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Selectica Reports Results For Second Quarter Fiscal 2011

Selectica (NASDAQ:SLTC), a leading provider of contract lifecycle management and sales configuration solutions, today announced financial results for its second fiscal quarter ended September 30, 2010.

Highlights in the second quarter 2011 include:
  • Announced the appointment of three new board members
  • Resolved litigation regarding the company’s Shareholder Rights Plan
  • Opened a new global research and operations center
  • Reduced operating expenses for the third consecutive quarter

“This quarter we continued to make significant progress in controlling expenses while establishing the infrastructure to accelerate the development of innovative new solutions,” said Jason Stern, President and Chief Operating Officer of Selectica. “We believe these investments will enable us to create a scalable organization and sustainable growth.”

Revenue for the second quarter of fiscal 2011 was $3.1 million, compared to $3.7 million for the first quarter of fiscal 2011, and $3.7 million for the second quarter of fiscal 2010. New license revenue for the quarter was $304,000, compared with $836,000 last quarter and $945,000 in the second quarter of fiscal 2010. Revenue for the second quarter consisted of 21% license and subscription revenue, 49% maintenance and support revenue, and 30% professional services and other revenue. Revenue for the second quarter from contract lifecycle management solutions was $1.8 million or 59% of total revenue, and revenue from sales configuration solutions was $1.3 million or 41%. Cash, cash equivalents, and short-term investments were $16.7 million on September 30, 2010.

New license revenue consisted of SaaS and perpetual licenses from direct and channel sales. New customer wins in the second quarter included companies in life sciences, high tech, and financial services industries.

Net loss for the second quarter of fiscal 2011 was $(632,000), or $(0.22) per share, compared to a net loss of $(447,000), or $(0.16) per share, in the first quarter of fiscal 2011 and a net loss of $(1.1 million), or $(0.39) per share, in the second quarter of fiscal 2010.

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