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2017-02-08

Concurrent Reports Second Quarter FY2017 Financial Results

rts Second Quarter FY2017 Financial Results

Aquari® Storage Solution Gains New Customers;
Improved Operating Performance Leads to Sharply Reduced Net Loss

Conference Call Today at 11 A.M. ET

ATLANTA, Feb. 08, 2017 (GLOBE NEWSWIRE) -- Concurrent (NASDAQ:CCUR), a global
provider of high-performance Linux® and storage solutions, today announced
financial results for the second quarter of fiscal 2017 ended December 31,
2016.

Fiscal Second Quarter Financial Highlights:

-- Total revenue increased 19% sequentially and 4% year-over-year to $15.5
million.
- Content Delivery segment revenue (which includes revenue from the
company’s Aquari storage solutions product line) increased 41% sequentially
to $7.2 million. Content Delivery segment revenue decreased year over year
due to a single large customer purchase that occurred in the prior fiscal
year period.
- Real-Time segment revenue increased 4% sequentially to $8.3 million and
grew 32% from the prior fiscal year period, driven by strength in the
company’s Asia?Pacific markets.

-- Net loss was reduced to $(0.1) million, or $(0.01) per share, compared to a
net loss of $(2.9) million, or $(0.32) per share, in the first quarter of
fiscal 2017, and a net loss of $(0.3) million, or $(0.03) per share, in the
prior fiscal year period.
-- Adjusted EBITDA improved to $0.7 million, compared to an Adjusted EBITDA
loss of $(2.2) million in the first quarter of fiscal 2017, and Adjusted
EBITDA of $0.3 million in the prior fiscal year period.
-- Cash and cash equivalents were $18.8 million as of December 31, 2016.
Concurrent has no debt.
-- Quarterly dividend paid during the fiscal second quarter was $0.12 per
share.

“We believe our second quarter results begin to illustrate Concurrent’s
evolution as we continue to broaden our customer base and expand the
addressable market for our Content Delivery products,” said Derek Elder,
President and CEO. “As we execute our plan to capitalize on the market
opportunity, we should generate a more consistent sequential revenue trend as
we move into fiscal 2018. In addition, we are positioned to grow our revenue as
we bring cost-efficient media delivery and storage solutions, like our Aquari
product line, to a broader market. Meanwhile, our Real-Time segment had an
excellent quarter driven by strength in our Asia-Pacific markets and expanding
footprint in Automotive.”

“We introduced several operational efficiencies during the quarter that have
led to improved profitability, and implemented additional steps after quarter
end. We believe that these efficiency measures, combined with continued
progress on the revenue front, will enable us to fund our investments to
accelerate topline growth in fiscal 2018. Looking ahead, although we expect we
will have a net loss for the remainder of fiscal 2017, we believe we will
maintain positive Adjusted EBITDA over the period,” Mr. Elder concluded.

Fiscal Second Quarter Financial Results:

Total revenue was $15.5 million, compared to $13.1 million in the first quarter
of fiscal 2017, and $14.9 million for the second quarter of fiscal 2016.

Content delivery segment revenue (which includes Aquari storage revenue) was
$7.2 million, compared to $5.1 million in the first quarter of fiscal 2017 and
$8.6 million in the second quarter of fiscal 2016.

Real-time segment revenue was $8.3 million, compared to $8.0 million in the
first quarter of fiscal 2017 and $6.3 million in the second quarter of fiscal
2016.

Total gross margin as a percentage of revenue was 60.8%, compared to 54.8% in
the first quarter of fiscal 2017 and 62.9% for the second quarter of fiscal
2016.

Net loss was $(0.1) million, or $(0.01) per share, compared to net loss of
$(2.9) million, or $(0.32) per share, in the first quarter of fiscal 2017 and a
net loss of $(0.3) million, or $(0.03) per share, in the second quarter of
fiscal 2016.

Adjusted EBITDA was $0.7 million, compared to an Adjusted EBITDA loss of $(2.2)
million in the first quarter of fiscal 2017 and an Adjusted EBITDA loss of
$(0.3) million in the second quarter of fiscal 2016.

See "Non-GAAP Financial Measurements" below for more information on the
calculation of Adjusted EBITDA, including a reconciliation of Adjusted EBITDA
to net income.

Fiscal Six Months Financial Results:

Revenue was $28.7 million, compared to $28.3 million for the first six months
of fiscal 2016.

Content delivery segment revenue (which includes Aquari storage revenue) was
$12.4 million, compared to $15.1 million for the same period last year.

Real-time segment revenue was $16.3 million, compared to $13.2 million for the
same period last year.

Gross margin was 58.0%, compared to 61.0% for the same period last year.

Net loss was $(3.0) million, or $(0.33) per share, compared to net income of
$2.9 million, or $0.32 per diluted share, in the same period last year.

Adjusted EBITDA loss was $(1.5) million, compared to an Adjusted EBITDA loss of
$(0.3) million in the first six months of fiscal 2016.

See "Non-GAAP Financial Measurements" below for more information on the
calculation of Adjusted EBITDA, including a reconciliation of Adjusted EBITDA
to net income.

Fiscal 2017 Guidance

Management reiterated its fiscal 2017 guidance, which is as follows:

-- Total revenue for the year is expected to be flat to slightly up from 2016
revenue of $61.1 million.
-- Although we expect to have a net loss for the remainder of fiscal 2017,
Adjusted EBITDA is expected to remain positive.

Non-GAAP Financial Measurements
To supplement the company's condensed consolidated financial statements
prepared in accordance with U.S. generally accepted accounting principles
("GAAP"), this news release provides information concerning the company's
Adjusted EBITDA, a non-GAAP financial measure. Reconciliations of Adjusted
EBITDA to net income, the most comparable GAAP financial measure, can be found
in tables immediately following the condensed consolidated balance sheets.

For purposes of this news release, Adjusted EBITDA is defined as GAAP net
income, less interest income and other income (expense), net, provision for
income taxes, depreciation and amortization expenses, share-based compensation
expense and gain on the sale of assets. The company considers Adjusted EBITDA
important to understanding its historical results and identifying current and
future trends impacting its business. Management uses Adjusted EBITDA to
compare the company's performance to that of prior periods and evaluate the
company's financial and operating results on a consistent basis from period to
period. The company also believes this measure, when viewed in combination with
the company's financial results prepared in accordance with GAAP, provides
useful information to investors to evaluate ongoing operating results and
trends. The adjustments to the company's GAAP results are made with the intent
of providing both management and investors a more complete understanding of the
company's underlying operational results, trends and performance. Additionally,
adjusted EBITDA is not intended to be a measure of cash flow for management's
discretionary use. We believe that the inclusion of Adjusted EBITDA is
appropriate to provide additional information to investors because securities
analysts, noteholders and other investors use these non-GAAP financial measures
to assess our operating performance across periods on a consistent basis and to
evaluate the relative risk of an investment in our securities.

Adjusted EBITDA has limitations as an analytical tool, however, including the
following:

-- Although depreciation and amortization are non-cash charges, the assets
being depreciated and amortized will often have to be replaced in the
future and adjusted EBITDA does not reflect any cash requirements for such
replacements;
-- Adjusted EBITDA does not reflect our cash expenditures, or future
requirements for capital expenditures or contractual commitments;
-- Adjusted EBITDA does not reflect changes in, or cash requirements for, our
working capital needs;
-- Adjusted EBITDA does not reflect our tax expense or any cash requirements
to pay income taxes; and
-- Adjusted EBITDA does not reflect the impact of earnings or charges
resulting from matters we do not consider to be indicative of our ongoing
operations, but may nonetheless have a material impact on our results of
operations.

The presentation of Adjusted EBITDA is not meant to be considered in isolation
or as a substitute for or superior to the company's financial results
determined in accordance with GAAP. In addition, the company's presentation of
Adjusted EBITDA may not be computed in the same manner as similarly titled
measures used by other companies, including other companies in our industry.

Conference Call Information
Concurrent will host a conference call today, Wednesday, February 8, at 11:00
a.m. ET to review its second quarter fiscal 2017 financial results and recent
corporate developments. The call and presentation materials will be webcast at
www.concurrent.com, on the "Investors" page, under the “Company” tab. The call
can be also be accessed live by dialing 1-800-288-8975 (U.S.) or 612-332-1025
(International) and entering passcode 170208. A webcast replay will also be
available at www.concurrent.com.

About Concurrent
Concurrent (NASDAQ:CCUR) is a global software and solutions company that
develops advanced applications on a core foundation of high-performance Linux
and storage technologies. We serve industries and customers that demand
uncompromising performance, reliability and flexibility to gain a competitive
edge, drive meaningful growth and confidently deliver best-in-class solutions
that enrich the lives of millions of people around the world every day. Offices
are located in North America, Europe and Asia. Visit www.concurrent.com for
further information and follow us on Twitter:www.twitter.com/Concurrent_CCUR.

Certain statements made or incorporated by reference in this release may
constitute "forward-looking statements" within the meaning of the federal
securities laws. Statements regarding future events and developments and the
company's future performance, including, but not limited to, management's
expectations, beliefs, plans, estimates, or projections relating to the future,
are forward-looking statements within the meaning of these laws. All
forward-looking statements are subject to certain risks and uncertainties that
could cause actual events to differ materially from those projected.

The risks and uncertainties which c...

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