Concurrent reported a decline in sales and a net loss for fiscal 2010 due to lower capital expenditures by some of its customers.
Concurrent reported sales of $60.4 million in fiscal 2010, compared to $71.6 million in fiscal 2009. The company reported a net loss of $1.0 million, or ($0.12) per diluted share in fiscal 2010, compared to a net loss of $14.4 million, or ($1.75) per diluted share in fiscal 2009. The large net loss in fiscal 2009 was caused by a $17.1 million impairment charge.
The management of Concurrent attributed the decrease in sales in fiscal 2010 to a reduction in orders by two cable customers during the first half of the fiscal year. Despite the slow down in orders, management was optimistic on the upcoming fiscal year.
Dan Mondor, the CEO of Concurrent, said, “I believe we are well-positioned for long-term growth with our new three-screen video and media data solutions. I am encouraged by the expanding market awareness of Concurrent and the steady increase in customer acceptance of these solutions.”
Concurrent ended the fiscal year with cash and cash equivalents of $31.4 million, compared to $29.1 million at the end of fiscal 2009. The company reported no long or short-term debt at the end of fiscal 2010.
For more information on the company, go to www.ccur.com