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Concurrent Computer Corp. (CCUR) filed Quarterly Report for the period ended 2011-03-31.
Concurrent Computer Corp. has a market cap of $52.2 million; its shares were traded at around $5.6501 with and P/S ratio of 0.9.
This is the annual revenues and earnings per share of CCUR over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of CCUR.
Highlight of Business Operations:
Revenue for the three months ended March 31, 2011 was $18,309,000, with the adoption of ASU 2009-13 and ASU 2009-14. This compares with revenue of $17,728,000 for the three months ended March 31, 2011, had we not adopted ASU 2009-13 and ASU 2009-14. Revenue for the nine months ended March 31, 2011 was $51,707,000, with the adoption of ASU 2009-13 and ASU 2009-14. This compares with revenue of $50,346,000 for the nine months ended March 31, 2011, had we not adopted ASU 2009-13 and ASU 2009-14. The primary driver of the impact was the $598,000 and $1,390,000 increases in product revenue during the three and nine months ended March 31, 2011, respectively. The increase in product revenue primarily resulted from our ability to recognize revenue from product sales that had undelivered elements for which we are now able to establish an estimated selling price, but that would have required a full deferral of revenue under previous accounting guidance, due to our inability to establish VSOE for the undelivered element. The increase in recognizable product revenue also resulted from allocating discounts on bundled orders to both delivered elements, which typically include products, and undelivered elements, which typically include maintenance and professional services, using the relative selling price method under ASU 2009-13. Prior to adoption of ASU 2009-13 and 2009-14, we used the residual method which required us to allocate the entire discount on bundled arrangements to the delivered elements. As of March 31, 2011, our deferred revenue was $13,142,000, as compared to $14,435,000 had we not adopted ASU 2009-13 and 2009-14.
Product Revenue. Total product revenue for the three months ended March 31, 2011 was approximately $11.8 million, an increase of approximately $2.6 million, or 27.6%, from $9.2 million for the three months ended March 31, 2010. Our real-time product revenue increased $1.6 million, or approximately 38.6%, for the three months ended March 31, 2011, compared to the same period of the prior fiscal year, primarily due to a broad-based increase in volume of our real-time products in the United States resulting from an increase in customer spending attributable to military and other government programs during the quarter.
Sales and Marketing. Sales and marketing expenses increased approximately $0.6 million, or 16.5% to approximately $4.4 million in the three months ended March 31, 2011 from $3.8 million in the three months ended March 31, 2010. Sales and marketing expense increased primarily because we incurred $0.3 million of additional commissions and other incentive compensation from higher revenue during the three months ended March 31, 2011, compared to the same period in the prior year. Also, we incurred $0.3 million of additional salaries and benefits as part of the implementation of our strategy to market our video solutions to the internet and mobile device markets, and because we have increased our efforts to sell through new channels.
Research and Development. Research and development expenses increased $0.6 million, or 16.9%, to approximately $3.8 million in the three months ended March 31, 2011, from $3.3 million in the three months ended March 31, 2010. Research and development expenses were lower in the prior year period primarily due to $0.4 million of prior year development staff costs related to customized solutions developed for and sold to certain customers being recorded to product cost of sales in the prior year, as compared to similar costs in the same period in the current year being recorded to research and development expenses. Also, we incurred $0.1 million of additional severance costs as compared to the same period in the prior year, due to changes in our development staff during the current period.
General and Administrative. General and administrative expenses increased approximately $0.2 million, or 8.6%, to approximately $2.2 million in the three months ended March 31, 2011 from $2.0 million in the three months ended March 31, 2010. General and administrative expense increased primarily because we incurred an additional $0.2 million of incentive compensation from higher revenue and performance share-based compensation during the three months ended March 31, 2011, compared to the same period in the prior year.
Net Income (Loss). The net income for the three months ended March 31, 2011 was $0.5 million or $0.06 per basic and diluted share, compared to net loss for the three months ended March 31, 2010 of ($1.0) million, or ($0.12) per basic and diluted share.
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