ATLANTA, Georgia, January 27, 2009 – Concurrent (Nasdaq: CCUR), today announced its results for the second quarter of the fiscal year that ends June 30, 2009.
Companywide second quarter revenue was $18.1 million with gross margins of 59%. Operating expenses were $9.7 million. The Company generated operating income of approximately $0.9 million and net income of over $0.5 million leading to net income per share of $0.06 on a fully diluted basis. The cash balance at the end of the second quarter was over $27.6 million.
On a first half basis, revenue increased approximately 8% in fiscal 2009 to $36.5 million. Consolidated gross margins were 57% compared to 53% in the first half of fiscal 2008. In addition, the Company reduced operating expenses by 6% in the first half of fiscal 2009 to $19.5 million and generated operating income of $1.4 million compared to an operating loss of $2.6 million in the first half of fiscal 2008.
“Despite a challenging economic environment, we had a good second quarter and a strong first half. We increased both revenue and gross margins while reducing operating expenses which resulted in an improvement in operating income by over $4.0 million compared to this time last year. The continued strength in our On-Demand business and our diligence with operating expenses resulted in the highest operating income for two consecutive quarters in over 6 years,” said Dan Mondor, Concurrent president and chief executive officer.
Concurrent Computer Corporation will hold a conference call to discuss these results on Tuesday, January 27, 2009 at 10:00 a.m. E.D.T., which will be broadcast live over the Internet on the Company’s web page at http://www.ccur.com/, Investor Relations page.
Click here to view the Financial Results
About Concurrent
Concurrent (Nasdaq: CCUR) is a leading provider of real-time Linux-based computing technologies for commercial and government markets. Industries served include cable and telecommunications providers, defense and aerospace contractors, automotive manufacturers and financial institutions. For over 40 years Concurrent's best-of-breed products have enabled a range of time-critical solutions including: modeling and simulation, high speed data acquisition, visual imaging, low latency transaction processing and on-demand television. Concurrent's on-demand products are utilized by major service providers in the cable and IPTV industries to deliver, monitor and measure video-on-demand (VOD) and other interactive television applications, and support over 32 million digital subscribers worldwide. Concurrent is a global company with regional offices in North America, Europe and Asia, and has products actively deployed worldwide. Concurrent's products and services are recognized for being uniquely flexible, comprehensive, robust and reliable. For more information, please visit www.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. All forward-looking statements are subject to certain risks and uncertainties that could cause actual events to differ materially from those projected.