Delaware
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0-13150
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04-2735766
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||
(State or Other Jurisdiction of Incorporation)
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(Commission File Number)
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(IRS Employer Identification Number)
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4375 River Green Parkway, Suite 100, Duluth, Georgia
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30096
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(Address of Principal Executive Offices)
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(Zip Code)
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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ITEM 2.02. | Results of Operations and Financial Condition. |
ITEM 9.01. | Financial Statements and Exhibits. |
(c) | Exhibits |
Exhibit No.
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Description
|
|
|
99.1
|
Press release of Concurrent Computer Corporation, issued on August 27, 2013.
|
|
By:
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/s/ Emory O. Berry
|
|
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Emory O. Berry
|
|
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Chief Financial Officer and Executive Vice President of Operations
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Press Release of Concurrent Computer Corporation, issued on August 27, 2013.
|
· | Concurrent announced Cache Xpander™, a high performance, scalable storage device that improves the efficiency of edge based caching for high performance CDN applications and support of larger content libraries. |
· | Concurrent released intelligent video archival software for unified CDN and network DVR applications designed to cost optimize content placement in multi-tier storage complexes. |
· | Ultra high-density multi-screen transcoding was added to Concurrent's online video solution portfolio. |
· | The company showcased its latest generation video and media data intelligence products at the NAB show in Las Vegas, announcing new session based policy controls for its eFactorTM dynamic content adaptation solution. |
· | At the NCTA Cable Show, Concurrent hosted meetings to discuss the status, trends and the future of OTT and IP video services. |
· | Concurrent shipped Imagen visual servers to KCEI in Korea for the K-Series Tank Platoon Simulation program. |
· | The company increased its quarterly cash dividend from $0.06 per share to $0.12 per share in June 2013. |
|
Three Months Ended June 30,
|
Twelve Months Ended June 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Revenues:
|
||||||||||||||||
Product
|
$
|
8,637
|
$
|
8,167
|
$
|
38,414
|
$
|
34,981
|
||||||||
Service
|
6,287
|
6,541
|
25,030
|
25,316
|
||||||||||||
Total revenues
|
14,924
|
14,708
|
63,444
|
60,297
|
||||||||||||
Cost of sales:
|
||||||||||||||||
Product
|
3,935
|
3,038
|
16,374
|
13,706
|
||||||||||||
Service
|
2,507
|
3,224
|
10,233
|
11,854
|
||||||||||||
Total cost of sales
|
6,442
|
6,262
|
26,607
|
25,560
|
||||||||||||
Gross margin
|
8,482
|
8,446
|
36,837
|
34,737
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Sales and marketing
|
3,550
|
3,666
|
14,358
|
16,257
|
||||||||||||
Research and development
|
2,926
|
2,781
|
11,599
|
13,153
|
||||||||||||
General and administrative
|
1,874
|
1,812
|
8,226
|
7,373
|
||||||||||||
Gain on sale of intellectual property, net
|
(2,381
|
)
|
-
|
(2,381
|
)
|
-
|
||||||||||
Total operating expenses
|
5,969
|
8,259
|
31,802
|
36,783
|
||||||||||||
Operating income (loss)
|
2,513
|
187
|
5,035
|
(2,046
|
)
|
|||||||||||
Other (expense) income, net
|
(11
|
)
|
241
|
(418
|
)
|
(190
|
)
|
|||||||||
Income (loss) before income taxes
|
2,502
|
428
|
4,617
|
(2,236
|
)
|
|||||||||||
Income tax provision
|
189
|
219
|
369
|
651
|
||||||||||||
Net income (loss)
|
$
|
2,313
|
$
|
209
|
$
|
4,248
|
$
|
(2,887
|
)
|
|||||||
Basic net income (loss) per share
|
$
|
0.26
|
$
|
0.02
|
$
|
0.49
|
$
|
(0.34
|
)
|
|||||||
Diluted net income (loss) per share
|
$
|
0.26
|
$
|
0.02
|
$
|
0.48
|
$
|
(0.34
|
)
|
|||||||
Basic weighted average shares outstanding
|
8,764
|
8,658
|
8,736
|
8,602
|
||||||||||||
Diluted weighted average shares outstanding
|
8,966
|
8,776
|
8,910
|
8,602
|
||||||||||||
Cash dividends declared per common share
|
$
|
0.12
|
$
|
-
|
$
|
0.86
|
$
|
-
|
|
Three Months Ended
|
|||||||
|
June 30,
|
March 31,
|
||||||
|
2013
|
2013
|
||||||
Revenues:
|
||||||||
Product
|
$
|
8,637
|
$
|
10,714
|
||||
Service
|
6,287
|
6,213
|
||||||
Total revenues
|
14,924
|
16,927
|
||||||
Cost of sales:
|
||||||||
Product
|
3,935
|
4,591
|
||||||
Service
|
2,507
|
2,336
|
||||||
Total cost of sales
|
6,442
|
6,927
|
||||||
Gross margin
|
8,482
|
10,000
|
||||||
Operating expenses:
|
||||||||
Sales and marketing
|
3,550
|
3,527
|
||||||
Research and development
|
2,926
|
2,878
|
||||||
General and administrative
|
1,874
|
2,362
|
||||||
Gain on sale of intellectual property, net
|
(2,381
|
)
|
-
|
|||||
Total operating expenses
|
5,969
|
8,767
|
||||||
Operating income
|
2,513
|
1,233
|
||||||
Other expense, net
|
(11
|
)
|
(229
|
)
|
||||
Income before income taxes
|
2,502
|
1,004
|
||||||
Provision for income taxes
|
189
|
67
|
||||||
Net income
|
$
|
2,313
|
$
|
937
|
||||
Basic net income per share
|
$
|
0.26
|
$
|
0.11
|
||||
Diluted net income per share
|
$
|
0.26
|
$
|
0.11
|
||||
Basic weighted average shares outstanding
|
8,764
|
8,754
|
||||||
Diluted weighted average shares outstanding
|
8,966
|
8,894
|
||||||
Cash dividends declared per common share
|
$
|
0.12
|
$
|
0.06
|
|
Three Months Ended
|
Twelve Months Ended
|
||||||||||||||||||
|
June 30,
|
March 31,
|
June 30,
|
June 30,
|
June 30,
|
|||||||||||||||
|
2013
|
2013
|
2012
|
2013
|
2012
|
|||||||||||||||
|
||||||||||||||||||||
Net income (loss)
|
$
|
2,313
|
$
|
937
|
$
|
209
|
$
|
4,248
|
$
|
(2,887
|
)
|
|||||||||
Other comprehensive income (loss):
|
||||||||||||||||||||
Foreign currency translation adjustment
|
(83
|
)
|
(24
|
)
|
172
|
(325
|
)
|
379
|
||||||||||||
Unrealized gain on investment
|
-
|
-
|
-
|
-
|
2
|
|||||||||||||||
Pension, net of tax
|
(180
|
)
|
2
|
(583
|
)
|
(174
|
)
|
(583
|
)
|
|||||||||||
Other comprehensive loss
|
(263
|
)
|
(22
|
)
|
(411
|
)
|
(499
|
)
|
(202
|
)
|
||||||||||
Comprehensive income (loss)
|
$
|
2,050
|
$
|
915
|
$
|
(202
|
)
|
$
|
3,749
|
$
|
(3,089
|
)
|
|
June 30,
|
March 31,
|
June 30,
|
|||||||||
|
2013
|
2013
|
2012
|
|||||||||
|
(unaudited)
|
(unaudited)
|
|
|||||||||
|
||||||||||||
ASSETS
|
||||||||||||
Cash and cash equivalents
|
$
|
27,927
|
$
|
22,370
|
$
|
29,613
|
||||||
Trade accounts receivable, net
|
10,701
|
16,862
|
8,739
|
|||||||||
Inventories
|
2,844
|
2,949
|
3,683
|
|||||||||
Prepaid expenses and other current assets
|
2,324
|
1,559
|
2,129
|
|||||||||
Total current assets
|
43,796
|
43,740
|
44,164
|
|||||||||
|
||||||||||||
Property, plant and equipment, net
|
3,102
|
3,114
|
3,966
|
|||||||||
Intangible assets, net
|
834
|
1,060
|
1,738
|
|||||||||
Other long-term assets
|
737
|
779
|
1,005
|
|||||||||
Total assets
|
$
|
48,469
|
$
|
48,693
|
$
|
50,873
|
||||||
|
||||||||||||
LIABILITIES
|
||||||||||||
Accounts payable and accrued expenses
|
$
|
7,671
|
$
|
7,450
|
$
|
5,931
|
||||||
Deferred revenue
|
8,383
|
10,575
|
8,850
|
|||||||||
Total current liabilities
|
16,054
|
18,025
|
14,781
|
|||||||||
|
||||||||||||
Non-current deferred revenue
|
1,924
|
1,607
|
2,788
|
|||||||||
Other non-current liabilities
|
4,706
|
4,474
|
4,198
|
|||||||||
Total liabilities
|
22,684
|
24,106
|
21,767
|
|||||||||
|
||||||||||||
STOCKHOLDERS' EQUITY
|
||||||||||||
Common stock
|
88
|
88
|
87
|
|||||||||
Additional paid-in capital
|
208,677
|
208,422
|
207,830
|
|||||||||
Accumulated deficit
|
(183,085
|
)
|
(184,291
|
)
|
(179,415
|
)
|
||||||
Treasury stock, at cost
|
(255
|
)
|
(255
|
)
|
(255
|
)
|
||||||
Accumulated other comprehensive income
|
360
|
623
|
859
|
|||||||||
Total stockholders' equity
|
25,785
|
24,587
|
29,106
|
|||||||||
Total liabilities and stockholders' equity
|
$
|
48,469
|
$
|
48,693
|
$
|
50,873
|