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): August 23, 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 June 30, 2002 (unaudited) and June 30, 2001,
(2) the condensed consolidated statements of operations for the years ended June
30, 2002 (unaudited) and June 30, 2001, and (3) the unaudited segment data for
the years ended June 30, 2002 and 2001.
CONCURRENT COMPUTER CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
JUNE 30, JUNE 30,
2002 2001
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(Unaudited)
ASSETS
Cash and cash equivalents $ 30,519 $ 9,460
Trade accounts receivable, net 23,894 14,348
Inventories 6,822 7,187
Prepaid expenses and other current assets 1,879 1,058
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Total current assets 63,114 32,053
Property, plant and equipment, net 10,696 10,484
Purchased developed computer software, net 1,393 1,583
Goodwill, net 10,744 10,744
Investment in minority owned companies 7,814 -
Note receivable from minority owned company 3,000 -
Other long-term assets, net 1,927 2,188
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Total assets $ 98,688 $ 57,052
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LIABILITIES
Accounts payable and accrued expenses $ 15,514 $ 13,929
Deferred revenue 4,055 3,300
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Total current liabilities 19,569 17,229
Long-term deferred revenue 1,677 1,193
Other long-term liabilities 8,218 5,347
STOCKHOLDERS' EQUITY
Common stock 618 551
Additional Paid-in Capital 172,929 140,352
Treasury stock (58) (58)
Retained earnings (deficit) (98,377) (102,760)
Accumulated other comprehensive loss (5,888) (4,802)
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Total stockholders' equity 69,224 33,283
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Total liabilities and stockholders' equity $ 98,688 $ 57,052
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CONCURRENT COMPUTER CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS EXCEPT PER SHARE DATA)
THREE MONTHS ENDED JUNE 30, TWELVE MONTHS ENDED JUNE 30,
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2002 2001 2002 2001
(Unaudited) (Unaudited) (Unaudited)
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Revenues:
Product sales
Real-time systems $ 5,756 $ 8,263 $ 21,601 $ 25,740
Video-on-demand systems 17,447 6,196 47,961 23,814
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Total product sales 23,203 14,459 69,562 49,554
Service and other 4,555 5,436 19,807 23,267
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Total 27,758 19,895 89,369 72,821
Cost of sales:
Real-time and video-on-demand systems 9,556 8,248 33,215 27,193
Service and other 2,937 3,090 11,588 12,608
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Total 12,493 11,338 44,803 39,801
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Gross margin 15,265 8,557 44,566 33,020
Operating expenses:
Sales and marketing 4,458 3,914 16,984 16,112
Research and development 4,314 3,205 15,291 11,579
General and administrative 2,173 2,127 8,612 10,920
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Total operating expenses 10,945 9,246 40,887 38,611
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Operating income (loss) 4,320 (689) 3,679 (5,591)
Other income (loss) 263 31 704 2
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Income (loss) before income taxes 4,583 (658) 4,383 (5,589)
Provision for income taxes (450) 150 0 600
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Net income (loss) $ 5,033 $ (808) $ 4,383 $ (6,189)
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Basic net income (loss) per share $ 0.08 $ (0.01) $ 0.07 $ (0.11)
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Diluted net income (loss) per share $ 0.08 $ (0.01) $ 0.07 $ (0.11)
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Basic weighted average shares outstanding 61,856 55,058 60,997 54,683
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Diluted weighted average shares outstanding 63,654 55,058 64,088 54,683
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Note: If the provisions of SFAS 142 were applied to the quarter ending June 30,
2001, basic and diluted net loss per share would have been $.01. If the
provisions of SFAS 142 were applied to the twelve months ending June 30,
2001, basic and diluted net loss per share would have been $.09.
CONCURRENT COMPUTER CORPORATION
SEGMENT DATA
(IN THOUSANDS)
REAL-TIME DIVISION XSTREME DIVISION
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THREE MONTHS ENDED THREE MONTHS ENDED
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06/30/02 06/30/01 06/30/02 06/30/01
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
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Revenues:
Product Sales $ 5,756 $ 8,263 $ 17,447 $ 6,196
Service and other 4,555 5,436 - -
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Total 10,311 13,699 17,447 6,196
Cost of sales:
Systems 1,904 4,818 7,652 3,430
Service and other 2,937 3,090 - -
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Total 4,841 7,908 7,652 3,430
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Gross margin 5,470 5,791 9,795 2,766
Operating expenses
Sales and marketing 1,854 1,878 2,604 2,036
Research and development 1,496 940 2,818 2,265
General and administrative 827 966 1,346 1,161
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Total operating expenses 4,177 3,784 6,768 5,462
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Operating income (loss) $ 1,293 $ 2,007 $ 3,027 $ (2,696)
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CONCURRENT COMPUTER CORPORATION
SEGMENT DATA
(IN THOUSANDS)
REAL-TIME DIVISION XSTREME DIVISION
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TWELVE MONTHS ENDED TWELVE MONTHS ENDED
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06/30/02 06/30/01 06/30/02 06/30/01
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
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Revenues:
Product Sales $ 21,601 $ 25,740 $ 47,961 $ 23,814
Service and other 19,807 23,267 - -
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Total 41,408 49,007 47,961 23,814
Cost of sales:
Systems 8,586 14,102 24,629 13,091
Service and other 11,588 12,608 - -
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Total 20,174 26,710 24,629 13,091
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Gross margin 21,234 22,297 23,332 10,723
Operating expenses
Sales and marketing 7,023 7,688 9,961 8,424
Research and development 5,409 3,493 9,882 8,086
General and administrative 3,889 4,569 4,723 6,351
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Total operating expenses 16,321 15,750 24,566 22,861
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Operating income (loss) $ 4,913 $ 6,547 $ (1,234) $ (12,138)
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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: August 23, 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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