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Concurrent posts profit in fiscal 2008

Tue, 08/19/2008 - 8:35am
Mike Robuck

Concurrent Computer Corp. posted a net income profit of $265,000 and earnings of 3 cents per share for fiscal 2008, compared with a net loss of $12.2 million and a loss of $1.67 per share in fiscal 2007.

Company-wide revenue for fiscal year 2008 totaled $70.8 million, compared with $69.1 million in fiscal year 2007, an increase of 2.4 percent.

For fiscal 2008, revenue from Concurrent’s on-demand product line totaled $41.6 million, compared with $43.3 million in the prior year, a decrease of 3.9 percent.

Concurrent’s real-time product line totaled $29.2 million in fiscal year 2008, compared with $25.9 million in fiscal year 2007, an increase of 12.9 percent. 

Concurrent said the results for 2008 included improvements in revenues and gross margins, as well as $3.3 million in net proceeds from one-time recoveries from C-Cor and Vicor.

In the fourth quarter, which ended June 30, company-wide revenue totaled $17.6 million, compared with $19.4 million in the third quarter of fiscal 2008, a decrease of 9.1 percent. 

Revenue from Concurrent’s on-demand product line totaled $10.1 million for the fourth quarter, compared with $12.1 million in the third quarter of fiscal 2008, a decrease of 16.2 percent. 

Revenue from the company’s real-time product line totaled $7.5 million for the fourth quarter of fiscal 2008, compared with $7.3 million in the third quarter of fiscal 2008, an increase of 2.6 percent.

“We believe the company is on track to deliver profitable revenue growth,” said Concurrent President and CEO Dan Mondor. “The year-over-year results are the best measure of the progress we have made. We generated over $7.5 million in cash from operating activities during the year, significantly improved gross margins and grew the top line.”

Concurrent’s MediaHawk on-demand platform has been selected for video-on-demand (VOD) deployments by several cable operators. Earlier this year, Cox Communications said it would deploy MediaHawk 4500 servers across its entire VOD-enabled footprint.

The MediaHawk was also used by Time Warner Cable for the cable operator’s first Start Over rollout in Columbia, S.C., three years ago and was also selected for the same duty earlier this year in Bright House Network’s Start Over deployment.

Everstream, a division of Concurrent, is being used by some cable operators to collect and sort cable system information.

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