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Versant Announces Quarterly Revenues Of $4.2 Million

Stocks in this article: VSNT

REDWOOD CITY, Calif., Dec. 10, 2012 (GLOBE NEWSWIRE) -- Versant Corporation (Nasdaq:VSNT), an industry leader in specialized data management, today announced its financial results for its fourth fiscal quarter and fiscal year ended October 31, 2012.

Results for Fourth Quarter Ended October 31, 2012

For the quarter, Versant reported revenues of $4.2 million compared to $4.0 million for the same quarter of the last fiscal year, representing an increase of approximately 6%. A decrease in the euro/dollar exchange rate during the quarter had the effect of decreasing total revenues by approximately $0.2 million for the quarter compared to the corresponding period of the prior fiscal year. One customer accounted for 23% of total revenues in the quarter and the same customer accounted for 15% of total revenues in the same period last year.

Net loss for the fourth quarter of fiscal 2012 was $2.0 million and diluted net loss per share was $0.72 compared to net income of $0.3 million and diluted net income per share of $0.10 for the fourth quarter of fiscal 2011. The Company has taken a full valuation allowance against its deferred tax assets in the quarter, resulting in a non-cash charge of approximately $818,000 or $0.30 per fully diluted share. Loss from operations for the quarter was approximately $1.0 million, compared to income from operations of approximately $0.4 million in the same quarter a year ago. The loss from operations in the fourth quarter of fiscal 2012 compared to income from operations for the same quarter in fiscal 2011 was largely the result of planned increases in sales and marketing expense and research and development expense of approximately $0.3 million and $0.5 million, respectively, and a $1.0 million increase in general and administrative expense primarily related to Versant's anticipated merger with Actian Corporation and to its now terminated merger agreement with UNICOM Systems.

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