SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 25, 2002
Concurrent Computer Corporation
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(Exact name of registrant as specified in its charter)
Delaware
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(State or other jurisdiction of incorporation)
0-13150
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(Commission File Number)
04-2735766
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(IRS Employer Identification Number)
4375 River Green Parkway, Duluth, Georgia 30096
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(Address of principal executive offices)
Registrant's telephone number, including area code: (678) 258-4000
Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
ITEM 5. OTHER EVENTS
Set forth below for Concurrent Computer Corporation are (1) the condensed
consolidated balance sheets as of March 31, 2002 (unaudited) and June 30, 2001,
(2) the unaudited condensed consolidated statements of operations for the three
and nine months ended March 31, 2002 and the three and nine months ended March
31, 2001, and (3) the unaudited segment data for the three and nine months ended
March 31, 2002 and the three and nine months ended March 31, 2001.
CONCURRENT COMPUTER CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
MARCH 31, JUNE 30,
2002 2001
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(UNAUDITED)
ASSETS
Cash and cash equivalents $ 22,408 $ 9,460
Trade accounts receivable, net 22,643 14,348
Inventories 8,298 7,187
Prepaid expenses and other current assets 1,222 1,058
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Total current assets 54,571 32,053
Property, plant and equipment, net 10,461 10,484
Purchased developed computer software, net 1,441 1,583
Goodwill, net 10,744 10,744
Investment in minority owned company 7,000 -
Note receivable from minority owned company 3,000 -
Other long-term assets, net 2,099 2,188
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Total assets $ 89,316 $ 57,052
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LIABILITIES
Accounts payable and accrued expenses $ 14,575 $ 13,929
Deferred revenue 3,565 3,300
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Total current liabilities 18,140 17,229
Long-term deferred revenue 778 1,193
Other long-term liabilities 5,269 5,347
STOCKHOLDERS' EQUITY
Common stock 618 551
Additional Paid-in Capital 172,522 140,352
Treasury stock (58) (58)
Retained earnings (deficit) (103,410) (102,760)
Accumulated other comprehensive loss (4,543) (4,802)
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Total stockholders' equity 65,129 33,283
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Total liabilities and stockholders' equity $ 89,316 $ 57,052
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CONCURRENT COMPUTER CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS EXCEPT PER SHARE DATA)
THREE MONTHS ENDED NINE MONTHS ENDED
MARCH 31, MARCH 31,
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2002 2001 2002 2001
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
------------ ------------ ------------ ------------
Revenues:
Product sales
Real-time systems $ 5,647 $ 6,028 $ 15,845 $ 17,477
Video-on-demand systems 14,576 10,349 30,514 17,618
------------ ------------ ------------ ------------
Total product sales 20,223 16,377 46,359 35,095
Service and other 4,805 5,704 15,252 17,831
------------ ------------ ------------ ------------
Total 25,028 22,081 61,611 52,926
Cost of sales:
Real-time and video-on-demand systems 9,429 8,744 23,659 18,945
Service and other 2,838 3,127 8,651 9,518
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Total 12,267 11,871 32,310 28,463
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Gross margin 12,761 10,210 29,301 24,463
Operating expenses:
Sales and marketing 4,198 4,059 12,526 12,198
Research and development 3,861 2,925 10,977 8,374
General and administrative 2,341 2,551 6,439 8,793
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Total operating expenses 10,400 9,535 29,942 29,365
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Operating income (loss) 2,361 675 (641) (4,902)
Other income (loss) 93 46 441 (29)
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Income (loss) before income taxes 2,454 721 (200) (4,931)
Provision for income taxes 150 150 450 450
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Net income (loss) $ 2,304 $ 571 $ (650) $ (5,381)
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Basic net income (loss) per share $ 0.04 $ 0.01 $ (0.01) $ (0.10)
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Diluted net income (loss) per share $ 0.04 $ 0.01 $ (0.01) $ (0.10)
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Basic weighted average shares outstanding 61,560 55,021 60,712 54,558
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Diluted weighted average shares outstanding 64,767 57,125 60,712 54,558
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Note: If the provisions of SFAS 142 were applied to the quarter ending March 31,
2001, basic and diluted net income per share would have been $.02. If the
provisions of SFAS 142 were applied to the nine months ending March 31,
2001, basic and diluted net loss per share would have been $.08.
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CONCURRENT COMPUTER CORPORATION
SEGMENT DATA
(IN THOUSANDS)
REAL-TIME DIVISION XSTREME DIVISION
-------------------------- -------------------------
THREE MONTHS ENDED THREE MONTHS ENDED
-------------------------- -------------------------
03/31/02 03/31/01 03/31/02 03/31/01
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
------------ ------------ ------------ -----------
Revenues:
Product Sales $ 5,647 $ 6,028 $ 14,576 $ 10,349
Service and other 4,805 5,704 - -
------------ ------------ ------------ -----------
Total 10,452 11,732 14,576 10,349
Cost of sales:
Systems 2,054 3,392 7,375 5,352
Service and other 2,838 3,127 - -
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Total 4,892 6,519 7,375 5,352
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Gross margin 5,560 5,213 7,201 4,997
Operating expenses
Sales and marketing 1,734 1,943 2,464 2,116
Research and development 1,409 880 2,452 2,045
General and administrative 1,196 1,102 1,145 1,449
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Total operating expenses 4,339 3,925 6,061 5,610
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Operating income (loss) $ 1,221 $ 1,288 $ 1,140 $ (613)
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CONCURRENT COMPUTER CORPORATION
SEGMENT DATA
(IN THOUSANDS)
REAL-TIME DIVISION XSTREME DIVISION
-------------------------- ------------------------
NINE MONTHS ENDED NINE MONTHS ENDED
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03/31/02 03/31/01 03/31/02 03/31/01
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
------------ ------------ ------------ ----------
Revenues:
Product Sales $ 15,845 $ 17,477 $ 30,514 $ 17,618
Service and other 15,252 17,831 - -
------------ ------------ ------------ ----------
Total 31,097 35,308 30,514 17,618
Cost of sales:
Systems 6,682 9,284 16,977 9,661
Service and other 8,651 9,518 - -
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Total 15,333 18,802 16,977 9,661
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Gross margin 15,764 16,506 13,537 7,957
Operating expenses
Sales and marketing 5,169 5,810 7,357 6,388
Research and development 3,913 2,553 7,064 5,821
General and administrative 3,062 3,603 3,377 5,190
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Total operating expenses 12,144 11,966 17,798 17,399
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Operating income (loss) $ 3,620 $ 4,540 $ (4,261) $ (9,442)
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: April 25, 2002.
CONCURRENT COMPUTER CORPORATION
By: /s/ Steven R. Norton
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Steven R. Norton
Executive Vice President, Chief Financial
Officer and Secretary
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