Versant Announces Quarterly Net Income Of $0.1 Million
REDWOOD CITY, Calif., Aug. 25, 2010 (GLOBE NEWSWIRE) -- Versant Corporation (Nasdaq:VSNT), an industry leader in specialized data management software, today announced its financial results for its third quarter ended July 31, 2010.
For the quarter, Versant reported revenues of $3.4 million compared to $4.4 million for the same quarter of the last fiscal year.
The 23% decrease in revenues for the quarter was primarily attributable to a 25% decrease in maintenance revenues and a 19% decrease in license revenues relative to the same period in the prior fiscal year. The decrease in maintenance revenues reflected the lack of a significant back maintenance transaction in the third quarter of fiscal 2010 compared to the third quarter of fiscal 2009 and customers electing less expensive support and maintenance options. The decrease in license revenues was primarily a result of fewer large license transactions in the current quarter compared to the same period of the prior fiscal year. In the quarter ended July 31, 2010, one customer accounted for 15% of total revenues in the quarter, whereas no customer accounted for more than 10% of total revenues in the quarter ended July 31, 2009.Net income for the quarter was $0.1 million and diluted net income per share was $0.04, compared to net income of $0.9 million and diluted net income per share of $0.25 for the third quarter of fiscal 2009. Versant also reported a decrease in cash and cash equivalents of approximately $2.4 million during the quarter, which was primarily a result of expenditures of approximately $2.5 million to repurchase shares of our common stock under the stock repurchase program. Under the Company's current stock repurchase program, Versant is authorized to expend up to $5.0 million to repurchase outstanding common shares. During the quarter ended July 31, 2010, Versant acquired approximately 221,000 shares in block trades and in open market purchases at an average price of $11.28 per share. From inception of the current repurchase program in December 2009 through July 31, 2010, the Company has acquired a total of 296,778 common shares at a total price of approximately $3.6 million, or an average purchase price of $12.19 per share, leaving a balance of approximately $1.4 million available for future repurchases of stock under this program until its currently anticipated expiration on October 31, 2010.
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