Write-down part of Q3 letdown for Concurrent
Concurrent’s third-quarter results were hampered by a write-down that led to a loss of $15.3 million, or $1.85 per share, in the quarter that ended March 31.
By comparison, Concurrent had a net income of $301,000 and earnings of 4 cents per share in the same quarter a year ago.
Concurrent had $17 million in charges related to the company’s stock price and the write-down of the Everstream trademark in connection with Concurrent renaming its media data and advertising platforms.
In the third quarter, total revenues increased 5 percent compared with the prior year to $55.7 million.
“Although the continuing economic environment remains challenging, we improved our operating performance for the first nine months of fiscal 2009 by maintaining our customer focus and continuing to streamline our cost structure," said Concurrent President and CEO Dan Mondor. "Our adjusted operating income for the nine months improved by over $5 million compared to the prior period.
“We have created a solid financial foundation and believe we are well positioned to capitalize on our next generation of video solutions for the three screens – television, personal computer and mobile device – as announced in late March."
For more on Concurrent’s three-screen strategy, click here . Concurrent counts Cox Communications and Time Warner Cable among its cable customers.