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. |
Exhibit No.
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Description
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99.1
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Press release of Concurrent Computer Corporation, issued on August 27, 2014.
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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, 2014.
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· | Concurrent launched a new transparent caching solution that boosts the performance of over-the-top (OTT) video services like Netflix®, Apple TV®, and YouTube®, while reducing network costs and increasing revenue opportunities for broadband operators. |
· | The company was awarded a U.S. video patent for a method of creating visually appealing consumer user interfaces for TV, PC, web and mobile video services. |
· | Concurrent released a new version of its multi-screen origin server software featuring support for Ultra HD video content and the High Efficiency Video Coding ("HEVC") video compression standard (H.265). |
· | The company introduced an expert-level training and certification program designed to equip video engineers with the knowledge and skills required to launch next generation IP video services. |
· | Concurrent added a variety of premium automotive brands to its customer list, including a Formula 1 design and racing team. |
· | The company enhanced its SIMulation WorkbenchTM software for the automotive market to support new simulation models and interfaces. |
· | The company won new opportunities in the green energy market, including a project with Clemson University to test wind turbines using a hardware-in-the-loop test rig powered by Concurrent's SIMulation Workbench software. |
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Three Months Ended June 30,
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Twelve Months Ended June 30,
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||||||||||||||
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2014
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2013
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2014
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2013
|
||||||||||||
Revenues:
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||||||||||||||||
Product
|
$
|
13,242
|
$
|
8,637
|
$
|
47,893
|
$
|
38,414
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||||||||
Service
|
4,616
|
6,287
|
23,278
|
25,030
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||||||||||||
Total revenues
|
17,858
|
14,924
|
71,171
|
63,444
|
||||||||||||
Cost of sales:
|
||||||||||||||||
Product
|
4,701
|
3,935
|
20,402
|
16,374
|
||||||||||||
Service
|
2,450
|
2,507
|
10,356
|
10,233
|
||||||||||||
Total cost of sales
|
7,151
|
6,442
|
30,758
|
26,607
|
||||||||||||
Gross margin
|
10,707
|
8,482
|
40,413
|
36,837
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Sales and marketing
|
3,760
|
3,550
|
14,350
|
14,358
|
||||||||||||
Research and development
|
3,021
|
2,926
|
13,019
|
11,599
|
||||||||||||
General and administrative
|
1,819
|
1,874
|
7,744
|
8,226
|
||||||||||||
Gain on sale of intellectual property, net
|
-
|
(2,381
|
)
|
-
|
(2,381
|
)
|
||||||||||
Total operating expenses
|
8,600
|
5,969
|
35,113
|
31,802
|
||||||||||||
Operating income
|
2,107
|
2,513
|
5,300
|
5,035
|
||||||||||||
Other expense, net
|
(75
|
)
|
(11
|
)
|
(203
|
)
|
(418
|
)
|
||||||||
Income before income taxes
|
2,032
|
2,502
|
5,097
|
4,617
|
||||||||||||
Income tax (benefit) provision
|
(13,568
|
)
|
189
|
(13,408
|
)
|
369
|
||||||||||
Net income
|
$
|
15,600
|
$
|
2,313
|
$
|
18,505
|
$
|
4,248
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||||||||
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||||||||||||||||
Basic net income per share
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$
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1.74
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$
|
0.26
|
$
|
2.08
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$
|
0.49
|
||||||||
Diluted net income per share
|
$
|
1.71
|
$
|
0.26
|
$
|
2.04
|
$
|
0.48
|
||||||||
Basic weighted average shares outstanding
|
8,954
|
8,764
|
8,911
|
8,736
|
||||||||||||
Diluted weighted average shares outstanding
|
9,107
|
8,966
|
9,086
|
8,910
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||||||||||||
Cash dividends declared per common share
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$
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0.12
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$
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0.12
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$
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0.48
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$
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0.86
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|
Three Months Ended
|
|||||||
|
June 30,
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March 31,
|
||||||
|
2014
|
2014
|
||||||
Revenues:
|
||||||||
Product
|
$
|
13,242
|
$
|
12,197
|
||||
Service
|
4,616
|
6,081
|
||||||
Total revenues
|
17,858
|
18,278
|
||||||
Cost of sales:
|
||||||||
Product
|
4,701
|
5,495
|
||||||
Service
|
2,450
|
2,535
|
||||||
Total cost of sales
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7,151
|
8,030
|
||||||
Gross margin
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10,707
|
10,248
|
||||||
Operating expenses:
|
||||||||
Sales and marketing
|
3,760
|
3,595
|
||||||
Research and development
|
3,021
|
3,409
|
||||||
General and administrative
|
1,819
|
1,984
|
||||||
Total operating expenses
|
8,600
|
8,988
|
||||||
Operating income
|
2,107
|
1,260
|
||||||
Other expense, net
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(75
|
)
|
(38
|
)
|
||||
Income before income taxes
|
2,032
|
1,222
|
||||||
Income tax (benefit) provision
|
(13,568
|
)
|
140
|
|||||
Net income
|
$
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15,600
|
$
|
1,082
|
||||
|
||||||||
Basic net income per share
|
$
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1.74
|
$
|
0.12
|
||||
Diluted net income per share
|
$
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1.71
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$
|
0.12
|
||||
Basic weighted average shares outstanding
|
8,954
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8,944
|
||||||
Diluted weighted average shares outstanding
|
9,107
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9,090
|
||||||
Cash dividends declared per common share
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$
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0.12
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$
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0.12
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Three Months Ended
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Twelve Months Ended
|
||||||||||||||||||
|
June 30,
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March 31,
|
June 30,
|
June 30,
|
June 30,
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|||||||||||||||
|
2014
|
2014
|
2013
|
2014
|
2013
|
|||||||||||||||
|
||||||||||||||||||||
Net income
|
$
|
15,600
|
$
|
1,082
|
$
|
2,313
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$
|
18,505
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$
|
4,248
|
||||||||||
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||||||||||||||||||||
Other comprehensive income (loss):
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||||||||||||||||||||
Foreign currency translation adjustment
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136
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31
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(83
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)
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22
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(325
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)
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|||||||||||||
Pension and post-retirement benefits, net of tax
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(488
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)
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5
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(180
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)
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(473
|
)
|
(174
|
)
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|||||||||||
Other comprehensive income (loss)
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(352
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)
|
36
|
(263
|
)
|
(451
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)
|
(499
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)
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|||||||||||
Comprehensive income
|
$
|
15,248
|
$
|
1,118
|
$
|
2,050
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$
|
18,054
|
$
|
3,749
|
|
June 30
|
March 31,
|
June 30,
|
|||||||||
|
2014
|
2014
|
2013
|
|||||||||
|
(unaudited)
|
(unaudited)
|
|
|||||||||
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||||||||||||
ASSETS
|
||||||||||||
Cash and cash equivalents
|
$
|
28,074
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$
|
22,452
|
$
|
27,927
|
||||||
Trade accounts receivable, net
|
11,355
|
18,165
|
10,701
|
|||||||||
Inventories
|
3,272
|
3,609
|
2,844
|
|||||||||
Deferred income taxes - current, net
|
1,458
|
599
|
618
|
|||||||||
Prepaid expenses and other current assets
|
804
|
827
|
1,706
|
|||||||||
Total current assets
|
44,963
|
45,652
|
43,796
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|||||||||
|
||||||||||||
Property, plant and equipment, net
|
3,081
|
2,992
|
3,102
|
|||||||||
Intangible assets, net
|
476
|
512
|
834
|
|||||||||
Deferred income taxes, net
|
13,231
|
304
|
137
|
|||||||||
Other long-term assets
|
635
|
617
|
600
|
|||||||||
Total assets
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$
|
62,386
|
$
|
50,077
|
$
|
48,469
|
||||||
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||||||||||||
LIABILITIES
|
||||||||||||
Accounts payable and accrued expenses
|
$
|
7,591
|
$
|
9,274
|
$
|
7,671
|
||||||
Deferred revenue
|
7,441
|
8,590
|
8,383
|
|||||||||
Total current liabilities
|
15,032
|
17,864
|
16,054
|
|||||||||
|
||||||||||||
Long-term deferred revenue
|
1,400
|
1,160
|
1,924
|
|||||||||
Other long-term liabilities
|
5,500
|
4,987
|
4,706
|
|||||||||
Total liabilities
|
21,932
|
24,011
|
22,684
|
|||||||||
|
||||||||||||
STOCKHOLDERS' EQUITY
|
||||||||||||
Common stock
|
90
|
90
|
88
|
|||||||||
Additional paid-in capital
|
209,711
|
209,464
|
208,677
|
|||||||||
Accumulated deficit
|
(169,001
|
)
|
(183,494
|
)
|
(183,085
|
)
|
||||||
Treasury stock, at cost
|
(255
|
)
|
(255
|
)
|
(255
|
)
|
||||||
Accumulated other comprehensive income
|
(91
|
)
|
261
|
360
|
||||||||
Total stockholders' equity
|
40,454
|
26,066
|
25,785
|
|||||||||
Total liabilities and stockholders' equity
|
$
|
62,386
|
$
|
50,077
|
$
|
48,469
|