all of it.
Concurrent Computer Corporation Reports Increased Earnings for First Three
Quarters of Fiscal 1998
BusinessWire, Thursday, April 30, 1998 at 09:44
FT. LAUDERDALE, Fla.--(BUSINESS WIRE)--April 30, 1998--Concurrent
Computer Corporation today reported that year-to-date profit for the
first 9 months of fiscal 1998 is $3.7 million or $0.08 per share,
compared with a profit of $0.9 million, or $0.02 per share for the
first nine months of fiscal 1997. Revenue for the first nine months of
fiscal 1998 was $62.0 million, compared with $83.0 million for the
first nine months of fiscal 1997.
Profit for the quarter ended March 31, 1998 is $1.0 million or
$0.02 per share, compared with a profit of $2.3 million or $0.05 per
share for the quarter ended March 31, 1997. Revenue for the quarter
was $20.4 million, compared with $26.7 million for the same quarter a
year ago.
"Our profit continues to outpace last year," said E. Courtney
Siegel, Concurrent's Chairman, President and Chief Executive Officer.
"We expect our fourth quarter to be stronger -- both in real-time
sales and the beginning of our video-on-demand revenue stream."
"Significant progress continues to be made in the video-on-demand
area. Our hospitality business is on plan with revenue starting in
our fourth quarter and planned volume shipments in fiscal year 1999.
The residential area is moving ahead of plan. We will be
demonstrating our products at the NCTA Cable'98 show in Atlanta,
May 4-6, 1998. The residential business area should provide
significant revenue in the last half of our fiscal year 1999, which
is the January-June 1999 timeframe. In addition, we introduced our
corporate intranet product this quarter and are busy signing up
distributors and value added resellers."
"As for our real-time business, the revenue decline is as
expected. We continue to manage this decline profitably with over 6%
IAT while continuing to emphasize our real-time product transition and
new video-on-demand products. The transition of our real-time product
to a more software-oriented solution is going very well with
significant wins in our process control business area. Recent wins
totaling over $6 million with companies such as General Motors, BF
Goodrich, Volvo and Pratt & Whitney provide confidence that our
customers approve of this transition," Mr. Siegel concluded.
Concurrent Computer Corporation (NASDAQ:CCUR)
(http://www.ccur.com), headquartered in Fort Lauderdale, Florida, is
the leading provider of high-performance real-time computer systems
and software. The company is also one of the leaders in the emerging
digital video server marketplace. This market includes the
hospitality, residential, corporate training, and in-flight
entertainment industries. Operating in 32 countries worldwide,
Concurrent provides sales and support from offices throughout North
America, South America, Europe, Asia, and Australia.
Certain matters discussed in this news release are
forward-looking statements involving certain risks and uncertainties
including, without limitation, changes in product demand, changes in
competition, economic conditions, various inventory risks due to
changes in market conditions and other risks.
*T
INCOME STATEMENT ($K)
-------------------------------------------------
Three Months Ended Nine Months Ended
-------------------------------------------------
3/31/98 3/29/97 3/31/98 3/29/97
Revenue
Equipment $ 9,544 $ 16,440 $ 28,169 $ 42,196
Maintenance 10,850 12,215 33,846 40,841
-------- -------- -------- --------
Total 20,394 28,655 62,015 83,037
Cost of Sales
Equipment 5,123 8,529 13,916 22,199
Maintenance 5,670 6,593 17,852 21,742
Transition/
one time cost 0 171 0 973
-------- -------- -------- --------
Total COS 10,793 15,293 31,768 44,914
Gross Margin 9,601 13,362 30,247 38,123
Operating
Expenses
Research and
development 2,739 3,439 8,253 10,238
Selling, general
and administrative 5,845 6,432 17,739 19,279
Transition/
restructuring cost 71 (607) 2,177
-------- -------- -------- --------
Total Operating
Expenses 8,584 9,942 25,385 31,694
Operating Income 1,017 3,420 4,862 6,429
Interest income/
(expense) (108) (478) (500) (1,588)
Other income/
(expense) 120 (261) (122) (681)
CyberGuard stock 0 0 420 (1,876)
IBT 1,029 2,681 4,660 2,284
Taxes 24 401 932 1,371
-------- -------- -------- --------
IAT $ 1,005 $ 2,280 $ 3,728 $ 913
Preferred stock
dividend -- -- (18) --
-------- -------- -------- --------
Income available to
common shareholders $ 1,005 $ 2,280 $ 3,710 $ 913
======== ======== ======== ========
Earnings per share $ 0.02 $ 0.05 $ 0.08 $ 0.02
BALANCE SHEET ($K)
----------------------------
March 30, June 30,
1998 1997
----------------------------
ASSETS $ $
----------------------------
Cash $ 4,877 $ 4,024
Securities available for sale 0 2,718
Net accounts receivable 21,531 25,720
Net inventories 6,475 8,399
Other current assets 2,171 2,286
------- -------
Total current assets 35,054 43,147
Plant & equipment, net 12,589 14,207
Facility held for disposal 4,700
Other long term assets 1,350 1,474
------- -------
Total assets 48,993 63,528
LIABILITIES AND STOCKHOLDERS' EQUITY
Notes and loans payable 4,224 5,399
Current portion of long-term debt 0 1,668
Revolving credit facility 0 3,118
Accounts payable 4,875 7,451
Accrued wages and benefit 4,461 5,891
Deferred revenue 4,748 4,402
Other accrued expenses 5,003 10,524
------- -------
Total current liabilities 23,311 38,453
Long term debt 0 4,493
Other long term liabilities 1,516 1,219
Preferred stock 0 1,243
Equity 24,166 18,120
------- -------
Total liabilities and equity $48,993 $63,528
======= =======
*T
Note: For additional company or product information from
Concurrent Computer Corporation via fax, call 1.888.286.6418 or visit
our website at ccur.com
CONTACT: Concurrent Computer Corporation
Corporate Communications |
