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Versant Announces Quarterly Net Income Of $0.1 Million

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. Additional information concerning factors that could cause results to differ can be found in the Company's press release of May 6, 2010 regarding preliminary results for the quarter ended April 30, 2010 and revised guidance for fiscal 2010, and 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 fiscal year ended October 31, 2009, 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:  Wednesday, August 25, 2010
Time:  1:30 PM Pacific (4:30 PM Eastern)
Dial-in number U.S.:  1-877-941-4774
International:  1-480-629-9760
Conference ID:  4350894
Internet Simulcast*:  http://viavid.net/dce.aspx?sid=000079E3
  *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 September 1, 2010.
Replay number U.S.:  1-877-870-5176
International Replay number:  1-858-384-5517
Replay Pass Code**: 4350894
  ** 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, 2010 October 31, 2009
ASSETS    
Current assets:    
Cash and cash equivalents  $ 25,464  $ 27,812
Trade accounts receivable, net of allowance for doubtful accounts of $15 and $36 at July 31, 2010 and October 31, 2009, respectively  1,625  2,251
Deferred income taxes  827  939
Other current assets  363  633
Total current assets  28,279  31,635
     
Property and equipment, net  647  488
Goodwill  8,589  8,410
Intangible assets, net  572  802
Other assets  38  38
Total assets  $ 38,125  $ 41,373
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
     
Current liabilities:    
Accounts payable  $ 155  $ 154
Accrued liabilities  782  1,215
Deferred revenues  3,182  3,475
Total current liabilities  4,119  4,844
     
Deferred revenues  69  177
Other long-term liabilities  131  95
Total liabilities  4,319  5,116
     
Stockholders' equity:    
Common stock, no par value, 7,500,000 shares authorized, 3,272,448 shares issued and outstanding at July 31, 2010, and 3,552,946 shares issued and outstanding at October 31, 2009  93,095  95,730
Accumulated other comprehensive income (loss), net  (115)  434
Accumulated deficit  (59,174)  (59,907)
Total stockholders' equity  33,806  36,257
Total liabilities and stockholders' equity  $ 38,125  $ 41,373
 
VERSANT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except for per share amounts)
(unaudited)
         
   Three Months Ended   Nine Months Ended 
  July 31, 2010 July 31, 2009 July 31, 2010 July 31, 2009
         
Revenues:        
License  $ 1,634  $ 2,025  $ 5,787  $ 7,198
Maintenance  1,757  2,345  5,534  6,617
Professional services  33  63  73  196
Total revenues  3,424  4,433  11,394  14,011
         
Cost of revenues:        
License  60  84  216  206
Amortization of intangible assets  76  96  230  296
Maintenance  342  364  1,098  1,080
Professional services  17  29  48  100
Total cost of revenues  495  573  1,592  1,682
         
Gross profit  2,929  3,860  9,802  12,329
         
Operating expenses:        
Sales and marketing  1,150  1,049  3,471  3,046
Research and development  824  1,022  2,812  2,996
General and administrative  759  813  2,434  2,817
Restructuring  --   --   39  -- 
Total operating expenses  2,733  2,884  8,756  8,859
         
Income from operations  196  976  1,046  3,470
Interest and other income (expenses), net  48  (24)  141  232
Income before provision for income taxes   244  952  1,187  3,702
Provision for income taxes  114  61  454  473
         
Net income   $ 130  $ 891  $ 733  $ 3,229
         
Net income per share:        
Basic  $ 0.04  $ 0.25  $ 0.21  $ 0.89
Diluted  $ 0.04  $ 0.25  $ 0.21  $ 0.88
         
Shares used in per share calculation:        
Basic   3,375  3,574  3,468  3,648
Diluted  3,403  3,609  3,504  3,683
CONTACT:  Versant Corporation
          Jerry Wong, Chief Financial Officer
          1-800-VERSANT
          650-232-2400

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