Concurrent To Phase Out Everstream Brand
VOD Vendor Takes Net $700,000 Charge Related to Change
By Todd Spangler -- Multichannel News, 5/1/2009 4:04:09 PM
Concurrent will no longer use the Everstream trademark, having decided to rebrand its media data and advertising solutions.
The company, which sells video-on-demand and high-performance computing systems, reached the decision after completing a strategic-planning process in the first three months of 2009, according to a 10-Q filing Friday with the Securities and Exchange Commission.
As a result, Concurrent recorded a $1.1 million impairment charge for the Everstream trademark and a $400,000 deferred tax benefit for the three months ended March 31, 2009.
Concurrent bought Everstream, which had developed software to collect and analyze digital set-top data, in 2005 in a deal worth $15 million.
This March, Concurrent outlined a strategy to deliver content across multiple platforms -- to the TV, computers and mobile devices. As part of the initiative, Concurrent said it also would use the viewer-measurement technology from Everstream to collect data across those platforms.
For the three months ended March 31, its fiscal 2009 third quarter, Concurrent posted revenue of $19.2 million, down slightly from $19.4 million in the year-earlier period.
The company reported a net loss of $15.3 million, which included non-cash impairment charges of $17.1 million resulting from a decline in the company's stock price and the write-down of the Everstream trademark. Excluding the special charges, Concurrent's adjusted net income was $1.3 million. The company posted a $301,000 net profit for the quarter ended March 31, 2008.
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