Concurrent's losses narrow, revenue up
Concurrent Computer Corp.'s net losses narrowed in the fourth-quarter and year-end 2001, on revenue that grew modestly.
The equipment maker saw fourth-quarter revenue reach $19.9 million, up from $18.5 million for the same period a year ago. Net losses for the quarter narrowed to $808,000, or 1 cent a share, from $1.9 million, or 4 cents a share, a year ago. Operating losses for the quarter ran $689,000, compared with nearly $2 million a year ago.
Concurrent's revenue for the year ended June 30 showed a modest increase, from $68.1 million in 2000 to $72.8 million in 2001. Net looses were down dramatically from $23.7 million, or 46 cents a share, in 2000 to $6.2 million, or 11 cents a share, in 2001. Operating losses also narrowed from $24 million a year ago to this year's $5.6 million.
VOD revenue for the quarter was up 23 percent, to $6.2 million from $5 million a year ago, Concurrent says. Its 2001 VOD revenue jumped about 100 percent, from $12 million in 2000 to $23.8 million in 2001.
Concurrent says its decreased losses stem from improved performance in its XSTREME and Real-Time operating divisions.
Company President and CEO Jack Bryant says because of the company's recent projects and its results, Concurrent is affirming its 2002 guidance of 50 percent to 60 percent revenue growth, or $36 million to $38 million. VOD revenue will remain flat, he adds, as cable operators "firm up" VOD launches for the year and prepare next year's budgets. He also affirmed guidance of a 5 cents-a-share operating loss in the fourth quarter on expected consolidated revenue of $15 million.
Separately, Concurrent announced Richard P. Rifenburgh would retire from its board, effective Oct. 25. Rifenburgh has served 10 years on Concurrent's board.