Revenue for the fiscal 2011 fourth quarter was $15.1 million compared with $18.1 million in the comparable period in fiscal 2010. Gross margin for the fiscal 2011 fourth quarter was 56% versus 62% last year, reflecting a lower base of sales to support the fixed costs as well as a lower concentration of software sales than in the prior year.
Operating expenses amounted to $10.3 million in the fourth quarter of fiscal 2011, compared with $9.7 million in the prior-year period. The majority of the increase was due to higher exchange rates and non-cash expenses related to share-based compensation and depreciation.
The company reported a net loss of $1.4 million, or $0.16 per share, in the fourth quarter of fiscal 2011, compared with net income of $886,000, or $0.11 per diluted share, in the same quarter of the prior fiscal year.
Fiscal 2011 Full Year Results
For fiscal year 2011, revenue increased over 10% to $66.8 million from $60.4 million a year ago. Consolidated gross margin was 56%, compared with 60% for fiscal year 2010. Operating expenses for fiscal year 2011 were $40.1 million, compared with $36.7 million last fiscal year. The company posted a net loss of $3.3 million, equal to $0.39 per share, in fiscal year 2011, compared with a net loss of $1.0 million, equal to $0.12 per share in fiscal year 2010.
Concurrent generated $3.5 million in cash from operations during the fiscal year 2011. At June 30, 2011, the company had cash and short-term investments of $33.3 million. Concurrent has no debt.
“We made solid progress in fiscal 2011 as we advanced our goal of expanding our global customer base in both video and media data solutions,” said Dan Mondor, Concurrent president and chief executive officer. “We recently added new customers in China, Europe and North America and a new customer in the internet CDN market. While the sluggish economic recovery poses a headwind, as witnessed in the fourth quarter, we are committed to continuing to provide our customers with innovative video and media data solutions they need to remain competitive and thrive.”
Recent Company Highlights
- Executed an agreement with one of the largest MSO’s in Europe for Concurrent’s video solutions;
- Deployed VOD solutions with Jiangsu CATV (the second largest cable operator in the world) in several markets in China;
- Introduced a new video streaming service for Apple® mobile devices in Japan with J:COM;
- Launched the eFactor™ product suite to streamline complex video delivery to any device;
- Signed a multi-year agreement with a major North American MSO for Concurrent’s MDAS cross-services solution;
- Launched the industry’s first media data logistics platform that provides customers with the ability to guarantee data quality, timeliness, and privacy compliance from source to destination; and
- Began a commercial trial with a new customer in Europe who is using Concurrent’s MDAS products to measure VOD operations.
Conference Call Information
Concurrent will hold a conference call to discuss its 2011 fiscal fourth quarter and full year results today, Tuesday, August 30, at 4:30 p.m. ET, which will be broadcast live at www.ccur.com, under the “Investors” section. The call can be accessed live by dialing 1-800-230-1092 and entering pass code 110830. A webcast of the live call as well as a replay will also be available at www.ccur.com.
Concurrent (NASDAQ: CCUR) is a global leader in multi-screen video delivery, media data management, and monetization. Built on a solid foundation of Emmy Award-winning technology, Concurrent’s solutions provide consumers with ubiquitous access to content on any screen and provide media stakeholders with a holistic view of the consumer video experience. Concurrent supplies customers across the entire media ecosystem (cable, telecommunications, wireless, web, advertising, and content supplier industries) with enterprise-level CDN technology, multi-screen video delivery, monetization, media data collection and logistics solutions. Concurrent’s video solutions are built upon a rich heritage of high-performance real-time technology, which also powers solutions for the defense, aerospace, automotive and financial industries. Concurrent has offices in North America, Europe and Asia. Visit www.ccur.com for further information.