to effectively service the installed base; the entry of new well-capitalized competitors into our markets; the success of new video solutions and real-time products; the success of our relationships with technology and channel partners; capital spending patterns by a limited customer base; the current negative macro-economic environment; privacy concerns over data collection; and the availability of debt or equity financing to support our liquidity needs.

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Other important risk factors are discussed in our Form 10-K filed with the Securities and Exchange Commission (the SEC) on August 28, 2009, and may be discussed in subsequent filings with the SEC. The risk factors discussed in the 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 and its logo are registered trademarks of Concurrent. 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.

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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,
	2010			2009			2010			2009
Revenues:
Product	$	9,241		$	12,730		$	24,587		$	35,845
Service		5,337			6,513			17,743			19,853
Total revenues		14,578			19,243			42,330			55,698
Cost of sales:
Product		4,211			5,813			10,604			16,554
Service		2,272			2,453			6,594			7,265
Total cost of sales		6,483			8,266			17,198			23,819
Gross margin		8,095			10,977			25,132			31,879
Operating expenses:
Sales and marketing		3,786			4,200			11,537			12,006
Research and development		3,267			3,522			9,463			10,668
General and administrative		1,993			2,222			5,994			6,725
Impairment of goodwill and trademark		-			17,090			-			17,090
Total operating expenses		9,046			27,034			26,994			46,489
Operating loss		(951	)		(16,057	)		(1,862	)		(14,610	)
Other expense, net		(133	)		(120	)		(102	)		(226	)
Loss before income taxes		(1,084	)		(16,177	)		(1,964	)		(14,836	)
Income tax benefit		(110	)		(832	)		(64	)		(114	)
Net loss	$	(974	)	$	(15,345	)	$	(1,900	)	$	(14,722	)
Basic net loss per share	$	(0.12	)	$	(1.85	)	$	(0.23	)	$	(1.78	)
Diluted net loss per share	$	(0.12	)	$	(1.85	)	$	(0.23	)	$	(1.78	)
Basic weighted average shares outstanding		8,344			8,276			8,318			8,281
Diluted weighted average shares outstanding		8,344			8,276			8,318			8,281

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Concurrent Computer Corporation

Condensed Consolidated Statements of Operations (Unaudited)

(In Thousands Except Per Share Data)

	Three Months Ended
	March 31,			December 31,
	2010			2009
Revenues:
Product	$	9,241		$	8,664
Service		5,337			6,338
Total revenues		14,578			15,002
Cost of sales:
Product		4,211			3,503
Service		2,272			2,201
Total cost of sales		6,483			5,704
Gross margin		8,095			9,298
Operating expenses:
Sales and marketing		3,786			3,946
Research and development		3,267			3,096
General and administrative		1,993			2,084
Total operating expenses		9,046			9,126
Operating (loss) income		(951	)		172
Other expense, net		(133	)		(67	)
(Loss) income before income taxes		(1,084	)		105
(Benefit) provision for income taxes		(110	)		16
Net (loss) income	$	(974	)	$	89
Basic net (loss) income per share	$	(0.12	)	$	0.01
Diluted net (loss) income per share	$	(0.12	)	$	0.01
Basic weighted average shares outstanding		8,344			8,325
Diluted weighted average shares outstanding		8,344			8,419

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Concurrent Computer Corporation

Condensed Consolidated Balance Sheets

(In Thousands)

	March 31,			December 31,			June 30,
	2010			2009			2009
	(unaudited)			(unaudited)
ASSETS
Cash and cash equivalents	$	28,994		$	31,002		$	29,110
Trade accounts receivable, net		16,389			10,168			14,546
Inventories		4,694			4,132			3,060
Prepaid expenses and other current assets		2,094			1,768			1,444
Total current assets		52,171			47,070			48,160
Property, plant and equipment, net		4,762			4,589			3,860
Intangible assets, net		3,687			3,911			4,423
Other long-term assets		730			663			692
Total assets	$	61,350		$	56,233		$	57,135
LIABILITIES
Accounts payable and accrued expenses	$	8,874		$	7,055		$	10,582
Revolving bank line of credit		-			949			-
Deferred revenue		13,039			7,971			7,870
Total current liabilities		21,913			15,975			18,452
Long-term deferred revenue		3,045			3,926			1,041
Revolving bank line of credit, non-current		949			-			949
Other long-term liabilities		3,288			3,391			3,165
Total liabilities		29,195			23,292			23,607
STOCKHOLDERS' EQUITY
Common stock		84			84			83
Additional paid-in capital		205,687			205,454			205,222
Accumulated deficit		(174,159	)		(173,185	)		(172,259	)
Treasury stock, at cost		(255	)		(255	)		(255	)
Accumulated other comprehensive income		798			843			737
Total stockholders' equity		32,155			32,941			33,528
Total liabilities and stockholders' equity	$	61,350		$	56,233		$	57,135

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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,			March 31,			Nine Months Ended March 31,
	2010			2009			2010			2009
OPERATING EXPENSES:
Operating expenses	$	9,046		$	27,034		$	26,994		$	46,489
Impairment of goodwill and trademark		-			(17,090	)		-			(17,090	)
Operating expense adjustment		-			(17,090	)		-			(17,090	)
Adjusted operating expenses	$	9,046		$	9,944		$	26,994		$	29,399
OPERATING (LOSS) INCOME:
Operating loss	$	(951	)	$	(16,057	)	$	(1,862	)	$	(14,610	)
Operating expense adjustment		-			17,090			-			17,090
Adjusted operating (loss) income	$	(951	)	$	1,033		$	(1,862	)	$	2,480
INCOME TAX (BENEFIT) PROVISION
Income tax benefit	$	(110	)	$	(832	)	$	(64	)	$	(114	)
Deferred tax effect of operating expense adjustment		-			430			-			430
Adjusted income tax (benefit) provision	$	(110	)	$	(402	)	$	(64	)	$	316
NET (LOSS) INCOME
Net loss	$	(974	)	$	(15,345	)	$	(1,900	)	$	(14,722	)
Operating expense adjustment		-			17,090			-			17,090
Deferred tax effect of operating expense adjustment		-			(430	)		-			(430	)
Adjusted net (loss) income	$	(974	)	$	1,315		$	(1,900	)	$	1,938
NET (LOSS) INCOME PER SHARE
Loss per share - Diluted	$	(0.12	)	$	(1.85	)	$	(0.23	)	$	(1.78	)
Operating expense adjustment	$	-		$	2.06		$	-		$	2.06
Deferred tax effect of operating expense adjustment	$	-		$	(0.05	)	$	-		$	(0.05	)
Adjusted (loss) income per share - Diluted	$	(0.12	)	$	0.16		$	(0.23	)	$	0.23

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