Attached files
| file | filename |
|---|---|
| EX-31.1 - EXHIBIT 31.1 - CCUR Holdings, Inc. | ex31_1.htm |
| EX-32.2 - EXHIBIT 32.2 - CCUR Holdings, Inc. | ex32_2.htm |
| EX-32.1 - EXHIBIT 32.1 - CCUR Holdings, Inc. | ex32_1.htm |
| EX-31.2 - EXHIBIT 31.2 - CCUR Holdings, Inc. | ex31_2.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
(AMENDMENT NO. 1)
(Mark One)
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☒
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Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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For the Quarterly Period Ended September 30, 2014
or
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☐
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Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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For the Transition Period from ____ to ____
Commission File No. 0-13150
CONCURRENT COMPUTER CORPORATION
(Exact name of registrant as specified in its charter)
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Delaware
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04-2735766
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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4375 River Green Parkway, Suite 100, Duluth, GA 30096
(Address of principal executive offices) (Zip Code)
Telephone: (678) 258-4000
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definition of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
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Large accelerated filer ☐
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Accelerated filer ☐
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Non-accelerated filer ☐ (Do not check if a smaller reporting company)
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Smaller reporting company ☒
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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Number of shares of the Registrant's Common Stock, par value $0.01 per share, outstanding as of October 23, 2014 was 9,263,788.
EXPLANATORY NOTE
Concurrent Computer Corporation (the “Corporation”) is filing this Amendment No. 1 (the “Form 10-Q/A”) to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2014 (the “Form 10-Q”), filed with the Securities and Exchange Commission (“SEC”) on October 28, 2014, for the purpose of correcting an incorrect reference to internal controls over financial reporting to refer correctly to disclosure controls and procedures in the last sentence of the first paragraph of “Item 4. Controls and Procedures” of the Form 10-Q, and errors in certain dates referenced in our Certifications provided in Exhibits 32.1 and 32.2. In addition, subsequent to the filing of our Form 10-Q for the quarter ended September 30, 2014, we identified a material weakness in our internal controls over financial reporting and disclosure controls and procedures, resulting in immaterial errors in our Statements of Cash Flows in prior years and for the 3 months ended September 30, 2014. We have updated our “Item 4. Controls and Procedures” to address the existence of this material weakness.
No other changes have been made to the Form 10-Q. Except for the disclosures in Item 4., this Form 10-Q/A continues to speak as of the original filing date of the Form 10-Q, does not reflect the financial statement impact of events that may have occurred subsequent to the original filing date and does not modify or update any other related disclosures made in the Form 10-Q.
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Item 4.
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Controls and Procedures
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Evaluation of Disclosure Controls and Procedures; Changes in Internal Control Over Financial Reporting
Our management, with the participation of our chief executive officer and chief financial officer, evaluated the effectiveness of our disclosure controls and procedures as of September 30, 2014. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. Subsequent to our original conclusion on the effectiveness of our disclosure controls and procedures as of September 30, 2014, and in connection with our evaluation of the immaterial errors in the Condensed Consolidated Statements of Cash Flows discussed in Note 1 to Consolidated Financial Statements, management re-evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of December 31, 2014 and concluded that, because of the material weakness identified in our internal control over financial reporting discussed below, our disclosure controls and procedures were not effective as of June 30, 2014 or September 30, 2014.
A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of a company’s annual or interim financial statements will not be prevented or detected on a timely basis.
Subsequent to filing our original Form 10-Q for the first quarter of our fiscal year 2015, we identified a material weakness in internal control over financial reporting during the second quarter of our fiscal year 2015 in conjunction with our evaluation of the identified immaterial cash flow presentation errors. Specifically, we determined that our historical presentation of the purchase of customer support spare parts as a component of investing cash flows was in error. The Company’s controls were not properly designed related to the preparation and review of our Consolidated Statements of Cash Flows as of June 30, 2014 or September 30, 2014.
Remediation Status of Previously Reported Material Weakness
For the year ended June 30, 2013, it was concluded that a material weakness existed in our internal control over financial reporting related to the preparation and review of our Consolidated Statements of Cash Flows. Specifically, we had an error related to our determination of the cash flow classification of the proceeds from the one-time intellectual property sale that occurred in June 2013. As the error was corrected prior to any public disclosure or filing of our results for the year ended June 30, 2013, there was no related misstatement in any of our issued financial statements. In response to the associated material weakness in internal controls, during the twelve months ended June 30, 2014, we began to include as part of our financial reporting review process, a more thorough examination of the financial reporting impact of new and unusual transactions or accounting issues on all of our financial statements, as well as implementing additional review procedures over our Consolidated Statements of Cash Flows.
In connection with our evaluation of the immaterial errors discussed in Note 1 to the Consolidated Financial Statements, management re-evaluated the effectiveness of the remediation of our previously reported material weakness as of December 31, 2014 and concluded that, because of the material weakness identified in our internal control over financial reporting discussed above, the prior material weakness was not remediated as of June 30, 2014 or September 30, 2014.
We are in the process of implementing more robust controls to analyze all balance sheet accounts at a detailed level to ensure that the proper cash flow presentation is in accordance with generally accepted accounting principles.
Changes in Internal Controls
As the identification of the above material weakness did not occur until the second quarter of our fiscal year 2015, there have been no changes in our internal control over financial reporting during the fiscal quarter ended September 30, 2014 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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Part II
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Other Information
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Item 6.
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Exhibits
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| 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. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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Date: February 19, 2015
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CONCURRENT COMPUTER CORPORATION
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By:
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/s/ Emory O. Berry
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Emory O. Berry
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Chief Financial Officer and Executive Vice
President of Operations
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(Principal Financial and Accounting Officer)
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