CONCURRENT COMPUTER CORP/DE

CIK:0000749038|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Merchant cash advance fees and other revenue	$ 1,046	$ 1,440	$ 1,714	$ 2,888
Interest on mortgage and commercial loans	151	347	393	630
Total revenues	1,197	1,787	2,107	3,518
Operating expenses:
Selling, general, and administrative	1,202	1,307	2,287	2,641
Amortization of purchased intangibles	96	119	193	239
Change in fair value of contingent consideration		(410)	0	(400)
Provision for credit losses on advances	13,775	180	13,827	396
Total operating expenses	15,073	1,196	16,307	2,876
Operating (loss) income	(13,876)	591	(14,200)	642
Other interest income	679	2,145	2,039	4,282
Realized gain on investments, net	876	843	1,408	1,919
Unrealized gain (loss) on equity securities, net	2,285	(627)	1,240	(158)
Other income, net	30	65	105	66
(Loss) income before income taxes and equity in net loss from equity method investment	(10,006)	3,017	(9,408)	6,751
Equity in net loss from equity method investment	53		53
(Benefit) provision for income taxes	(1,725)	(17)	(1,494)	156
Net (loss) income	(8,334)	3,034	(7,967)	6,595
Less: Net loss (income) attributable to non-controlling interest	1	(297)	23	(452)
Net (loss) income attributable to CCUR Holdings, Inc. stockholders	$ (8,333)	$ 2,737	$ (7,944)	$ 6,143
(Loss) earnings per share attributable to CCUR Holdings, Inc. stockholders:
Basic	$ (0.95)	$ 0.31	$ (0.90)	$ 0.70
Diluted	$ (0.95)	$ 0.31	$ (0.90)	$ 0.70
Weighted average shares outstanding - basic	8,800,171	8,758,710	8,798,928	8,757,433
Weighted average shares outstanding - diluted	8,800,171	8,840,870	8,798,928	8,825,583

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash flows (used in) provided by operating activities:
Net (loss) income	$ (7,967)	$ 6,595
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization	204	242
Share-based compensation expense, net of forfeitures	53	195
Provision for credit losses on advances	13,827	396
Deferred taxes	(1,999)	238
Non-cash accretion of interest income	(915)	(2,366)
Payment-in-kind interest income	(265)	(483)
Realized gain on investments, net	(1,408)	(1,919)
Unrealized (gain) loss on investments, net	(1,240)	158
Change in fair value of contingent consideration	0	(400)
Equity in net loss from unconsolidated investment	53	0
Foreign exchange transaction losses	17	0
(Increase) decrease in assets:
Prepaid expenses and other current assets	(636)	(829)
Other long-term assets	390	43
Increase (decrease) in liabilities:
Accounts payable and accrued expenses	(24)	226
Pension and other long-term liabilities	(186)	(16)
Net cash (used in) provided by operating activities	(96)	2,080
Cash flows provided by investing activities:
Origination and fundings of mortgage and commercial loans receivable	(2,432)	(2,750)
Collections of mortgage and commercial loans receivable	4,282	2,554
Fundings of cash advances receivable	(7,860)	(14,829)
Collections of cash advances receivable	6,583	14,823
Investment in operating business	(195)	0
Investment in equity affiliate	(3,903)	0
Proceeds from sale or maturity of securities	18,234	3,893
Purchases of securities	(7,609)	(1,509)
Other investing cash flows	(28)	(289)
Net cash provided by investing activities	7,072	1,893
Cash flows used in financing activities:
Dividends paid	(2)	(1)
Member distributions	(59)	0
Net cash used in financing activities	(61)	(1)
Effect of exchange rates on cash and cash equivalents	(28)	(12)
Increase in cash and cash equivalents	6,887	3,960
Cash and cash equivalents - beginning of year	9,336	8,083
Cash and cash equivalents - end of period	16,223	12,043
Cash paid during the period for:
Interest	0	40
Income taxes, net of refunds	$ 51	$ 205

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Jun. 30, 2020
Current assets:
Cash and cash equivalents	$ 16,223	$ 9,336
Equity securities, fair value	13,269	7,372
Fixed maturity securities, available-for-sale, fair value	12,893	21,429
Current maturities of mortgage and commercial loans receivable	3,634	3,878
Advances receivable, net	111	11,436
Prepaid expenses and other current assets	599	1,204
Total current assets	46,729	54,655
Land investment	3,596	3,568
Deferred income taxes, net	7,691	6,632
Mortgage and commercial loans receivable, net of current maturities	104	1,695
Definite-lived intangibles, net	1,677	1,870
Goodwill	480	480
Equity method investment	3,850
Other long-term assets, net	762	950
Total assets	64,889	69,850
Current liabilities:
Accounts payable and accrued expenses	690	803
Management fee payable	2,915	2,841
Total current liabilities	3,605	3,644
Long-term liabilities:
Pension liability	4,396	4,005
Other long-term liabilities	628	912
Total liabilities	8,629	8,561
Commitments and contingencies (Note 15)
Stockholders' equity:
Shares of common stock, par value $0.01; 14,000,000 authorized; 8,839,344 and 8,797,671 issued and outstanding at December 31, 2020, and June 30, 2020, respectively	88	88
Capital in excess of par value	209,276	209,223
Non-controlling interest	1,179	1,261
Accumulated deficit	(150,978)	(143,077)
Accumulated other comprehensive loss	(3,305)	(6,206)
Total stockholders' equity	56,260	61,289
Total liabilities, non-controlling interest, and stockholders' equity	64,889	69,850
Series Preferred Stock [Member]
Stockholders' equity:
Shares of Preferred stock	0	0
Preferred Class A [Member]
Stockholders' equity:
Shares of Preferred stock	$ 0	$ 0