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Versant Announces Quarterly Revenues Of $3.0 Million

Stocks in this article: VSNT

REDWOOD CITY, Calif., Aug. 23, 2012 (GLOBE NEWSWIRE) -- Versant Corporation (Nasdaq:VSNT), an industry leader in specialized data management software, today announced its financial results for its third quarter ended July 31, 2012.

Versant reported revenues of $3.0 million for the quarter compared to $4.2 million for the same quarter of its last fiscal year. The 28% decrease in revenues in the third quarter compared to the same quarter of the last fiscal year was primarily attributable to a decrease in license revenues. A decrease in the euro/dollar exchange rate also contributed approximately 20% of the decrease in revenues for the quarter compared to the corresponding period of the prior year. One customer accounted for 10% of total revenues in the quarter, whereas two customers accounted for 22% of total revenues in the quarter ended July 31, 2011.

Net loss for the third quarter ended July 31, 2012 was $1.2 million and diluted net loss per share was $0.42, compared to net income of $0.5 million and diluted net income per share of $0.16 for the quarter ended July 31, 2011. Versant continued to make planned investments in increased research and development and sales and marketing efforts during the third quarter of fiscal 2012.

Under the Company's current stock repurchase program, Versant is authorized to expend up to $5.0 million to repurchase outstanding shares of its common stock. During the quarter ended July 31, 2012, Versant acquired approximately 23,000 shares through open market purchases and block trades at an average price of $9.78 per share, leaving a balance of approximately $2.7 million available for future repurchases of common stock under this program.

Bernhard Woebker, Versant Corporation's CEO, stated "Although the current quarter's revenues were disappointing, we are diligently pursuing license opportunities which had been expected to close in the third fiscal quarter but which remain promising. The Company currently continues to expect to meet its previously provided annual guidance for the fiscal year ending October 31, 2012. The Company does not presently anticipate that it will continue its current stock buyback program beyond fiscal year 2012, and we plan to evaluate means of providing a return of some available capital to our shareholders. With respect to our product development efforts, during the most recent quarter we provided current customers and prospects with our updated pre-release version of the Versant Java Persistence API, and we currently are expecting general availability of this product on or about October 2012."

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