Despite posting strong fourth-quarter and full-year results, Concurrent
Computer Corp.'s stock price plunged Friday due to investor fears of delayed
The stock opened at $4.43 per share and dropped to as low as $3 before
closing at $3.28 Friday, down $1.09 each, or nearly 25 percent.
Concurrent announced that it expected first-quarter-2003 VOD revenue to hit
$13 million to $14 million, a sequential drop from fourth-quarter revenue.
The estimated revenue decline stemmed from evidence that some operators --
notably Cox Communications Inc. -- were slowing their VOD rollouts, which
contributed to investor skittishness over Concurrent's stock.
For the fourth quarter, Concurrent's VOD division posted revenue of $17.4
million compared with the year-earlier period's $6.2 million. Full-year revenue
for the division reached $48 million compared with $23.8 million in the year
The company's overall net earnings reached $4.4 million for the fiscal year
compared with a net loss of $6.2 million in the year-earlier period.
Concurrent said it is or will be deployed in 39 markets serving 10.4 million
basic and 3.1 million digital subscribers.