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): October 28, 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 September 30, 2002 (unaudited) and June 30,
2002, (2) the unaudited condensed consolidated statements of operations for the
three months ended September 30, 2002 and the three months ended September 30,
2001, and (3) the unaudited segment data for the three months ended September
30, 2002 and the three months ended September 30, 2001.
CONCURRENT COMPUTER CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
SEPTEMBER 30, JUNE 30,
2002 2002
(UNAUDITED)
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ASSETS
Cash and cash equivalents $ 29,124 $ 30,519
Trade accounts receivable, net 18,484 23,894
Inventories 6,679 6,822
Prepaid expenses and other current assets 3,089 1,879
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Total current assets 57,376 63,114
Property, plant and equipment, net 11,135 10,696
Purchased developed computer software, net 1,346 1,393
Goodwill 10,744 10,744
Investment in minority owned companies 7,826 7,814
Note receivable from minority owned company 6,000 3,000
Other long-term assets, net 1,887 1,927
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Total assets $ 96,314 $ 98,688
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LIABILITIES
Accounts payable and accrued expenses $ 12,099 $ 15,514
Deferred revenue 4,106 4,055
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Total current liabilities 16,205 19,569
Long-term deferred revenue 1,902 1,677
Other long-term liabilities 8,528 8,218
STOCKHOLDERS' EQUITY
Common stock 618 618
Additional Paid-in Capital 172,982 172,929
Treasury stock (58) (58)
Retained earnings (deficit) (97,757) (98,377)
Accumulated other comprehensive loss (6,106) (5,888)
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Total stockholders' equity 69,679 69,224
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Total liabilities and stockholders' equity $ 96,314 $ 98,688
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CONCURRENT COMPUTER CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS EXCEPT PER SHARE DATA)
THREE MONTHS ENDED SEPTEMBER 30,
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2002 2001
(UNAUDITED) (UNAUDITED)
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Revenues:
Product:
Real-time systems $ 4,092 $ 5,336
Video-on-demand systems 12,449 3,254
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Total product revenues 16,541 8,590
Service:
Real-time systems 4,678 5,253
Video-on-demand systems 922 259
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Total service revenues 5,600 5,512
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Total revenues 22,141 14,102
Cost of sales:
Product:
Real-time systems 1,776 2,501
Video-on-demand systems 5,241 1,888
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Total product cost of sales 7,017 4,389
Service:
Real-time systems 2,607 2,849
Video-on-demand systems 660 404
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Total service cost of sales 3,267 3,253
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Total cost of sales 10,284 7,642
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Gross margin 11,857 6,460
Operating expenses:
Sales and marketing 4,404 4,154
Research and development 4,447 3,461
General and administrative 2,328 1,909
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Total operating expenses 11,179 9,524
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Operating income (loss) 678 (3,064)
Other income (loss) 149 204
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Income (loss) before income taxes 827 (2,860)
Provision for income taxes 207 150
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Net income (loss) $ 620 $ (3,010)
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Basic net income (loss) per share $ 0.01 $ (0.05)
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Diluted net income (loss) per share $ 0.01 $ (0.05)
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Basic weighted average shares outstanding 61,860 59,564
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Diluted weighted average shares outstanding 62,368 59,564
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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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09/30/02 09/30/01 09/30/02 09/30/01
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
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Revenues:
Product $ 4,092 $ 5,336 $ 12,449 $ 3,254
Service 4,678 5,253 922 259
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Total 8,770 10,589 13,371 3,513
Cost of sales:
Product 1,776 2,501 5,241 1,888
Service 2,607 2,849 660 404
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Total 4,383 5,350 5,901 2,292
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Gross margin 4,387 5,239 7,470 1,221
Operating expenses
Sales and marketing 1,860 1,675 2,544 2,479
Research and development 1,399 1,232 3,048 2,229
General and administrative 1,004 919 1,324 990
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Total operating expenses 4,263 3,826 6,916 5,698
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Operating income (loss) $ 124 $ 1,413 $ 554 $ (4,477)
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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: October 28, 2002.
CONCURRENT COMPUTER CORPORATION
By: /s/ Steven R. Norton
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Steven R. Norton
Executive Vice President, Chief Financial
Officer and Secretary