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Versant Announces Quarterly Net Income Of $0.5 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. The forward-looking statements contained in this press release are made only as of the date of this press release, and the Company assumes no obligation to publicly update any forward-looking statement. Investors are cautioned not to place undue reliance on forward-looking statements. Information concerning factors that could adversely affect our business and results can be found in 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 year ending October 31, 2010, 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: Thursday, February 24, 2011
Time: 1:30 PM Pacific (4:30 PM Eastern)
Dial-in number US: 1-877-941-4774
International: 1-480-629-9760
Conference ID: 4412812
Internet Simulcast*: http://viavid.net/dce.aspx?sid=000081A2

*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 March 3, 2011.
Replay number US: 1-877-870-5176
International Replay number: 1-858-384-5517
Replay Pass Code**: 4412812

** Enter the playback pass code to access the replay
 
VERSANT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except for share amounts)
(unaudited)
     
  January 31, October 31,
  2011 2010
ASSETS    
Current assets:    
Cash and cash equivalents  $ 25,296  $ 24,911
Trade accounts receivable, net  3,936  3,186
Deferred income taxes  863  884
Other current assets  400  388
Total current assets  30,495  29,369
     
Property and equipment, net  762  634
Goodwill  8,589  8,589
Intangible assets, net  426  499
Other assets  38  38
Total assets  $ 40,310  $ 39,129
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:    
Accounts payable  $ 370  $ 164
Accrued liabilities  1,395  1,294
Deferred revenues  3,664  3,022
Total current liabilities  5,429  4,480
     
Deferred revenues  28  66
Deferred rent  44  49
Other long-term liabilities  88  90
Total liabilities  5,589  4,685
     
Stockholders' equity:    
Common stock, no par value, 7,500,000 shares authorized,  3,186,909 shares issued and outstanding at January 31, 2011,  and 3,213,122 shares issued and outstanding at October 31, 2010  92,545  92,654
Accumulated other comprehensive income (loss), net  (32)  43
Accumulated deficit  (57,792)  (58,253)
Total stockholders' equity  34,721  34,444
Total liabilities and stockholders' equity  $ 40,310  $ 39,129
 
VERSANT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
(unaudited)
     
   Three Months Ended 
  January 31, January 31,
  2011 2010
     
Revenues:    
License  $ 2,596  $ 2,459
Maintenance  1,919  1,984
Professional services  62  12
Total revenues  4,577  4,455
     
Cost of revenues:    
License  68  81
Amortization of intangible assets  73  77
Maintenance  373  390
Professional services  21  10
Total cost of revenues  535  558
     
Gross profit  4,042  3,897
     
Operating expenses:    
Sales and marketing  1,500  1,186
Research and development  932  1,044
General and administrative  1,045  923
Restructuring  --   43
Total operating expenses  3,477  3,196
     
Income from operations  565  701
Interest and other income, net  9  10
Income before income taxes  574  711
Provision for income taxes  113  206
     
Net income   $ 461  $ 505
     
Net income per share:    
Basic  $ 0.14  $ 0.14
Diluted  $ 0.14  $ 0.14
     
Shares used in per share calculation:    
Basic   3,203  3,537
Diluted  3,320  3,575
CONTACT:  Jerry Wong
          Chief Financial Officer
          Versant Corporation
          1-800-VERSANT
          650-232-2400

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