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Concurrent Computer Corp. (CCUR) filed Quarterly Report for the period ended 2011-09-30.
Concurrent Computer Corp. has a market cap of $36 million; its shares were traded at around $3.9 with and P/S ratio of 0.6.
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:
Product Revenue. Total product revenue for the three months ended September 30, 2011 was approximately $6.8 million, a decrease of approximately $2.6 million, or 27.5%, from $9.4 million for the three months ended September 30, 2010. Our video solutions product revenue decreased $2.1 million, or 43.3%, for the three months ended September 30, 2011, compared to the same period in the prior year. This decrease resulted from a $2.6 million decrease in video product sales in the United States during the three months ended September 30, 2011, compared to the same period in the prior year, due to the prior year completion of a custom product deliverable to one of our largest domestic customers that did not recur in the current year. Additionally, we have experienced a decrease in spending from our two largest domestic video customers during the three months ended September 30, 2011, compared to the same period in the prior year. We believe the decrease was due to irregular spending patterns coupled with the economic slowdown. Fluctuation in video revenue is often due to the fact that we have a small number of customers making periodic large purchases that account for a significant percentage of revenue.Service Revenue. Total service revenue for the three months ended September 30, 2011 was $6.1 million, a decrease of $0.1 million, or 1.5%, from $6.2 million for the three months ended September 30, 2010. The decrease in service revenue was due to a $0.1 million, or 2.5%, decrease in service revenue related to our video solutions product line, primarily due to a decrease in volume of system installations services resulting from lower volume of system sales.
Product Gross Margin. Product gross margin was $4.0 million for the three months ended September 30, 2011, a decrease of $1.1 million, or 21.3%, from $5.1 million for the three months ended September 30, 2010. Product margin decreased in terms of dollars primarily due to lower product revenue during the three months ended September 30, 2011, compared to the same period of the prior year. Product gross margin as a percentage of product revenue increased to 59.2% for the three months ended September 30, 2011 from 54.5% for the three months ended September 30, 2010. Product gross margin, as a percentage of product revenue, increased primarily because, in the prior year period, we recognized revenue on a non-recurring, large custom video product deliverable that we completed for one of our largest domestic video customers that generated product margins lower than we have recently earned from our sale of video products.
Sales and Marketing. Sales and marketing expenses increased approximately $0.2 million, or 6.2% to $4.3 million in the three months ended September 30, 2011 from $4.1 million in the three months ended September 30, 2010. Sales and marketing expenses increased primarily because we incurred $0.1 million of additional salaries and benefits to provide greater sales support for our media data products. Also, we incurred $0.2 million of additional severance costs as compared to the same period in the prior year, due to changes in our sales and marketing staff during the current period. Partially offsetting these increased costs, commission expenses decreased by $0.1 million for the three months ended September 30, 2011, compared to the same period in the prior year, due to lower revenue.
General and Administrative. General and administrative expenses decreased approximately $0.2 million, or 7.4%, to approximately $1.9 million in the three months ended September 30, 2011 from $2.1 million in the three months ended September 30, 2010. General and administrative expenses decreased $0.1 million due to a decrease in severance charges and personnel costs resulting from prior year reductions in force. Also, during the three months ended September 30, 2011, we incurred $0.1 million less in incentive compensation than the same period in the prior year due to lower revenue in the current year period.
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