Concurrent announced fourth-quarter sales that were down a bit from a year ago, and it posted a quarterly profit, but not enough to compensate for losses in the previous three; Concurrent registered a large annual loss for its fiscal 2009.
For the fourth quarter, total revenue was $15.9 million, resulting in net income of $245,000. That compares with $17.6 million in revenue a year ago, and a $1 million loss.
"In the fourth quarter, revenue was impacted by reduced spending from some of our top customers, and we expect this trend to continue in the first quarter," commented Dan Mondor, Concurrent president and CEO.
For the fiscal year, total revenue was $71.6 million, roughly even with the $70.8 million in sales in 2008. The company recorded a net loss for 2009 of $14.5 million, compared with a profit of $265,000 in 2008, despite some cost-saving measures that may yet pay off in subsequent financial statements.
"In fiscal year 2009, we lowered our revenue breakeven point, established more efficient operations and improved cash management," stated Mondor. "With more efficient operations, we are better positioned to invest in new products to address new markets consistent with our three-screen strategy."