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Concurrent’s revenue increased in first quarter

Fri, 10/24/2008 - 8:20am
Mike Robuck

Concurrent announced its results for the first quarter of the fiscal year that ended June 30 and said company-wide revenue had increased 4 percent over the same quarter a year ago.

In the first quarter of fiscal 2009, company-wide revenue totaled $18.3 million, compared with $17.6 million in the fourth quarter of fiscal 2008, an increase of 4 percent, and compared with $16.3 million in the first quarter of fiscal 2008, an increase of 13 percent.

Concurrent generated operating income of $552,000 for the first quarter, compared with an operating loss of $1.3 million in the fourth quarter of fiscal 2008 and an operating loss of $1.8 million in the first quarter of fiscal 2008.

The company had a net income of $93,000 for the first quarter of fiscal 2009, compared with a net loss of $1 million for the fourth quarter of fiscal 2008 and net income of $1.7 million for the first quarter of fiscal 2008.

Concurrent said the net income for the first quarter of fiscal 2008 included net recoveries for the Vicor and C-Cor settlements totaling $3.3 million. On a fully diluted share basis, the company posted net income per share of 1 cent for the first quarter of fiscal 2009, compared with a net loss per share of 12 cents in the fourth quarter of fiscal 2008, and net income per share of 21 cents in the first quarter of fiscal 2008.

“The combination of revenue growth, gross margin improvements and lower operational expenses resulted in improved operating profit,” said Dan Mondor, Concurrent’s president and CEO. He added, “We had a good first quarter given the challenges of the current business environment.”

In January, Bright House Networks selected Concurrent’s MediaHawk on-demand platform for the upgrade and expansion of its existing video-on-demand (VOD) service (story here). The upgrade included the launch of “Start Over” in Bright House’s Tampa Bay market.

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