Concurrent posts 2008 profit
Despite a fourth-quarter loss, Concurrent announced a profit for its fiscal 2008, which ended June 30. The $265,000 annual surplus compares with a $12 million loss for 2007.
“We believe the company is on track to deliver profitable revenue growth,” said Dan Mondor, Concurrent’s president and CEO.
He added: “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. Although our business slowed in the fourth quarter due to the timing of customer orders, taking everything into account, 2008 was a year of great progress. We will continue to focus on the execution of our business plan and strengthening the business.”
In the fourth quarter of fiscal 2008, 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 of fiscal 2008, compared with $12.1 million in the third quarter of fiscal 2008, a decrease of 16.2 percent.
The net loss for the fourth quarter of fiscal 2008 was $1 million, compared with a net income of $301,000 in the third quarter of fiscal 2008.
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