Results for Fiscal Year Ended October 31, 2012
Revenues were approximately $15.5 million for the fiscal year ended October 31, 2012 compared to approximately $16.3 million for fiscal year 2011, a decrease of approximately 5%. A decrease in the euro/dollar exchange rate during fiscal 2012 contributed approximately 88% of the decrease in total revenues for fiscal 2012 compared to fiscal 2011. One customer accounted for 20% of total revenues in fiscal 2012 and the same customer accounted for 12% of total revenues in fiscal 2011.
Net loss for fiscal 2012 was $3.2 million, a decrease of $3.9 million from net income of $0.7 million in fiscal 2011, and diluted net loss per share for fiscal 2012 was $1.15 compared to diluted net income per share of $0.23 in fiscal 2011. Net loss for fiscal 2012 includes a non-cash income tax expense of approximately $818,000 or $0.30 per fully diluted share, which represents the increase in the valuation allowance against the Company's deferred tax assets. Loss from operations for fiscal year 2012 was approximately $2.0 million, compared to income from operations of approximately $0.9 million in fiscal year 2011. The loss from operations in fiscal 2012 compared to the income from operations in fiscal 2011 primarily resulted from planned increases in sales and marketing expense and research and development expense of approximately $0.7 million and $1.2 million, respectively. An approximate $0.5 million increase in general and administrative expense also contributed to the decrease in income from operations.
As previously announced, on November 21, 2012, Versant signed a definitive merger agreement with Actian Corporation ("Actian") and a new Actian subsidiary which provides for Actian to acquire Versant for $13.00 per common share in cash. The proposed merger remains subject to, among other conditions, approval of the merger by Versant's shareholders at a special meeting of shareholders currently scheduled for December 20, 2012 at Versant's offices in Redwood City, California. For more information on the merger, please refer to Versant's proxy statement as filed with the Securities and Exchange Commission.