Versant Announces Quarterly Revenues of $3.8 Million
May 24 2012 - 4:10PM
Versant Corporation (Nasdaq:VSNT), an industry leader in
specialized data management software, today announced its financial
results for its second quarter ended April 30, 2012.
Versant reported revenues of $3.8 million for the quarter
compared to $3.5 million for the same quarter last year,
representing an increase of approximately 9%. One customer
accounted for 34% of total revenues in the quarter, whereas two
customers accounted for 29% of total revenues in the quarter ended
April 30, 2011.
Net loss for the second quarter ended April 30, 2012 was $0.2
million and diluted net loss per share was $0.07, compared to net
loss of $0.5 million and diluted net loss per share of $0.17 for
the quarter ended April 30, 2011. Versant continued to make planned
investments in increased research and development and sales and
marketing efforts during the second quarter of fiscal 2012.
Under the Company's current stock repurchase program, Versant is
authorized to expend up to $5.0 million to repurchase outstanding
shares of its common stock. During the quarter ended April 30,
2012, Versant acquired approximately 174,000 shares through open
market purchases and block trades at an average price of $10.80 per
share, leaving a balance of approximately $2.9 million available
for future repurchases of common stock under this program.
Bernhard Woebker, Versant Corporation's CEO, stated, "We
continue to make progress with the implementation of our strategic
initiative in Big Data Analytics. In our most recent quarter ended,
the fully functional Versant Java Persistence API pre-release
version 0.9 was made available, and to-date, we have had several
hundred downloads of this API from both existing customers and
other interested parties. We are also on track to make a cloud
enabled pre-release version of this platform available later this
summer. The Company currently continues to expect to meet its
previously provided annual guidance for the fiscal year ending
October 31, 2012."
About Versant Corporation
Versant Corporation (Nasdaq:VSNT) is an industry leader in
building specialized NoSQL data management systems to enable
the real-time enterprise. Using the Versant Database Engine,
enterprises can handle complex information in environments that
demand high performance, concurrency, and availability,
significantly cut hardware and administration costs, speed and
simplify development, and deliver products with a strong
competitive edge. Versant's solutions are deployed in over 150,000
installations across a wide array of industries, including
telecommunications, energy, financial services, transportation,
manufacturing, and defense. For more than 20 years, Versant has
been a trusted partner of Global 2000 companies such as Ericsson,
Verizon, Siemens, and Financial Times, as well as the U.S.
Government. For more information, call 650-232-2400 or visit
www.versant.com.
Forward Looking Statements Involve Risks and
Uncertainties
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, and is subject
to the safe harbor created by those sections. These forward-looking
statements include the statements in this press release (i) the
Company's belief that it is on track to make a cloud enabled
pre-release version of the Versant Java Persistence API platform
available later in the summer of 2012, and (ii) the Company's
statement that it continues to expect to meet its original
previously provided annual guidance for the fiscal year ending
October 31, 2012. Forward-looking statements are based on our
assessment of current trends in our business, as well as the
general economic environment in fiscal 2012, and may prove to be
incorrect. Investors are cautioned that any such forward-looking
statements are not guarantees of Versant's future performance or
other matters and involve very significant risks and
uncertainties.
There are many important factors and risks that could cause our
actual results or events to differ materially from those
anticipated in the forward-looking statements. The forward-looking
statements contained in this press release are made only as of the
date of this press release, and the Company assumes no obligation
to publicly update any forward-looking statement. Investors are
cautioned not to place undue reliance on forward-looking
statements. Information concerning factors that could adversely
affect our business and results can be found in the Company's
filings with the Securities and Exchange Commission, including
without limitation the Company's most recent Annual Report on Form
10-K for the year ending October 31, 2011, its reports on Form 10-Q
and its reports on Form 8-K.
Versant is a registered trademark or trademark of Versant
Corporation in the United States.
Conference Call Information
Versant will host a teleconference today to discuss the above
after markets close. The details for the call are as follows:
Date: Thursday, May 24, 2012 |
Time: 1:30 PM Pacific (4:30 PM Eastern) |
Dial-in number US: 1-877-941-1427 |
International: 1-480-629-9664 |
Conference ID: 4539492 |
Internet Simulcast*:
http://public.viavid.com/index.php?id=100553 |
*Windows Media Player needed for simulcast.
Simulcast is voice only. |
Dial in 5-10 minutes prior to the start time.
An operator will request your name and organization and ask you to
wait until the call begins. If you have any difficulty connecting,
please call Versant Corporation at (650) 232-2416. |
|
A replay of the conference call will be
available until May 31, 2012. |
Replay number US: 1-877-870-5176 |
International Replay number:
1-858-384-5517 |
Replay Pass Code**: 4539492 |
** Enter the playback pass code to access the
replay |
|
|
|
VERSANT
CORPORATION AND SUBSIDIARIES |
CONDENSED CONSOLIDATED
BALANCE SHEETS |
(in thousands, except for share
amounts) |
(unaudited) |
|
|
|
|
April 30, |
October 31, |
|
2012 |
2011 |
ASSETS |
|
|
Current assets: |
|
|
Cash and cash equivalents |
$ 22,083 |
$ 23,145 |
Trade accounts receivable,
net |
2,873 |
2,183 |
Deferred income taxes |
840 |
898 |
Other current assets |
395 |
481 |
Total current assets |
26,191 |
26,707 |
|
|
|
Property and equipment, net |
1,053 |
993 |
Goodwill |
8,589 |
8,589 |
Intangible assets, net |
257 |
309 |
Other assets |
38 |
38 |
Total assets |
$ 36,128 |
$ 36,636 |
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
Current liabilities: |
|
|
Accounts payable |
$ 303 |
$ 152 |
Accrued liabilities |
1,300 |
1,076 |
Deferred revenues |
3,491 |
2,695 |
Total current liabilities |
5,094 |
3,923 |
|
|
|
Other long-term liabilities |
221 |
178 |
Total liabilities |
5,315 |
4,101 |
Commitments and contingencies |
|
|
|
|
|
Shareholders' equity: |
|
|
Common stock, no par value,
7,500,000 shares authorized, 2,763,022 shares issued and
outstanding at April 30, 2012, and 2,935,125 shares issued and
outstanding at October 31, 2011 |
88,665 |
90,055 |
Accumulated other comprehensive
income (loss), net |
(222) |
31 |
Accumulated deficit |
(57,630) |
(57,551) |
Total shareholders' equity |
30,813 |
32,535 |
Total liabilities and
shareholders' equity |
$ 36,128 |
$ 36,636 |
|
VERSANT CORPORATION AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS |
(in thousands, except for per
share amounts) |
(unaudited) |
|
|
|
|
|
|
Three
Months Ended |
Six Months
Ended |
|
April 30, |
April 30, |
April 30, |
April 30, |
|
2012 |
2011 |
2012 |
2011 |
|
|
|
|
|
Revenues: |
|
|
|
|
License |
$ 2,144 |
$ 1,818 |
$ 4,798 |
$ 4,413 |
Maintenance |
1,671 |
1,656 |
3,323 |
3,575 |
Professional services |
30 |
38 |
67 |
100 |
Total revenues |
3,845 |
3,512 |
8,188 |
8,088 |
|
|
|
|
|
Cost of revenues: |
|
|
|
|
License |
63 |
64 |
132 |
132 |
Amortization of intangible
assets |
26 |
65 |
52 |
138 |
Maintenance |
347 |
354 |
701 |
727 |
Professional services |
12 |
22 |
32 |
42 |
Total cost of revenues |
448 |
505 |
917 |
1,039 |
|
|
|
|
|
Gross profit |
3,397 |
3,007 |
7,271 |
7,049 |
|
|
|
|
|
Operating expenses: |
|
|
|
|
Sales and marketing |
1,480 |
1,320 |
2,933 |
2,820 |
Research and development |
1,221 |
980 |
2,341 |
1,912 |
General and administrative |
829 |
1,262 |
1,839 |
2,307 |
Total operating expenses |
3,530 |
3,562 |
7,113 |
7,039 |
|
|
|
|
|
Income (loss) from
operations |
(133) |
(555) |
158 |
10 |
Interest and other income
(expense), net |
28 |
(57) |
56 |
(47) |
Income (loss) before income
taxes |
(105) |
(612) |
214 |
(37) |
Income tax benefit
(expense) |
(107) |
75 |
(293) |
(39) |
|
|
|
|
|
Net loss |
$ (212) |
$ (537) |
$ (79) |
$ (76) |
|
|
|
|
|
Net loss per share: |
|
|
|
|
Basic |
$ (0.07) |
$ (0.17) |
$ (0.03) |
$ (0.02) |
Diluted |
$ (0.07) |
$ (0.17) |
$ (0.03) |
$ (0.02) |
|
|
|
|
|
Shares used in per share
calculation: |
|
|
|
Basic |
2,826 |
3,144 |
2,881 |
3,174 |
Diluted |
2,826 |
3,144 |
2,881 |
3,174 |
CONTACT: Jerry Wong
Chief Financial Officer
Versant Corporation
1-800-VERSANT
650-232-2400
Versant (NASDAQ:VSNT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Versant (NASDAQ:VSNT)
Historical Stock Chart
From Jul 2023 to Jul 2024