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): January 23, 2003
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 December 31, 2002 (unaudited) and June 30,
2002, (2) the unaudited condensed consolidated statements of operations for the
three months and six months ended December 31, 2002 and three and six months
ended December 31, 2001, and (3) the unaudited segment data for the three and
six months ended December 31, 2002 and the three and six months ended December
31, 2001.
CONCURRENT COMPUTER CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
DECEMBER 31, JUNE 30,
2002 2002
(UNAUDITED)
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ASSETS
Cash and cash equivalents $ 29,469 $ 30,519
Trade accounts receivable, net 17,905 23,894
Inventories 7,098 6,822
Prepaid expenses and other current assets 2,669 1,879
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Total current assets 57,141 63,114
Property, plant and equipment, net 11,564 10,696
Purchased developed computer software, net 1,298 1,393
Goodwill 10,744 10,744
Investment in minority owned companies 4,883 7,814
Note receivable from minority owned company 6,000 3,000
Other long-term assets, net 1,886 1,927
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Total assets $ 93,516 $ 98,688
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LIABILITIES
Accounts payable and accrued expenses $ 12,101 $ 15,514
Deferred revenue 5,129 4,055
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Total current liabilities 17,230 19,569
Long-term deferred revenue 2,097 1,677
Other long-term liabilities 8,883 8,218
STOCKHOLDERS' EQUITY
Common stock 618 618
Additional Paid-in Capital 173,112 172,929
Treasury stock (58) (58)
Retained earnings (deficit) (102,422) (98,377)
Accumulated other comprehensive loss (5,944) (5,888)
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Total stockholders' equity 65,306 69,224
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Total liabilities and stockholders' equity $ 93,516 $ 98,688
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CONCURRENT COMPUTER CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS EXCEPT PER SHARE DATA)
THREE MONTHS ENDED SIX MONTHS ENDED
DECEMBER 31, DECEMBER 31,
-------------------------- -------------------------
2002 2001 2002 2001
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
------------ ------------ ------------ -----------
Revenues:
Product:
Real-time systems $ 5,879 $ 4,862 $ 9,971 $10,198
Video-on-demand systems 8,879 12,210 21,328 15,464
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Total product revenues 14,758 17,072 31,299 25,662
Service:
Real-time systems 4,485 5,194 9,163 10,447
Video-on-demand systems 891 215 1,813 474
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Total service revenues 5,376 5,409 10,976 10,921
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Total revenues 20,134 22,481 42,275 36,583
Cost of sales:
Product:
Real-time systems 2,288 2,127 4,064 4,628
Video-on-demand systems 4,936 6,879 10,177 8,767
------------ ------------ ------------ -----------
Total product cost of sales 7,224 9,006 14,241 13,395
Service:
Real-time systems 2,503 2,964 5,110 5,813
Video-on-demand systems 802 431 1,462 835
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Total service cost of sales 3,305 3,395 6,572 6,648
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Total cost of sales 10,529 12,401 20,813 20,043
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Gross margin 9,605 10,080 21,462 16,540
Operating expenses:
Sales and marketing 4,758 4,174 9,162 8,328
Research and development 4,577 3,655 9,024 7,116
General and administrative 2,267 2,189 4,595 4,098
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Total operating expenses 11,602 10,018 22,781 19,542
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Operating income (loss) (1,997) 62 (1,319) (3,002)
Impairment loss on minority investment (2,943) - (2,943) -
Other income (loss) 149 144 298 348
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Income (loss) before income taxes (4,791) 206 (3,964) (2,654)
Provision for income taxes (126) 150 81 300
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Net income (loss) $ (4,665) $ 56 $ (4,045) $(2,954)
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Basic net income (loss) per share $ (0.08) $ 0.00 $ (0.07) $ (0.05)
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Diluted net income (loss) per share $ (0.08) $ 0.00 $ (0.07) $ (0.05)
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Basic weighted average shares outstanding 61,863 61,031 61,862 60,297
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Diluted weighted average shares outstanding 61,863 64,761 61,862 60,297
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CONCURRENT COMPUTER CORPORATION
SEGMENT DATA
(IN THOUSANDS)
REAL-TIME DIVISION XSTREME DIVISION
-------------------------- -------------------------
THREE MONTHS ENDED THREE MONTHS ENDED
-------------------------- -------------------------
12/31/02 12/31/01 12/31/02 12/31/01
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
------------ ------------ ------------ -----------
Revenues:
Product $ 5,879 $ 4,862 $ 8,879 $ 12,210
Service 4,485 5,194 891 215
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Total 10,364 10,056 9,770 12,425
Cost of sales:
Product 2,288 2,127 4,936 6,879
Service 2,503 2,964 802 431
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Total 4,791 5,091 5,738 7,310
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Gross margin 5,573 4,965 4,032 5,115
Operating expenses
Sales and marketing 1,939 1,760 2,819 2,414
Research and development 1,278 1,272 3,299 2,383
General and administrative 988 947 1,279 1,242
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Total operating expenses 4,205 3,979 7,397 6,039
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Operating income (loss) $ 1,368 $ 986 $ (3,365) $ (924)
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CONCURRENT COMPUTER CORPORATION
SEGMENT DATA
(IN THOUSANDS)
REAL-TIME DIVISION XSTREME DIVISION
-------------------------- -------------------------
SIX MONTHS ENDED SIX MONTHS ENDED
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12/31/02 12/31/01 12/31/02 12/31/01
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
------------ ------------ ------------ -----------
Revenues:
Product $ 9,971 $ 10,198 $ 21,328 $ 15,464
Service 9,163 10,447 1,813 474
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Total 19,134 20,645 23,141 15,938
Cost of sales:
Product 4,064 4,628 10,177 8,767
Service 5,110 5,813 1,462 835
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Total 9,174 10,441 11,639 9,602
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Gross margin 9,960 10,204 11,502 6,336
Operating expenses
Sales and marketing 3,799 3,435 5,363 4,893
Research and development 2,677 2,504 6,347 4,612
General and administrative 1,992 1,866 2,603 2,232
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Total operating expenses 8,468 7,805 14,313 11,737
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Operating income (loss) $ 1,492 $ 2,399 $ (2,811) $ (5,401)
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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: January 23, 2003.
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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