Delaware
|
04-2735766
|
(State
or other jurisdiction of incorporation or organization)
|
(I.R.S.
Employer Identification No.)
|
Large accelerated
filer ¨
|
Accelerated
filer x
|
|
Non-accelerated filer ¨ (Do not check if a smaller
reporting company)
|
Smaller reporting
company x
|
Page
|
||||
Part I – Financial
Information
|
||||
Item 1.
|
2
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2
|
||||
3
|
||||
4
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||||
5
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||||
Item 2.
|
13
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|||
Item 3.
|
23
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Item 4.
|
23
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Part II – Other Information
|
||||
Item 1.
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23
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|||
Item
1A.
|
23
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Item 2.
|
24
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Item 4.
|
24
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Item 6.
|
24
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EX-31.1
SECTION 302 CERTIFICATION OF CEO
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|||
EX-31.2
SECTION 302 CERTIFICATION OF CFO
|
||||
EX-32.1
SECTION 906 CERTIFICATION OF CEO
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||||
EX-32.2
SECTION 906 CERTIFICATION OF CFO
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Part
I
|
Financial
Information
|
Item 1.
|
Condensed
Consolidated Financial Statements
|
December 31,
|
June 30,
|
|||||||
2008
|
2008
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$ | 27,668 | $ | 27,359 | ||||
Accounts
receivable, less allowance for doubtful accounts of $87 at December 31,
2008 and $90 at June 30, 2008
|
12,063 | 14,422 | ||||||
Inventories
– net
|
3,222 | 5,094 | ||||||
Prepaid
expenses and other current assets
|
1,662 | 1,360 | ||||||
Total
current assets
|
44,615 | 48,235 | ||||||
Property,
plant and equipment - net
|
3,952 | 3,867 | ||||||
Intangible
- purchased technology, net
|
3,624 | 4,081 | ||||||
Intangible
- customer relationships and trademark, net
|
2,444 | 2,530 | ||||||
Goodwill
|
15,990 | 15,990 | ||||||
Other
long-term assets - net
|
824 | 836 | ||||||
Total
assets
|
$ | 71,449 | $ | 75,539 | ||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
Current
liabilities:
|
||||||||
Accounts
payable and accrued expenses
|
$ | 9,890 | $ | 13,984 | ||||
Deferred
revenue
|
7,689 | 8,570 | ||||||
Total
current liabilities
|
17,579 | 22,554 | ||||||
Long-term
liabilities:
|
||||||||
Deferred
revenue
|
1,034 | 962 | ||||||
Revolving
bank line of credit
|
949 | 949 | ||||||
Pension
liability
|
1,700 | 1,878 | ||||||
Other
|
1,874 | 1,768 | ||||||
Total
liabilities
|
23,136 | 28,111 | ||||||
Commitments
and contingencies (Note 13)
|
||||||||
Stockholders'
equity:
|
||||||||
Shares
of common stock, par value $.01; 100,000,000 authorized; 8,314,016 and
8,305,588 issued and outstanding at December 31, 2008 and June 30, 2008,
respectively
|
83 | 83 | ||||||
Capital
in excess of par value
|
204,821 | 204,574 | ||||||
Accumulated
deficit
|
(157,159 | ) | (157,782 | ) | ||||
Treasury
stock, at cost; 37,788 shares and 0 at December 31, 2008 and June 30,
2008, respectively
|
(255 | ) | - | |||||
Accumulated
other comprehensive income
|
823 | 553 | ||||||
Total
stockholders' equity
|
48,313 | 47,428 | ||||||
Total
liabilities and stockholders' equity
|
$ | 71,449 | $ | 75,539 |
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Revenues:
|
||||||||||||||||
Product
|
$ | 11,066 | $ | 9,964 | $ | 23,115 | $ | 19,732 | ||||||||
Service
|
7,054 | 7,614 | 13,340 | 14,101 | ||||||||||||
Total
revenues
|
18,120 | 17,578 | 36,455 | 33,833 | ||||||||||||
Cost
of sales:
|
||||||||||||||||
Product
|
5,106 | 5,309 | 10,741 | 10,362 | ||||||||||||
Service
|
2,394 | 2,810 | 4,812 | 5,457 | ||||||||||||
Total
cost of sales
|
7,500 | 8,119 | 15,553 | 15,819 | ||||||||||||
Gross
margin
|
10,620 | 9,459 | 20,902 | 18,014 | ||||||||||||
Operating
expenses:
|
||||||||||||||||
Sales
and marketing
|
4,238 | 3,721 | 7,806 | 7,514 | ||||||||||||
Research
and development
|
3,307 | 4,019 | 7,146 | 8,231 | ||||||||||||
General
and administrative
|
2,180 | 2,566 | 4,503 | 4,913 | ||||||||||||
Total
operating expenses
|
9,725 | 10,306 | 19,455 | 20,658 | ||||||||||||
Operating
income (loss)
|
895 | (847 | ) | 1,447 | (2,644 | ) | ||||||||||
Gain
on arbitration settlement, net
|
- | - | - | 1,900 | ||||||||||||
Recovery
of minority investment, net
|
- | - | - | 1,415 | ||||||||||||
Interest
income
|
46 | 246 | 156 | 472 | ||||||||||||
Interest
expense
|
(34 | ) | (36 | ) | (64 | ) | (72 | ) | ||||||||
Other
income (expense)
|
91 | (11 | ) | (198 | ) | 79 | ||||||||||
Income
(loss) before income taxes
|
998 | (648 | ) | 1,341 | 1,150 | |||||||||||
Provision
for income taxes
|
468 | 121 | 718 | 175 | ||||||||||||
Net
income (loss)
|
$ | 530 | $ | (769 | ) | $ | 623 | $ | 975 | |||||||
Net
income (loss) per share
|
||||||||||||||||
Basic
|
$ | 0.06 | $ | (0.09 | ) | $ | 0.08 | $ | 0.12 | |||||||
Diluted
|
$ | 0.06 | $ | (0.09 | ) | $ | 0.07 | $ | 0.12 | |||||||
Weighted
average shares outstanding - basic
|
8,274 | 8,303 | 8,283 | 8,298 | ||||||||||||
Weighted
average shares outstanding - diluted
|
8,302 | 8,303 | 8,316 | 8,311 |
Six
Months Ended
|
||||||||
December
31,
|
||||||||
2008
|
2007
|
|||||||
OPERATING
ACTIVITIES
|
||||||||
Net
income
|
$ | 623 | $ | 975 | ||||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||
Depreciation
and amortization
|
1,564 | 2,154 | ||||||
Share-based
compensation
|
247 | 500 | ||||||
Recovery
of minority investment, net
|
- | (1,415 | ) | |||||
Other
non-cash expenses
|
284 | (38 | ) | |||||
Changes
in operating assets and liabilities:
|
||||||||
Accounts
receivable
|
2,359 | 6,012 | ||||||
Inventories
|
1,799 | 584 | ||||||
Prepaid
expenses and other current assets
|
(324 | ) | (67 | ) | ||||
Other
long-term assets
|
29 | 22 | ||||||
Accounts
payable and accrued expenses
|
(4,094 | ) | (5,223 | ) | ||||
Deferred
revenue
|
(809 | ) | (1,724 | ) | ||||
Other
long-term liabilities
|
119 | 426 | ||||||
Total
adjustments to net income
|
1,174 | 1,231 | ||||||
Net
cash provided by operating activities
|
1,797 | 2,206 | ||||||
INVESTING
ACTIVITIES
|
||||||||
Capital
expenditures
|
(1,016 | ) | (842 | ) | ||||
Recovery
of minority investment, net
|
- | 1,415 | ||||||
Net
cash (used in) provided by investing activities
|
(1,016 | ) | 573 | |||||
FINANCING
ACTIVITIES
|
||||||||
Repayment
of revolving bank line of credit
|
- | (391 | ) | |||||
Purchase
of treasury stock
|
(255 | ) | (10 | ) | ||||
Net
cash used in financing activities
|
(255 | ) | (401 | ) | ||||
Effect
of exchange rates on cash and cash equivalents
|
(217 | ) | 264 | |||||
Increase
in cash and cash equivalents
|
309 | 2,642 | ||||||
Cash
and cash equivalents at beginning of period
|
27,359 | 20,416 | ||||||
Cash
and cash equivalents at end of period
|
$ | 27,668 | $ | 23,058 | ||||
Cash
paid during the period for:
|
||||||||
Interest
|
$ | 31 | $ | 34 | ||||
Income
taxes (net of refunds)
|
$ | 408 | $ | 128 |
1.
|
Overview
of Business and Basis of
Presentation
|
2.
|
Basic
and Diluted Net Income per Share
|
Three
Months Ended
December 31,
|
Six
Months Ended
December 31,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Basic
and diluted earnings per share (EPS) calculation:
|
||||||||||||||||
Net
income (loss)
|
$ | 530 | $ | (769 | ) | $ | 623 | $ | 975 | |||||||
Basic
weighted average number of shares outstanding
|
8,274 | 8,303 | 8,283 | 8,298 | ||||||||||||
Effect
of dilutive securities:
|
||||||||||||||||
Restricted
stock
|
28 | - | 33 | 13 | ||||||||||||
Employee
stock options
|
- | - | - | - | ||||||||||||
Shares
issued upon assumed exercise of warrants
|
- | - | - | - | ||||||||||||
Diluted
weighted average number of shares outstanding
|
8,302 | 8,303 | 8,316 | 8,311 | ||||||||||||
Basic
EPS
|
$ | 0.06 | $ | (0.09 | ) | $ | 0.08 | $ | 0.12 | |||||||
Diluted
EPS
|
$ | 0.06 | $ | (0.09 | ) | $ | 0.07 | $ | 0.12 |
3.
|
Share-Based
Compensation
|
Three
Months Ended
December 31,
|
Six
Months Ended
December 31,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Share-based
compensation expense included in the
|
||||||||||||||||
Statement
of Operations:
|
||||||||||||||||
Cost
of sales
|
$ | 11 | $ | 14 | $ | 12 | $ | 12 | ||||||||
Sales
and marketing
|
40 | 60 | 51 | 92 | ||||||||||||
Research
and development
|
45 | 42 | 66 | 56 | ||||||||||||
General
and administrative
|
69 | 222 | 118 | 340 | ||||||||||||
Total
|
165 | 338 | 247 | 500 | ||||||||||||
Tax
benefit
|
- | - | - | - | ||||||||||||
Share-based
compensation expense, net of taxes
|
$ | 165 | $ | 338 | $ | 247 | $ | 500 |
4.
|
Inventories
|
December 31,
|
June 30,
|
|||||||
2008
|
2008
|
|||||||
Raw
materials, net
|
$ | 2,203 | $ | 3,849 | ||||
Work-in-process
|
587 | 609 | ||||||
Finished
goods
|
432 | 636 | ||||||
$ | 3,222 | $ | 5,094 |
5.
|
Goodwill
and Other Intangible Assets
|
December 31,
|
June 30,
|
|||||||
2008
|
2008
|
|||||||
Cost
of amortizable intangibles:
|
||||||||
Purchased
technology
|
$ | 7,700 | $ | 7,700 | ||||
Customer
relationships
|
1,900 | 1,900 | ||||||
Total
cost of intangibles
|
9,600 | 9,600 | ||||||
Less
accumulated amortization:
|
||||||||
Purchased
technology
|
(4,076 | ) | (3,619 | ) | ||||
Customer
relationships
|
(556 | ) | (470 | ) | ||||
Total
accumulated amortization
|
(4,632 | ) | (4,089 | ) | ||||
Trademark
|
1,100 | 1,100 | ||||||
Total
intangible assets, net
|
$ | 6,068 | $ | 6,611 |
6.
|
Accounts
Payable and Accrued Expenses
|
December 31,
2008
|
June 30,
2008
|
|||||||
Accounts
payable, trade
|
$ | 4,288 | $ | 7,003 | ||||
Accrued
payroll, vacation, severance and other employee expenses
|
3,677 | 4,338 | ||||||
Other
accrued expenses
|
1,925 | 2,643 | ||||||
$ | 9,890 | $ | 13,984 |
7.
|
Comprehensive
Income (Loss)
|
Three
Months Ended December 31,
|
Six
Months Ended December 31,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Net
income (loss)
|
$ | 530 | $ | (769 | ) | $ | 623 | $ | 975 | |||||||
Other
comprehensive income (loss):
|
||||||||||||||||
Foreign
currency translation gain
|
178 | 80 | 249 | 213 | ||||||||||||
Amortization
of pension gain and transition amount
|
10 | (20 | ) | 21 | (39 | ) | ||||||||||
Total
comprehensive income (loss)
|
$ | 718 | $ | (709 | ) | $ | 893 | $ | 1,149 |
8.
|
Recovery
of Investment in Minority
Investment
|
9.
|
Arbitration
Settlement
|
10.
|
Concentration
of Credit Risk, Segment, and Geographic
Information
|
Three
Months Ended
December
31,
|
Six
Months Ended
December 31,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
United
States
|
$ | 13,643 | $ | 13,629 | $ | 28,871 | $ | 26,951 | ||||||||
Japan
|
3,128 | 1,563 | 5,117 | 2,851 | ||||||||||||
Other
Asia Pacific countries
|
313 | 812 | 535 | 1,251 | ||||||||||||
Asia
Pacific
|
3,441 | 2,375 | 5,652 | 4,102 | ||||||||||||
Europe
|
1,036 | 1,574 | 1,932 | 2,780 | ||||||||||||
Total
revenue
|
$ | 18,120 | $ | 17,578 | $ | 36,455 | $ | 33,833 |
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
December
31,
|
December
31,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Customer
A
|
19 | % |
<10
|
% | 23 | % |
<10
|
% | ||||||||
Customer
B
|
16 | % |
|
10 | % | 18 | % | 11 | % | |||||||
Customer
C
|
12 | % |
<10
|
% | 10 | % |
<10
|
% | ||||||||
Customer
D
|
<10
|
% |
<10
|
% |
<10
|
% | 13 | % | ||||||||
Customer
E
|
<10
|
%
|
14 | % |
<10
|
% | 11 | % |
11.
|
Term
Loan and Revolving Credit Facility
|
12.
|
Retirement
Plans
|
Three
Months Ended
December
31,
|
Six
Months Ended
December 31,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Service
cost
|
$ | 5 | $ | 6 | $ | 9 | $ | 12 | ||||||||
Interest
cost
|
69 | 53 | 128 | 103 | ||||||||||||
Expected
return on plan assets
|
(36 | ) | (34 | ) | (68 | ) | (66 | ) | ||||||||
Amortization
of net (gain) loss
|
- | (29 | ) | - | (57 | ) | ||||||||||
Amortization
of transition amount
|
10 | 9 | 21 | 18 | ||||||||||||
Net
periodic benefit cost
|
$ | 48 | $ | 5 | $ | 90 | $ | 10 |
13.
|
Commitments
and Contingencies
|
Asserting
Party
|
Jurisdiction
|
Patents
at Issue
|
||
Acacia
Media Technologies, Corp.
|
U.S.
District Court
|
U.S.
Patent Nos. 5,132,992; 5,253,275;
|
||
Northern
District of California
|
5,550,863,
6,002,720 and 6,144,702
|
|||
U.S.A
Video Inc.
|
U.S.
District Court
|
U.S.
Patent No. 5,130,792
|
||
Eastern
District of Texas
|
||||
Vtran
Media Technologies, LLC
|
U.S.
District Court
|
U.S.
Patent Nos. 4,890,320 and
|
||
Eastern
District of Texas
|
4,995,078
|
Item 2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
Three
Months Ended
December 31,
|
Six
Months Ended
December 31,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Revenues:
|
(Unaudited)
|
(Unaudited)
|
||||||||||||||
Product
|
61.1 | % | 56.7 | % | 63.4 | % | 58.3 | % | ||||||||
Service
|
38.9 | 43.3 | 36.6 | 41.7 | ||||||||||||
Total
revenues
|
100.0 | 100.0 | 100.0 | 100.0 | ||||||||||||
Cost
of sales (% of respective sales category):
|
||||||||||||||||
Product
|
46.1 | 53.3 | 46.5 | 52.5 | ||||||||||||
Service
|
33.9 | 36.9 | 36.1 | 38.7 | ||||||||||||
Total
cost of sales
|
41.4 | 46.2 | 42.7 | 46.8 | ||||||||||||
Gross
margin
|
58.6 | 53.8 | 57.3 | 53.2 | ||||||||||||
Operating
expenses:
|
||||||||||||||||
Sales
and marketing
|
23.4 | 21.2 | 21.4 | 22.2 | ||||||||||||
Research
and development
|
18.3 | 22.8 | 19.6 | 24.3 | ||||||||||||
General
and administrative
|
12.0 | 14.6 | 12.4 | 14.5 | ||||||||||||
Total
operating expenses
|
53.7 | 58.6 | 53.4 | 61.0 | ||||||||||||
Operating
income (loss)
|
4.9 | (4.8 | ) | 3.9 | (7.8 | ) | ||||||||||
Gain
on arbitration settlement, net
|
- | - | - | 5.6 | ||||||||||||
Recovery
of minority investment, net
|
- | - | - | 4.2 | ||||||||||||
Interest
income - net
|
0.1 | 1.2 | 0.3 | 1.2 | ||||||||||||
Other
income (expense) - net
|
0.5 | (0.1 | ) | (0.5 | ) | 0.2 | ||||||||||
Income
(loss) before income taxes
|
5.5 | (3.7 | ) | 3.7 | 3.4 | |||||||||||
Provision
for income taxes
|
2.6 | 0.7 | 2.0 | 0.5 | ||||||||||||
Net
income (loss)
|
2.9 | % | (4.4 | ) % | 1.7 | % | 2.9 | % |
Three
Months Ended
December 31,
|
||||||||||||||||||
(Dollars
in Thousands)
|
2008
|
2007
|
$
Change
|
%
Change
|
||||||||||||||
Product
revenues
|
$ | 11,066 | $ | 9,964 | $ | 1,102 | 11.1 | % | ||||||||||
Service
revenues
|
7,054 | 7,614 | (560 | ) | (7.4 | %) | ||||||||||||
Total
revenues
|
18,120 | 17,578 | 542 | 3.1 | % | |||||||||||||
Product
cost of sales
|
5,106 | 5,309 | (203 | ) | (3.8 | %) | ||||||||||||
Service
cost of sales
|
2,394 | 2,810 | (416 | ) | (14.8 | %) | ||||||||||||
Total
cost of sales
|
7,500 | 8,119 | (619 | ) | (7.6 | %) | ||||||||||||
Product
gross margin
|
5,960 | 4,655 | 1,305 | 28.0 | % | |||||||||||||
Service
gross margin
|
4,660 | 4,804 | (144 | ) | (3.0 | %) | ||||||||||||
Total
gross margin
|
10,620 | 9,459 | 1,161 | 12.3 | % | |||||||||||||
Operating
expenses:
|
||||||||||||||||||
Sales
and marketing
|
4,238 | 3,721 | 517 | 13.9 | % | |||||||||||||
Research
and development
|
3,307 | 4,019 | (712 | ) | (17.7 | %) | ||||||||||||
General
and administrative
|
2,180 | 2,566 | (386 | ) | (15.0 | %) | ||||||||||||
Total
operating expenses
|
9,725 | 10,306 | (581 | ) | (5.6 | %) | ||||||||||||
Operating
income (loss)
|
895 | (847 | ) | 1,742 |
NM
|
(1 | ) | |||||||||||
Interest
income - net
|
12 | 210 | (198 | ) | (94.3 | %) | ||||||||||||
Other
expense - net
|
91 | (11 | ) | 102 |
NM
|
(1 | ) | |||||||||||
Income
(loss) before income taxes
|
998 | (648 | ) | 1,646 |
NM
|
(1 | ) | |||||||||||
Provision
for income taxes
|
468 | 121 | 347 | 286.8 | % | |||||||||||||
Net
income (loss)
|
$ | 530 | $ | (769 | ) | $ | 1,299 |
NM
|
(1 | ) |
Six
Months Ended
December 31,
|
||||||||||||||||||
(Dollars
in Thousands)
|
2008
|
2007
|
$
Change
|
%
Change
|
||||||||||||||
Product
revenues
|
$ | 23,115 | $ | 19,732 | $ | 3,383 | 17.1 | % | ||||||||||
Service
revenues
|
13,340 | 14,101 | (761 | ) | (5.4 | %) | ||||||||||||
Total
revenues
|
36,455 | 33,833 | 2,622 | 7.7 | % | |||||||||||||
Product
cost of sales
|
10,741 | 10,362 | 379 | 3.7 | % | |||||||||||||
Service
cost of sales
|
4,812 | 5,457 | (645 | ) | (11.8 | %) | ||||||||||||
Total
cost of sales
|
15,553 | 15,819 | (266 | ) | (1.7 | %) | ||||||||||||
Product
gross margin
|
12,374 | 9,370 | 3,004 | 32.1 | % | |||||||||||||
Service
gross margin
|
8,528 | 8,644 | (116 | ) | (1.3 | %) | ||||||||||||
Total
gross margin
|
20,902 | 18,014 | 2,888 | 16.0 | % | |||||||||||||
Operating
expenses:
|
||||||||||||||||||
Sales
and marketing
|
7,806 | 7,514 | 292 | 3.9 | % | |||||||||||||
Research
and development
|
7,146 | 8,231 | (1,085 | ) | (13.2 | %) | ||||||||||||
General
and administrative
|
4,503 | 4,913 | (410 | ) | (8.3 | %) | ||||||||||||
Total
operating expenses
|
19,455 | 20,658 | (1,203 | ) | (5.8 | %) | ||||||||||||
Operating
income (loss)
|
1,447 | (2,644 | ) | 4,091 |
NM
|
(1 | ) | |||||||||||
Gain
on arbitration settlement, net
|
- | 1,900 | (1,900 | ) |
NM
|
(1 | ) | |||||||||||
Recovery
of minority investment, net
|
- | 1,415 | (1,415 | ) |
NM
|
(1 | ) | |||||||||||
Interest
income - net
|
92 | 400 | (308 | ) | (77.0 | %) | ||||||||||||
Other
income (expense) - net
|
(198 | ) | 79 | (277 | ) |
NM
|
(1 | ) | ||||||||||
Income
before income taxes
|
1,341 | 1,150 | 191 | 16.6 | % | |||||||||||||
Provision
for income taxes
|
718 | 175 | 543 | 310.3 | % | |||||||||||||
Net
income
|
$ | 623 | $ | 975 | $ | (352 | ) | (36.1 | %) |
|
·
|
the
rate of growth or decline, if any, of on-demand market expansions and the
pace at which domestic and international cable companies and telephone
companies implement upgrade or replace on-demand
technology;
|
|
·
|
the
rate of growth or decline, if any, of deployment of our real-time
operating systems and tools;
|
|
·
|
the
actual versus anticipated decline in revenue from maintenance and product
sales of real-time proprietary
systems;
|
|
·
|
ongoing
cost control actions and expenses, including capital
expenditures;
|
|
·
|
the
margins on our product sales;
|
|
·
|
our
ability to leverage the potential of our Everstream products, including
advanced advertising and other related
initiatives;
|
|
·
|
our
ability to raise additional capital, if
necessary;
|
|
·
|
our
ability to obtain additional or replacement bank financing, if
necessary;
|
|
·
|
our
ability to meet the covenants contained in our Credit
Agreement;
|
|
·
|
timing
of product shipments, which typically occur during the last month of the
quarter;
|
|
·
|
the
percentage of sales derived from outside the United States where there are
generally longer accounts receivable collection cycles;
and
|
|
·
|
the
number of countries in which we operate, which may require maintenance of
minimum cash levels in each country and, in certain cases, may restrict
the repatriation of cash, such as cash held on deposit to secure office
leases.
|
Item 3.
|
Quantitative
and Qualitative Disclosures About Market
Risk
|
Item
4.
|
Controls and Procedures
|
Part
II
|
Other
Information
|
Item
1.
|
Legal Proceedings
|
Item
1A.
|
Risk Factors
|
Item 2.
|
Unregistered
Sales of Equity Securities and Use of
Proceeds
|
Purchased
|
(1)
Total
number of shares purchased
|
Average
price paid per share
|
Total
number of shares purchased as part of publicly announced plans or
programs
|
Maximum
number of shares (or approximate dollar value of shares) that may yet be
purchased under the plan
|
||||||||||||
October 1,
2008 – October 31, 2008
|
786 | $ | 3.59 | - | $ | 2,248,025 | ||||||||||
November 1,
2008 – November 30, 2008
|
- | - | - | $ | 2,248,025 | |||||||||||
December
1, 2008 – December 31, 2008
|
- | - | - | $ | 2,248,025 | |||||||||||
Total
|
786 | $ | 3.59 | - |
Item 4.
|
Submission
of Matters to a Vote of Security
Holders
|
|
-
|
The
following persons were elected as directors to serve until the next annual
meeting of stockholders: Charles Blackmon (5,878,491 votes for, 1,425,647
votes withheld), Larry L. Enterline (5,844,056 votes for, 1,460,082 votes
withheld), C. Shelton James (5,880,157 for, 1,423,981 votes withheld), Dan
Mondor (5,885,250 votes for, 1,418,888 votes withheld), and Steve G.
Nussrallah (5,852,247 votes for, 1,451,891 votes
withheld).
|
|
-
|
The
selection of Deloitte & Touche LLP as Concurrent’s independent
registered public accountants for the fiscal year ending June 30, 2009 was
ratified (6,246,654 votes for, 1,027,073 votes against, 30,411 votes
abstained).
|
Item 6.
|
Exhibits
|
3.1
|
Restated
Certificate of Incorporation of the Registrant (incorporated by reference
to the Registrant's Registration Statement on Form S-2 (No.
33-62440)).
|
|
3.2
|
Amended
and Restated Bylaws of the Registrant (incorporated by reference to the
Registrant’s Quarterly Report on Form 10-Q for the period ended March 31,
2003).
|
|
3.3
|
Certificate
of Correction to Restated Certificate of Incorporation of the Registrant
(incorporated by reference to the Registrant’s Annual Report on Form 10-K
for the fiscal year ended June 30, 2002).
|
|
3.4
|
Certificate
of Amendment of the Restated Certificate of Incorporation of the
Registrant (incorporated by reference to the Registrant’s Proxy on Form
DEFR14A filed on June 2, 2008).
|
|
3.5
|
Amended
Certificate of Designations of Series A Participating Cumulative Preferred
Stock (incorporated by reference to the Form 8-A/A, dated August 9,
2002).
|
|
3.6
|
Amendment
to Amended Certificate of Designations of Series A Participating
Cumulative Preferred Stock (incorporated by reference to the Form 8-A/A,
dated August 9,
2002).
|
4.1
|
Form
of Common Stock Certificate (incorporated by reference to the Registrant’s
Quarterly Report on Form 10-Q for the period ended March 31,
2003).
|
|
4.2
|
Form
of Rights Certificate (incorporated by reference to the Registrant’s
Current Report on Form 8-K/A filed on August 12, 2002).
|
|
4.3
|
Amended
and Restated Rights Agreement dated as of August 7, 2002 between the
Registrant and American Stock Transfer & Trust Company, as Rights
Agent (incorporated by reference to the Registrant’s Current Report on
Form 8-K/A filed on August 12, 2002).
|
|
4.4
|
Form
of Warrant (filed as Exhibit 4.1 to the Registrant’s Current Report on
Form 8-K dated May 15, 2007 and incorporated herein by
reference).
|
|
4.5
|
Form
of Warrant (filed as Exhibit 4.1 to the Registrant’s Current Report on
Form 8-K dated May 15, 2007 and incorporated herein by
reference).
|
|
10.1
|
Third
Amendment to Amended and Restated Loan and Security Agreement
(incorporated by reference to the Registrant’s Current Report on Form 8-K
filed on December 30, 2008 (No. 000-13150)).
|
|
11.1*
|
Statement
Regarding Computation of Per Share Earnings.
|
|
31.1**
|
Certification
of Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002.
|
|
31.2**
|
Certification
of Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002.
|
|
32.1**
|
Certification
of Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.
|
|
32.2**
|
Certification
of Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.
|
*
|
Data
required by Statement of Financial Accounting Standards No. 128, “Earnings
per Share,” is provided in the Notes to the condensed consolidated
financial statements in this
report.
|
**
|
Filed
herewith.
|
Date: January
28, 2009
|
CONCURRENT
COMPUTER CORPORATION
|
By:
|
/s/
Emory O. Berry
|
|
Emory
O. Berry
|
||
Chief
Financial Officer and Executive Vice President of
Operations
|
||
(Principal
Financial and Accounting
Officer)
|
3.1
|
Restated
Certificate of Incorporation of the Registrant (incorporated by reference
to the Registrant's Registration Statement on Form S-2 (No.
33-62440)).
|
|
3.2
|
Amended
and Restated Bylaws of the Registrant (incorporated by reference to the
Registrant’s Quarterly Report on Form 10-Q for the period ended March 31,
2003).
|
|
3.3
|
Certificate
of Correction to Restated Certificate of Incorporation of the Registrant
(incorporated by reference to the Registrant’s Annual Report on Form 10-K
for the fiscal year ended June 30, 2002).
|
|
3.4
|
Certificate
of Amendment of the Restated Certificate of Incorporation of the
Registrant (incorporated by reference to the Registrant’s Proxy on Form
DEFR14A filed on June 2, 2008).
|
|
3.5
|
Amended
Certificate of Designations of Series A Participating Cumulative Preferred
Stock (incorporated by reference to the Form 8-A/A, dated August 9,
2002).
|
|
3.6
|
Amendment
to Amended Certificate of Designations of Series A Participating
Cumulative Preferred Stock (incorporated by reference to the Form 8-A/A,
dated August 9, 2002).
|
|
4.1
|
Form
of Common Stock Certificate (incorporated by reference to the Registrant’s
Quarterly Report on Form 10-Q for the period ended March 31,
2003).
|
|
4.2
|
Form
of Rights Certificate (incorporated by reference to the Registrant’s
Current Report on Form 8-K/A filed on August 12, 2002).
|
|
4.3
|
Amended
and Restated Rights Agreement dated as of August 7, 2002 between the
Registrant and American Stock Transfer & Trust Company, as Rights
Agent (incorporated by reference to the Registrant’s Current Report on
Form 8-K/A filed on August 12, 2002).
|
|
4.4
|
Form
of Warrant (filed as Exhibit 4.1 to the Registrant’s Current Report on
Form 8-K dated May 15, 2007 and incorporated herein by
reference).
|
|
4.5
|
Form
of Warrant (filed as Exhibit 4.1 to the Registrant’s Current Report on
Form 8-K dated May 15, 2007 and incorporated herein by
reference).
|
|
10.1
|
Third
Amendment to Amended and Restated Loan and Security Agreement
(incorporated by reference to the Registrant’s Current Report on Form 8-K
filed on December 30, 2008 (No. 000-13150)).
|
|
11.1*
|
Statement
Regarding Computation of Per Share Earnings.
|
|
Certification
of Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002.
|
||
Certification
of Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002.
|
||
Certification
of Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.
|
||
Certification
of Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.
|
*
|
Data
required by Statement of Financial Accounting Standards No. 128, “Earnings
per Share,” is provided in the Notes to the condensed consolidated
financial statements in this
report.
|
**
|
Filed
herewith.
|