VOD technology provider, Concurrent, has released financial results for its fiscal fourth quarter and year, ended June 30th:
- Overall Q4 revenues totaled $17.6 million, compared to $21.1 million for the year-ago quarter and $19.4 million for the preceding quarter.
- Q4 revenues from the company's VOD product line totaled $10.1 million, compared to $14 million for the year-ago quarter and $12.1 million for the preceding quarter.
- Q4 net losses totaled $1 million, or $0.12 per fully diluted share, compared to net losses of $712,000, or $0.01 per fully diluted share, for the year-ago quarter and net income of $301,000, or $0.04 per fully diluted share, for the preceding quarter.
- Overall fiscal 2008 revenues totaled $70.8 million, compared to $69.1 million for the previous fiscal year.
- Fiscal 2008 revenues for the company's VOD product line totaled $41.6 million, compared to $43.3 million for the previous fiscal year.
- Net income for fiscal 2008 totaled $265,000, or $0.03 per fully diluted share, compared to a net loss of $12.2 million, or $1.67 per share, for the previous fiscal year. According to the company, the improvement was driven by increased revenues and gross margins, as well as by net proceeds of around $3.3 million from one-time recoveries from Vicor and C-COR.
- At the end of fiscal 2008, the company's cash position totaled $27.4 million, compared to $20.4 million at the end of the previous fiscal year. The company said that the increase was driven by its recoveries from Vicor and C-COR.
"We believe the company is on track to deliver profitable revenue growth," Dan Mondor, Concurrent's recently appointed president and CEO, said in a prepared statement. "The year-over-year results are the best measure of the progress we have made. We generated over $7.5 million in cash from operating activities during the year, significantly improved gross margins and grew the top line. Although our business slowed in the fourth quarter due to the timing of customer orders, taking everything into account, 2008 was a year of great progress. We will continue to focus on the execution of our business plan and strengthening the business."
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