Concurrent Computer Corp. reported fiscal fourth quarter net income of $245,000, or $0.03 per share. This was significantly better than the loss of $1.01 million, or ($0.12) per share, in the same quarter of 2008.
Concurrent Computer Corporationâ€™s achievement is even more surprising given that revenues were reported as $15.9 million, a decline of $1.7 million year over year. The company did this by cutting its cost of sales and operating expenses by $3.3 million.
Dan Mondor, the CEO of Concurrent said, “In fiscal year 2009, we lowered our revenue breakeven point, established more efficient operations and improved cash management. With more efficient operations, we are better positioned to invest in new products to address new markets consistent with our three-screen strategy.”
The company has a strong balance sheet and ended the fiscal year with a cash balance of $29.1 million. Concurrent Computer Corporation has no long-term debt, and has less than a million dollars drawn on its credit line.