U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
SEC File Number: 0-13150
CUSIP Number: 206-710-204
NOTIFICATION OF LATE FILING
(Check One):
[ ] Form 10-K [ ] Form 11-K [ ] Form 20-F
[X] Form 10-Q [ ] Form N-SAR
For Period Ended: December 31, 1993
If the notification relates to a portion of the filing
checked above, identify the Item(s) to which the
notification relates:
Part I-Registrant Information
Full Name of Registrant: Concurrent Computer Corporation
Former Name if Applicable: Massachusetts Computer Corporation
Address of Principal Executive Office (Street and Number)
2 Crescent Place
Oceanport, New Jersey 07757
Part II-Rules 12b-25 (b) and (c)
If the subject report could not be filed without
unreasonable effort or expense and the registrant seeks
relief pursuant to Rule 12b-25(b), the following should be
completed. (Check box if appropriate.)
[X] (a) The reasons described in reasonable detail in Part
III of this form could not be eliminated without
unreasonable effort or expense;
[X] (b) The subject quarterly report on Form 10-Q will be
filed on or before the fifth calendar day following the
prescribed due date; and
[ ] (c) The accountant's statement or other exhibit required
by Rule 12b-25(c) has been attached, if applicable.
Part III-Narrative
State below in reasonable detail the reasons why Form 10-K,
11-K, 20-F, 10-Q or N-SAR or portion thereof could not be
filed within the prescribed time period.
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The Form 10-Q could not be timely filed on the February 14,
1994 due date because the Registrant needed additional time
to revise its disclosure to reflect (a) conditions affecting
its results and actions being taken in response to these
conditions and (b) an expected amendment to its credit
agreement to provide for additional flexibility in certain
financial covenants as a result thereof.
Part IV-Other Information
(1) Name and telephone number of person to contact in
regard to this notification.
Kevin J. Dell (908) 870-4354
Vice President, General Counsel
and Assistant Secretary
(2) Have all other periodic reports required under
section 13 or 15(d) of the Securities and Exchange Act of
1934 or section 30 of the Investment Company Act of 1940
during the preceding 12 months or for such shorter period
that the registrant was required to file such report(s) been
filed? If the answer is no, identify report(s). [X] Yes [ ] No
(3) Is it anticipated that any significant change in
results of operations from the corresponding period for the
last fiscal year will be reflected by the earnings
statements to be included in the subject report or portion
thereof? [X] Yes [ ] No
If so: attach an explanation of the anticipated change,
both narratively and quantitatively, and, if appropriate,
state the reason why a reasonable estimate of the results
cannot be made. (See attached press release.)
Concurrent Computer Corporation (name of Registrant as
specified in its charter) has caused this notification to be
signed on its behalf by the undersigned thereunto duly
authorized.
Date: February 11, 1994 By: /s/ Kevin J. Dell
--------------------
Kevin J. Dell
Vice President
General Counsel
and Assistant Secretary
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CONCURRENT PRESS RELEASE
COMPTER
CORPORATION
- -------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
CONTACT:
Michael A. Stugrin
Director, Corporate &
Marketing Communications
1-908-870-5888
CONCURRENT COMPUTER CORPORATION REPORTS SECOND FISCAL
QUARTER RESULTS
Oceanport, NJ, January 28, 1994 -- Concurrent Computer
Corporation today reported the results of its second fiscal
quarter ended December 31, 1993. The Company also said it
had implemented a major restructuring and worldwide
reorganization and that it has shipped on schedule beta
units of its new-generation open systems platform, the
MAXION multiprocessor system.
For the quarter, Concurrent reported a net loss of $3.5
million, or $.12 per share, which compares with net income
of $705,000, or $.07 per share, in last year's second fiscal
quarter. The net loss for the quarter includes a sales and
use tax credit of $1.4 million, or $.05 per share, related
to a change in estimate of state sales and use tax reserves.
The company reported that net sales were $40.7 million
compared with $54.5 million in last year's second quarter.
For the six months ending December 31, 1993, Concurrent
reported that before extraordinary items, accounting
changes, and a provision for restructuring, it had a net
loss of $2.5 million, or $.10 per share, compared to income
of $1.7 million or $.17 per share, in the comparable prior
year period. As previously reported, the Company had an
extraordinary loss of $23.2 million, or $.87 per share, on
early extinguishment of debt. In addition, the Company had
a non-cash charge of $5.0 million, or $.19 per share,
related to
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Concurrent Reports Second Fiscal Quarter Results Page 2 of 3
the required adoption of new accounting standards SFAS 106
and 109, and a provision for restructuring of $12 million or
$.45 per share. There were no comparable items in the prior
year. Including these charges, net loss for the six months
was $42.7 million, or $1.61 per share.
Net sales of $90.0 million in the current six-month period
compares with $108.7 million in the prior period.
John T. Stihl, Chairman, President, and Chief Executive
Officer, said: "The results for the quarter were
disappointing in two respects: First, our sales were
slightly lower than projected. Second, gross profit was
affected by reduced volume and an unfavorable mix of product
shipped. We also experienced the incremental costs of the
MAXION multiprocessor system introduction during the
quarter. In light of these factors as well as the
continuing uncertain worldwide economic environment, we have
taken firm actions to reduce our cost structure consistent
with current and anticipated revenue levels and to restore
profitability."
Concurrent said that as a result of restructuring and other
actions taken over the last six months, the company had
reduced its expense base by about $7.0 million per quarter.
Actions taken included reducing its worldwide workforce by
about 200, or 12 percent, to about 1500; consolidating or
closing non-critical facilities; and reducing spending. The
company said that it is continuing to implement its
restructuring activities in order to preserve and improve
its liquidity. Based on the quarter's results, the Company
said it would not be able to satisfy all of its obligations
under its domestic bank debt agreement and that it is in
active discussions with its lenders to obtain appropriate
modifications.
Earlier this month, Concurrent announced a new decentralized
sales, services and marketing field operation which is
intended to enhance revenue growth by speeding-up
decision-making and being more responsive to our customers.
The company is completing its annual strategic planning
activities and expects to pursue new market initiatives and
alliances aimed at spurring revenue growth. Concurrent also
said that beta shipments of its
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Concurrent Reports Second Fiscal Quarter Results Page 3 of 3
new MAXION multiprocessor system have been on schedule and
that the systems are receiving favorable customer response.
Beta systems are in place at the Boeing Company's Defense
and Space Group, McDonnell Douglas Training Systems, and
other customer sites.
Regarding the near-term outlook, Stihl said: "We are
cautiously optimistic about the second half of the fiscal
year. We had a rebound in customer orders in the second
quarter and our current expectation is for a modest increase
in revenue during the current quarter. Our goal is to be
profitable over the rest of the fiscal year and beyond."
Concurrent Computer Corporation, headquartered in Oceanport,
New Jersey, is a leading, worldwide supplier of networked
and distributed, high-performance, real-time, fault-tolerant
computing systems supported by a technology-based, worldwide
customer services organization. The Company's products,
systems and professional services provide real-time
solutions in simulation and training, weather and airspace
management, signal intelligence and analysis, financial
trading, hospital administration, measurement and control,
and to its Series 3200 system customer base. Concurrent
Computer Corporation has achieved ISO 9000 quality
certification for its design, development, manufacturing and
support processes. Its common stock trades on NASDAQ under
the symbol CCUR.
###
262C0194
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CONCURRENT COMPUTER CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars and shares in thousands, except per share amounts)
Three Months Ended Six Months Ended
December 31, December 31,
----------------- -----------------
1993 1992 1993 1992
---- ---- ---- ----
<S> <C> <C> <C> <C>
Net sales:
Computer systems $19,393 $31,471 $43,708 $59,492
Service and other 21,295 23,008 46,340 49,204
------- -------- ------- --------
Total 40,688 54,479 90,048 108,696
------- -------- ------- --------
Cost of sales:
Computer systems 11,360 14,562 23,553 27,627
Service and other 13,545 14,724 27,860 30,382
------- -------- ------- --------
Total 24,905 29,286 51,413 58,009
------- -------- ------- --------
Gross margin 15,783 25,193 38,635 50,687
------- -------- ------- --------
Operating expenses:
Research and development 6,551 6,319 12,775 12,978
Selling, general and administrative 13,371 14,389 27,279 28,816
Provision for restructuring - - 12,000 -
Sales and use tax credit (1,440) - (1,440) -
------- -------- ------- --------
Total 18,482 20,708 50,614 41,794
------- -------- ------- --------
Operating income (loss) (2,699) 4,485 (11,979) 8,893
Interest expense (640) (3,255) (2,141) (6,832)
Interest income 144 294 305 583
Other income (expense) - net (147) (319) (92) 89
------- -------- ------- --------
Income (loss) before provision for income
taxes, extraordinary loss and cumulative
effect of change in accounting principles (3,342) 1,205 (13,907) 2,733
Provision for income taxes 150 500 600 1,000
------- -------- ------- --------
Income (loss) before extraordinary loss and
cumulative effect of change in accounting
principles (3,492) 705 (14,507) 1,733
Extraordinary loss on early extinguishment of
debt - - (23,193) -
Cumulative effect of change in accounting
principles for income taxes and
postretirement benefits - - (5,000) -
------- -------- ------- --------
Net income (loss) ($3,492) $705 ($42,700) $1,733
======= ======== ======= ========
Income (loss) per share:
Primary:
Income (loss) before extraordinary
loss and cumulative effect of
change in accounting principles ($0.12) $0.07 ($0.55) $0.18
Extraordinary loss on early
extinguishment of debt - - (0.87) -
Cumulative effect of change in
accounting principles for income
taxes and postretirement benefits - - (0.19) -
------- -------- ------- --------
Net income (loss) ($0.12) $0.07 ($1.61) $0.18
======= ======== ======= ========
Fully diluted:
Income (loss) before extraordinary
loss and cumulative effect of change
in accounting principles ($0.12) $0.07 ($0.55) $0.17
Extraordinary loss on early
extinguishment of debt - - (0.87) -
Cumulative effect of change in
accounting principles for income
taxes and postretirement benefits - - (0.19) -
------- -------- ------- --------
Net income (loss) ($0.12) $0.07 ($1.61) $0.17
======= ======== ======= ========
Weighted average number of common shares and
stock equivalents
Primary 29,585 9,659 26,524 9,490
======= ======== ======= ========
Fully Diluted 29,585 10,075 26,524 9,980
======= ======== ======= ========
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