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Versant Announces Quarterly Net Income Of $0.9 Million

Versant is a registered trademark or trademark of Versant Corporation in the United States and/or other countries.

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, December 1, 2010
Time:  1:30 PM Pacific (4:30 PM Eastern)
Dial-in number US:  1-877-941-4774
International:  1-480-629-9760
Conference ID:  4388668
Internet Simulcast*:  http://viavid.net/dce.aspx?sid=00007EAA
  *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 December 8, 2010.

Replay number US:  1-877-870-5176
International Replay number:  1-858-384-5517
Replay Pass Code**: 4388668
  ** Enter the playback pass code to access the replay
 
 VERSANT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except for share amounts)
(unaudited)
     
   October 31, October 31,
  2010 2009
ASSETS    
Current assets:    
Cash and cash equivalents  $ 24,911  $ 27,812
Trade accounts receivable, net of allowance for doubtful accounts of $8 and $36 at October 31, 2010 and 2009, respectively  3,186  2,251
Deferred income taxes  884  939
Other current assets  388  633
Total current assets  29,369  31,635
     
Property and equipment, net  634  488
Goodwill  8,589  8,410
Intangible assets, net  499  802
Other assets  38  38
Total assets  $ 39,129  $ 41,373
     
LIABILITIES AND STOCKHOLDERS' EQUITY  
Current liabilities:    
Accounts payable  $ 164  $ 154
Accrued liabilities  1,294  1,215
Deferred revenues  3,022  3,475
Total current liabilities  4,480  4,844
     
Deferred revenues  66  177
Deferred rent  49  -- 
Other long-term liabilities  90  95
Total liabilities  4,685  5,116
     
Stockholders' equity:    
Common stock, no par value, 7,500,000 shares authorized, 3,213,122 shares issued and outstanding at October 31, 2010, and 3,552,946 shares issued and outstanding at October 31, 2009  92,654  95,730
Accumulated other comprehensive income, net  43  434
Accumulated deficit  (58,253)  (59,907)
Total stockholders' equity  34,444  36,257
Total liabilities and stockholders' equity  $ 39,129  $ 41,373
 
 
VERSANT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
(unaudited)
         
   Three Months Ended   Fiscal Year Ended 
  October 31, October 31, October 31, October 31,
  2010 2009 2010 2009
         
Revenues:        
License  $ 2,555  $ 1,846  $ 8,342  $ 9,045
Maintenance  1,797  2,216  7,331  8,833
Professional services  20  77  93  272
Total revenues  4,372  4,139  15,766  18,150
         
Cost of revenues:      
License  63  67  279  273
Amortization of intangible assets  73  77  303  373
Maintenance  372  372  1,470  1,452
Professional services  13  33  61  133
Total cost of revenues  521  549  2,113  2,231
         
Gross profit  3,851  3,590  13,653  15,919
         
Operating expenses:      
Sales and marketing  1,251  1,055  4,722  4,101
Research and development  966  973  3,778  3,969
General and administrative  710  848  3,143  3,665
Restructuring  --   139  39  139
Total operating expenses  2,927  3,015  11,682  11,874
         
Income from operations  924  575  1,971  4,045
Interest and other income, net  10  1  150  232
Income before provision for income taxes   934  576  2,121  4,277
Income tax benefit (expense)  (13)  1,034  (467)  562
         
Net income   $ 921  $ 1,610  $ 1,654  $ 4,839
         
Net income per share:      
Basic  $ 0.28  $ 0.45  $ 0.48  $ 1.33
Diluted  $ 0.28  $ 0.45  $ 0.48  $ 1.32
         
Shares used in per share calculation:    
Basic   3,242  3,560  3,411  3,626
Diluted  3,267  3,610  3,444  3,663
CONTACT:  Versant Corporation
          Jerry Wong, Chief Financial Officer
          1-800-VERSANT
          650-232-2400

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