Concurrent Reports Lower Fiscal Q4 Revenues, Swings to a Profit

VOD technology provider, Concurrent, has released financial results for its fiscal fourth quarter and year, ended June 30th:

  • Q4 revenues totaled $15.9 million (with gross margins of 59.2%), compared to $17.6 million for the year-ago quarter.
  • Q4 operating expenses totaled $9.1 million, compared to $10.8 million for the year-ago quarter.
  • Q4 net income totaled $245,000, or $0.03 per diluted share, compared to a loss of $1 million, or $0.12 per share, for the year-ago quarter.
  • At the end of the quarter, the company's cash balance was $29.1 million.
  • Annual revenues totaled $71.6 million, compared to $70.8 million for the previous year.
  • Annual net losses totaled $14.5 million, or $1.75 per diluted share, compared to net income of $265,000 or $0.03 per share for the year-ago quarter. Excluding the impact of a non-cash impairment charge of $17.1 million that was incurred during the third quarter, as well as a related tax benefit, adjusted net income for fiscal 2009 was $2.2 million, or $0.26 per diluted share.
  • Including the impact of the Q3 non-cash impairment charge, annual operating expenses were $55.6 million and operating losses were $14.3 million. Excluding the charge, annual operating expenses were $38.5 million, compared to $42 million for the prior year. Adjusted operating income was $2.8 million, compared to a loss of $3.9 million for the prior year. Cash flow from operations was $4.3 million, resulting in a $1.7 million improvement in the company's cash balance during fiscal 2009.

"In the fourth quarter, revenue was impacted by reduced spending from some of our top customers, and we expect this trend to continue in the first quarter," Concurrent president and CEO, Dan Mondor, said in a prepared statement. "In fiscal year 2009, we lowered our revenue breakeven point, established more efficient operations and improved cash management. With more efficient operations, we are better positioned to invest in new products to address new markets consistent with our three-screen strategy."

Region: 
North America