Versant Announces Quarterly Net Income Of $0.5 Million
REDWOOD CITY, Calif., Feb. 24, 2011 (GLOBE NEWSWIRE) -- Versant Corporation (Nasdaq:VSNT), an industry leader in specialized data management software, today announced its financial results for its first quarter ended January 31, 2011.
For the quarter, Versant reported revenues of $4.6 million compared to $4.5 million for the same quarter of the last fiscal year, representing an increase of 3%. One customer accounted for 10% of total revenues in the quarter, whereas one customer accounted for 13% of total revenues in the quarter ended January 31, 2010.
Net income for the quarter was $0.46 million and diluted net income per share was $0.14 for the first quarter ended January 31, 2011, compared to net income of $0.51 million and diluted net income per share of $0.14 (computed on a somewhat larger share base) for the quarter ended January 31, 2010. Versant continued to invest in increased sales and marketing expense during the quarter.Under the Company's current stock repurchase program, Versant is authorized to expend up to $5.0 million to repurchase outstanding common stock. During the quarter ended January 31, 2011, Versant acquired approximately 34,000 shares through open market purchases at an average price of $11.98 per share, leaving a balance of approximately $4.6 million available for future repurchases of common stock under this program until its currently anticipated expiration on October 31, 2011. Jochen Witte, Versant Corporation's CEO, stated, "This quarter marks a good start into 2011 with quarterly revenues up both sequentially and year-over-year. Our net income was approximately 10% of revenues for the quarter, representing our 22 nd sequential quarter of uninterrupted profitability." About Versant Corporation Versant Corporation (Nasdaq:VSNT) is an industry leader in specialized data management software, which helps companies to handle complex information in environments that have high performance and high availability requirements. Using the Versant Object Database, customers cut hardware costs, speed and simplify development, significantly reduce administration costs, and deliver products with a strong competitive edge. Versant's solutions are deployed in a wide array of industries, including telecommunications, financial services, transportation, manufacturing, and defense. With over 150,000 installations, Versant has been a highly reliable partner for over 15 years for Global 2000 companies such as Ericsson, Verizon, Siemens, and Financial Times, as well as the US 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 statement in this press release regarding the Company's currently anticipated October 31, 2011 expiration date for its existing stock repurchase program (which can be earlier terminated). Forward-looking statements are based on our assessment of current trends in our business, as well as the general economic environment in fiscal 2011, 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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV