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Astea Reports Second Quarter 2011 Results

Stocks in this article: ATEA

HORSHAM, Pa., Aug. 15, 2011 /PRNewswire/ -- Astea International Inc. (NASDAQ: ATEA), a global provider of service lifecycle management and mobility solutions, today released financial results for the second quarter of 2011.

For the quarter ended June 30, 2011, Astea reported revenues of $6.1 million which were 33% greater than revenues of $4.6 million for the same period in 2010.  Net loss available to shareholders for the quarter was $.8 million or ($.24) per share, compared to a net loss of $1.3 million or ($.37) per share for the same period in 2010.  Software license revenues of $1.0 million were 41% higher than revenues of $.7 million for the same period in 2010.  Service and maintenance revenues of $5.1 million were 31% higher when compared to revenues of $3.9 million for the same period in 2010. 

"We are happy to report a significant increase in revenues this quarter. On a year to date basis total revenues are up 41%, including license revenues which are up 94%. While we successfully signed some significant deals this quarter with new customers, we did not meet our goals on profitability due to some of the deals we expected to close being delayed. We are pleased to report that some of those deals we originally expected to close have already been signed in the third quarter. Our professional services backlog remains strong as we are implementing projects throughout the world. These projects will generate a consistent stream of revenue for both additional licenses as well as professional services throughout 2011 and 2012. We are tracking a number of significant opportunities in the pipeline and remain optimistic. We anticipate operating improvements in the second half of the year and we are projecting to be profitable for the year," stated Zack Bergreen, CEO of Astea International.

Bergreen continued, "We maintain a focus on optimizing our business both strategically and operationally, and we are taking actions that allow us to capture a greater share of the service management market, improve our cost structure and expand our operating margins. Our unique breadth and depth of service management solutions, domain expertise and innovative technology continue to be a clear differentiator and are evident in the value that we deliver to our clients as well as our ability to capture more business in all of our operating regions."

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