VOD Technology Provider, Concurrent, Reports Large Losses

--Losses Include Substantial Non-Cash Impairment Charges

VOD technology provider, Concurrent, on Tuesday released financial results for its fiscal third quarter, ended March 31st:
--Revenues totaled $19.2 million, compared to $19.4 million for the year-ago quarter.
--Net losses totaled $15.3 million, or $1.85 per diluted share, compared to net income of $301,000, or $0.00 per share, for the year-ago quarter. The company said that the figure for the most recent quarter included non-cash impairment charges of $17.1 million resulting from a decline in its stock price and the write-down of the Everstream trademark in connection with renaming its media data and advertising solutions. It said that the non-cash charges will have no impact on its existing cash balances, working capital, covenants, revolver availability or normal business operations.
--Net income, excluding the impact of the impairment charges and the related income tax benefit, totaled $1.3 million , or $0.16 per diluted share.
--At the end of the quarter, the company's cash balance was $23.9 million.

Concurrent also provided results for the nine-month period ended March 31st:
--Revenues, at $55.7 million, were up 5% from the year-ago period.
--Net losses totaled $14.7 million, or $1.78 per share (note: this figure includes the non-cash impairment charges of $17.1 million mentioned above).
--Net income, excluding the impact of the impairment charges and the related income tax benefit, totaled $1.9 million, or $0.23 per share, compared to $1.3 million, or $0.15 per diluted share, for the year-ago period.
--Operating expenses, including the impairment charges, totaled $46.5 million, and operating losses totaled $14.6 million. Excluding the impact of the impairment charges, adjusted operating expenses totaled $29.4 million, compared to $31.2 million for the year-ago period, and operating income totaled $2.5 million, compared to an operating loss of $2.6 million for the year-ago period.

"Although the continuing economic environment remains challenging, we improved our operating performance for the first nine months of fiscal 2009 by maintaining our customer focus and continuing to streamline our cost structure," Concurrent president and CEO, Dan Mondor, said in a prepared statement. "Our adjusted operating income for the nine months improved by over $5.0 million compared to the prior period. We have created a solid financial foundation and believe we are well positioned to capitalize on our next generation of video solutions for the three screens: television, personal computer and mobile device, as announced in late March."

Region: 
North America