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)
|
☐
|
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. |
ITEM 9.01. | Financial Statements and Exhibits. |
(c)
|
Exhibits
|
Exhibit No.
|
Description
|
99.1
|
Press release of Concurrent Computer Corporation, issued on August 25, 2015.
|
By:
|
/s/ Emory O. Berry
|
||
Emory O. Berry
|
|||
Chief Financial Officer and Executive
Vice President of Operations
|
99.1 | Press Release of Concurrent Computer Corporation, issued on August 25, 2015. |
· | Concurrent launched a new scale-out storage solution to serve the broader software defined data center market and hired Scott Ryan to head up its storage team |
· | Two major North American service providers selected Concurrent’s UpShift™ Unified Content Delivery Solution to support streaming delivery to Internet connected devices and set-top boxes |
· | The company hired Dale Gonzalez as Chief Technology Officer to lead the research and development team for its content delivery and software defined data center initiatives |
· | The company received several new orders for its real-time technology in the automotive market and now serves more than 20 of the leading auto manufacturing and racing companies around the globe |
· | In the aerospace and defense market, the company shipped systems to several companies in Asia and North America for hardware-in-the-loop simulation and testing |
Three Months Ended June 30,
|
Twelve Months Ended June 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Revenues:
|
||||||||||||||||
Product
|
$
|
9,045
|
$
|
13,242
|
$
|
43,926
|
$
|
47,893
|
||||||||
Service
|
4,768
|
4,616
|
20,533
|
23,278
|
||||||||||||
Total revenues
|
13,813
|
17,858
|
64,459
|
71,171
|
||||||||||||
Cost of sales:
|
||||||||||||||||
Product
|
3,910
|
4,701
|
18,807
|
20,402
|
||||||||||||
Service
|
2,103
|
2,450
|
9,262
|
10,356
|
||||||||||||
Total cost of sales
|
6,013
|
7,151
|
28,069
|
30,758
|
||||||||||||
Gross margin
|
7,800
|
10,707
|
36,390
|
40,413
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Sales and marketing
|
3,641
|
3,760
|
14,530
|
14,350
|
||||||||||||
Research and development
|
3,424
|
3,021
|
13,588
|
13,019
|
||||||||||||
General and administrative
|
1,817
|
1,819
|
7,990
|
7,744
|
||||||||||||
Gain on sale of intangible assets, net
|
(325
|
)
|
-
|
(664
|
)
|
-
|
||||||||||
Total operating expenses
|
8,557
|
8,600
|
35,444
|
35,113
|
||||||||||||
Operating income (loss)
|
(757
|
)
|
2,107
|
946
|
5,300
|
|||||||||||
Other expense, net
|
(236
|
)
|
(75
|
)
|
(606
|
)
|
(203
|
)
|
||||||||
Income (loss) before income taxes
|
(993
|
)
|
2,032
|
340
|
5,097
|
|||||||||||
Income tax (benefit) provision
|
(48
|
)
|
(13,568
|
)
|
685
|
(13,408
|
)
|
|||||||||
Net income (loss)
|
$
|
(945
|
)
|
$
|
15,600
|
$
|
(345
|
)
|
$
|
18,505
|
||||||
Basic net income (loss) per share
|
$
|
(0.10
|
)
|
$
|
1.74
|
$
|
(0.04
|
)
|
$
|
2.08
|
||||||
Diluted net income (loss) per share
|
$
|
(0.10
|
)
|
$
|
1.71
|
$
|
(0.04
|
)
|
$
|
2.04
|
||||||
Basic weighted average shares outstanding
|
9,097,769
|
8,953,840
|
9,067,697
|
8,910,907
|
||||||||||||
Diluted weighted average shares outstanding
|
9,097,769
|
9,107,139
|
9,067,697
|
9,085,592
|
||||||||||||
Cash dividends declared per common share
|
$
|
0.12
|
$
|
0.12
|
$
|
0.48
|
$
|
0.48
|
Three Months Ended
|
||||||||
June 30,
2015 |
March 31,
2015 |
|||||||
Revenues:
|
||||||||
Product
|
$
|
9,045
|
$
|
11,327
|
||||
Service
|
4,768
|
5,783
|
||||||
Total revenues
|
13,813
|
17,110
|
||||||
Cost of sales:
|
||||||||
Product
|
3,910
|
4,578
|
||||||
Service
|
2,103
|
2,447
|
||||||
Total cost of sales
|
6,013
|
7,025
|
||||||
Gross margin
|
7,800
|
10,085
|
||||||
Operating expenses:
|
||||||||
Sales and marketing
|
3,641
|
3,410
|
||||||
Research and development
|
3,424
|
3,484
|
||||||
General and administrative
|
1,817
|
1,729
|
||||||
Gain on sale of intangible assets, net
|
(325
|
)
|
-
|
|||||
Total operating expenses
|
8,557
|
8,623
|
||||||
Operating income (loss)
|
(757
|
)
|
1,462
|
|||||
Other income (expense), net
|
(236
|
)
|
1
|
|||||
Income (loss) before income taxes
|
(993
|
)
|
1,463
|
|||||
Income tax (benefit) provision
|
(48
|
)
|
679
|
|||||
Net income (loss)
|
$
|
(945
|
)
|
$
|
784
|
|||
Basic net income (loss) per share
|
$
|
(0.10
|
)
|
$
|
0.09
|
|||
Diluted net income (loss) per share
|
$
|
(0.10
|
)
|
$
|
0.09
|
|||
Basic weighted average shares outstanding
|
9,097,769
|
9,096,255
|
||||||
Diluted weighted average shares outstanding
|
9,097,769
|
9,143,415
|
||||||
Cash dividends declared per common share
|
$
|
0.12
|
$
|
0.12
|
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||||||
June 30,
2015 |
March 31,
2015 |
June 30,
2014 |
June 30,
2015 |
June 30,
2014 |
||||||||||||||||
Net income (loss)
|
$
|
(945
|
)
|
$
|
784
|
$
|
15,600
|
$
|
(345
|
)
|
$
|
18,505
|
||||||||
Other comprehensive income (loss):
|
||||||||||||||||||||
Foreign currency translation adjustment
|
2
|
210
|
136
|
168
|
22
|
|||||||||||||||
Pension and post-retirement benefits, net of tax
|
(143
|
)
|
10
|
(488
|
)
|
32
|
(473
|
)
|
||||||||||||
Other comprehensive income (loss)
|
(141
|
)
|
220
|
(352
|
)
|
200
|
(451
|
)
|
||||||||||||
Comprehensive income (loss)
|
$
|
(1,086
|
)
|
$
|
1,004
|
$
|
15,248
|
$
|
(145
|
)
|
$
|
18,054
|
June 30,
2015 |
March 31,
2015 |
June 30,
2014 |
||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||
ASSETS
|
||||||||||||
Cash and cash equivalents
|
$
|
25,451
|
$
|
26,826
|
$
|
28,074
|
||||||
Trade accounts receivable, net
|
10,174
|
12,402
|
11,355
|
|||||||||
Inventories
|
3,428
|
3,946
|
3,272
|
|||||||||
Deferred income taxes - current, net
|
1,422
|
1,354
|
1,458
|
|||||||||
Prepaid expenses and other current assets
|
738
|
799
|
804
|
|||||||||
Total current assets
|
41,213
|
45,327
|
44,963
|
|||||||||
Property, plant and equipment, net
|
2,448
|
2,411
|
2,168
|
|||||||||
Intangible assets, net
|
323
|
367
|
476
|
|||||||||
Deferred income taxes, net
|
12,711
|
12,927
|
13,231
|
|||||||||
Other long-term assets, net
|
1,178
|
1,312
|
1,548
|
|||||||||
Total assets
|
$
|
57,873
|
$
|
62,344
|
$
|
62,386
|
||||||
LIABILITIES
|
||||||||||||
Accounts payable and accrued expenses
|
$
|
6,342
|
$
|
7,098
|
$
|
7,591
|
||||||
Deferred revenue
|
8,362
|
10,049
|
7,441
|
|||||||||
Total current liabilities
|
14,704
|
17,147
|
15,032
|
|||||||||
Long-term deferred revenue
|
1,658
|
1,929
|
1,400
|
|||||||||
Other long-term liabilities
|
4,905
|
4,544
|
5,500
|
|||||||||
Total liabilities
|
21,267
|
23,620
|
21,932
|
|||||||||
STOCKHOLDERS' EQUITY
|
||||||||||||
Common stock
|
91
|
91
|
90
|
|||||||||
Additional paid-in capital
|
210,456
|
210,353
|
209,711
|
|||||||||
Accumulated deficit
|
(173,795
|
)
|
(171,715
|
)
|
(169,001
|
)
|
||||||
Treasury stock, at cost
|
(255
|
)
|
(255
|
)
|
(255
|
)
|
||||||
Accumulated other comprehensive income (loss)
|
109
|
250
|
(91
|
)
|
||||||||
Total stockholders' equity
|
36,606
|
38,724
|
40,454
|
|||||||||
Total liabilities and stockholders' equity
|
$
|
57,873
|
$
|
62,344
|
$
|
62,386
|
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