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Versant Announces Quarterly Revenues Of $3.0 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, 2011, 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, August 23, 2012
Time: 1:30 PM Pacific (4:30 PM Eastern) 
Dial-in number US: 1-877-941-4774
International: 1-480-629-9760
Conference ID: 4561206
Internet Simulcast*:  http://public.viavid.com/index.php?id=101609
*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 August 30, 2012.
Replay number US: 1-877-870-5176
International Replay number: 1-858-384-5517
Replay Pass Code**: 4561206
** Enter the playback pass code to access the replay
 
 
VERSANT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except for share amounts)
(unaudited)
     
  July 31, October 31,
  2012 2011
ASSETS    
Current assets:  
Cash and cash equivalents  $ 21,577  $ 23,145
Trade accounts receivable, net   1,542  2,183
Deferred income taxes  778  898
Other current assets  612  481
Total current assets  24,509  26,707
     
Property and equipment, net  904  993
Goodwill  8,589  8,589
Intangible assets, net  231  309
Other assets  38  38
Total assets  $ 34,271  $ 36,636
     
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:  
Accounts payable  $ 316  $ 152
Accrued liabilities  1,461  1,076
Deferred revenues  2,840  2,695
Total current liabilities  4,617  3,923
     
Other long-term liabilities  196  178
Total liabilities  4,813  4,101
Commitments and contingencies
     
Shareholders' equity:  
Common stock, no par value, 7,500,000 shares authorized, 2,750,899 shares issued and outstanding at July 31, 2012, and 2,935,125 shares issued and outstanding at October 31, 2011  88,736  90,055
Accumulated other comprehensive income (loss), net  (480)  31
Accumulated deficit  (58,798)  (57,551)
Total shareholders' equity  29,458  32,535
Total liabilities and shareholders' equity  $ 34,271  $ 36,636
 
 
 
VERSANT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except for per share amounts)
(unaudited)
         
   Three Months Ended   Nine Months Ended 
  July 31, July 31, July 31, July 31,
  2012 2011 2012 2011
         
Revenues:        
License  $ 1,350  $ 2,344  $ 6,148  $ 6,758
Maintenance  1,674  1,821  4,998  5,396
Professional services  18  39  84  139
Total revenues  3,042  4,204  11,230  12,293
         
Cost of revenues:      
License  57  66  189  199
Amortization of intangible assets  26  26  78  164
Maintenance  326  384  1,027  1,111
Professional services  9  26  41  68
Total cost of revenues  418  502  1,335  1,542
         
Gross profit  2,624  3,702  9,895  10,751
         
Operating expenses:      
Sales and marketing  1,627  1,341  4,560  4,161
Research and development  1,328  1,055  3,668  2,967
General and administrative  815  786  2,654  3,093
Restructuring  --   25  --   25
Total operating expenses  3,770  3,207  10,882  10,246
         
Income (loss) from operations  (1,146)  495  (987)  505
Interest and other income (expense), net  73  34  129  (14)
Income (loss) before income taxes   (1,073)  529  (858)  491
Provision for income taxes  96  55  389  93
         
Net income (loss)  $ (1,169)  $ 474  $ (1,247)  $ 398
         
Net income (loss) per share:      
Basic  $ (0.42)  $ 0.16  $ (0.44)  $ 0.13
Diluted  $ (0.42)  $ 0.16  $ (0.44)  $ 0.13
         
Shares used in per share calculation:      
Basic   2,755  3,021  2,839  3,122
Diluted  2,755  3,021  2,839  3,123
CONTACT: Versant Contact:
         Jerry Wong
         Chief Financial Officer
         Versant Corporation
         1-800-VERSANT
         650-232-2400

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