Versant Announces Quarterly Revenues of $3.0 Million
August 23 2012 - 4:10PM
Versant Corporation (Nasdaq:VSNT), an industry leader in
specialized data management software, today announced its financial
results for its third quarter ended July 31, 2012.
Versant reported revenues of $3.0 million for the quarter
compared to $4.2 million for the same quarter of its last fiscal
year. The 28% decrease in revenues in the third quarter compared to
the same quarter of the last fiscal year was primarily attributable
to a decrease in license revenues. A decrease in the euro/dollar
exchange rate also contributed approximately 20% of the decrease in
revenues for the quarter compared to the corresponding period of
the prior year. One customer accounted for 10% of total revenues in
the quarter, whereas two customers accounted for 22% of total
revenues in the quarter ended July 31, 2011.
Net loss for the third quarter ended July 31, 2012 was $1.2
million and diluted net loss per share was $0.42, compared to net
income of $0.5 million and diluted net income per share of $0.16
for the quarter ended July 31, 2011. Versant continued to make
planned investments in increased research and development and sales
and marketing efforts during the third 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 July 31, 2012,
Versant acquired approximately 23,000 shares through open market
purchases and block trades at an average price of $9.78 per share,
leaving a balance of approximately $2.7 million available for
future repurchases of common stock under this program.
Bernhard Woebker, Versant Corporation's CEO, stated "Although
the current quarter's revenues were disappointing, we are
diligently pursuing license opportunities which had been expected
to close in the third fiscal quarter but which remain promising.
The Company currently continues to expect to meet its previously
provided annual guidance for the fiscal year ending October 31,
2012. The Company does not presently anticipate that it will
continue its current stock buyback program beyond fiscal year 2012,
and we plan to evaluate means of providing a return of some
available capital to our shareholders. With respect to our product
development efforts, during the most recent quarter we provided
current customers and prospects with our updated pre-release
version of the Versant Java Persistence API, and we currently are
expecting general availability of this product on or about October
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 that (i)
the Company continues to expect to meet its original previously
provided annual guidance for its fiscal year ending October 31,
2012, (ii) the Company does not presently anticipate that it will
continue its current stock buyback program beyond fiscal year 2012,
(iii) the Company plans to evaluate means of providing a return of
some available capital to its shareholders and (iv) the Company's
current expectation that Versant Java Persistence API will be
generally available on or about October 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, August 23,
2012 |
Time: 1:30 PM Pacific (4:30 PM
Eastern) |
Dial-in number US:
1-877-941-4774 |
International:
1-480-629-9760 |
Conference ID: 4561206 |
Internet
Simulcast*: http://public.viavid.com/index.php?id=101609 |
*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 August 30, 2012. |
Replay number US:
1-877-870-5176 |
International Replay number:
1-858-384-5517 |
Replay Pass Code**: 4561206 |
** Enter the playback pass code
to access the replay |
|
|
VERSANT CORPORATION AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED
BALANCE SHEETS |
(in thousands, except for share
amounts) |
(unaudited) |
|
|
|
|
July 31, |
October 31, |
|
2012 |
2011 |
ASSETS |
|
|
Current
assets: |
|
Cash and cash equivalents |
$ 21,577 |
$ 23,145 |
Trade accounts receivable, net |
1,542 |
2,183 |
Deferred income taxes |
778 |
898 |
Other current assets |
612 |
481 |
Total current assets |
24,509 |
26,707 |
|
|
|
Property and equipment, net |
904 |
993 |
Goodwill |
8,589 |
8,589 |
Intangible assets, net |
231 |
309 |
Other assets |
38 |
38 |
Total assets |
$ 34,271 |
$ 36,636 |
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
Current
liabilities: |
|
Accounts payable |
$ 316 |
$ 152 |
Accrued liabilities |
1,461 |
1,076 |
Deferred revenues |
2,840 |
2,695 |
Total current liabilities |
4,617 |
3,923 |
|
|
|
Other long-term liabilities |
196 |
178 |
Total liabilities |
4,813 |
4,101 |
Commitments and
contingencies |
|
|
|
Shareholders'
equity: |
|
Common stock, no par value, 7,500,000
shares authorized, 2,750,899 shares issued and outstanding at July
31, 2012, and 2,935,125 shares issued and outstanding at October
31, 2011 |
88,736 |
90,055 |
Accumulated other comprehensive income
(loss), net |
(480) |
31 |
Accumulated deficit |
(58,798) |
(57,551) |
Total shareholders' equity |
29,458 |
32,535 |
Total liabilities and shareholders'
equity |
$ 34,271 |
$ 36,636 |
|
|
|
VERSANT CORPORATION AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS |
(in thousands, except for per
share amounts) |
(unaudited) |
|
|
|
|
|
|
Three Months Ended |
Nine Months Ended |
|
July 31, |
July 31, |
July 31, |
July 31, |
|
2012 |
2011 |
2012 |
2011 |
|
|
|
|
|
Revenues: |
|
|
|
|
License |
$ 1,350 |
$ 2,344 |
$ 6,148 |
$ 6,758 |
Maintenance |
1,674 |
1,821 |
4,998 |
5,396 |
Professional services |
18 |
39 |
84 |
139 |
Total revenues |
3,042 |
4,204 |
11,230 |
12,293 |
|
|
|
|
|
Cost of
revenues: |
|
|
|
License |
57 |
66 |
189 |
199 |
Amortization of intangible assets |
26 |
26 |
78 |
164 |
Maintenance |
326 |
384 |
1,027 |
1,111 |
Professional services |
9 |
26 |
41 |
68 |
Total cost of revenues |
418 |
502 |
1,335 |
1,542 |
|
|
|
|
|
Gross profit |
2,624 |
3,702 |
9,895 |
10,751 |
|
|
|
|
|
Operating
expenses: |
|
|
|
Sales and marketing |
1,627 |
1,341 |
4,560 |
4,161 |
Research and development |
1,328 |
1,055 |
3,668 |
2,967 |
General and administrative |
815 |
786 |
2,654 |
3,093 |
Restructuring |
-- |
25 |
-- |
25 |
Total operating expenses |
3,770 |
3,207 |
10,882 |
10,246 |
|
|
|
|
|
Income (loss) from operations |
(1,146) |
495 |
(987) |
505 |
Interest and other income (expense),
net |
73 |
34 |
129 |
(14) |
Income (loss) before income
taxes |
(1,073) |
529 |
(858) |
491 |
Provision for income taxes |
96 |
55 |
389 |
93 |
|
|
|
|
|
Net income (loss) |
$ (1,169) |
$ 474 |
$ (1,247) |
$ 398 |
|
|
|
|
|
Net income (loss) per
share: |
|
|
|
Basic |
$ (0.42) |
$ 0.16 |
$ (0.44) |
$ 0.13 |
Diluted |
$ (0.42) |
$ 0.16 |
$ (0.44) |
$ 0.13 |
|
|
|
|
|
Shares used in per share
calculation: |
|
|
|
Basic |
2,755 |
3,021 |
2,839 |
3,122 |
Diluted |
2,755 |
3,021 |
2,839 |
3,123 |
CONTACT: Versant Contact:
Jerry Wong
Chief Financial Officer
Versant Corporation
1-800-VERSANT
650-232-2400
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