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Versant Announces Quarterly Revenues Of $4.2 Million

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 and/or other countries.

     
VERSANT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except for share amounts)
(unaudited)
     
  October 31, October 31,
  2012 2011
ASSETS    
Current assets:    
Cash and cash equivalents  $ 20,860  $ 23,145
Trade accounts receivable, net  2,611  2,183
Deferred income taxes  --   898
Other current assets  444  481
Total current assets  23,915  26,707
     
Property and equipment, net  926  993
Goodwill  8,589  8,589
Intangible assets, net  205  309
Other assets  38  38
Total assets  $ 33,673  $ 36,636
     
LIABILITIES AND SHAREHOLDERS' EQUITY    
Current liabilities:    
Accounts payable  $ 714  $ 152
Accrued liabilities  2,130  1,076
Deferred revenues  3,114  2,695
Total current liabilities  5,958  3,923
     
Other long-term liabilities  348  178
Total liabilities  6,306  4,101
Commitments and contingencies    
     
Shareholders' equity:    
Common stock, no par value, 7,500,000 shares authorized, 2,721,907 shares issued and outstanding at October 31, 2012, and 2,935,125 shares issued and outstanding at October 31, 2011  88,482  90,055
Accumulated other comprehensive income (loss), net  (342)  31
Accumulated deficit  (60,773)  (57,551)
Total shareholders' equity  27,367  32,535
Total liabilities and shareholders' equity  $ 33,673  $ 36,636
     
         
VERSANT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except for per share amounts)
(unaudited)
         
   Three Months Ended   Fiscal Year Ended 
  October 31, October 31, October 31, October 31,
  2012 2011 2012 2011
         
Revenues:        
License  $ 2,449  $ 2,138  $ 8,597  $ 8,896
Maintenance  1,682  1,805  6,680  7,201
Professional services  100  36  184  175
Total revenues  4,231  3,979  15,461  16,272
         
Cost of revenues:        
License  60  54  249  252
Amortization of intangible assets  25  26  103  190
Maintenance  346  364  1,373  1,475
Professional services  46  16  87  85
Total cost of revenues  477  460  1,812  2,002
         
Gross profit  3,754  3,519  13,649  14,270
         
Operating expenses:        
Sales and marketing  1,673  1,407  6,233  5,568
Research and development  1,407  954  5,075  3,921
General and administrative  1,696  717  4,350  3,810
Restructuring  --   --   --   25
Total operating expenses  4,776  3,078  15,658  13,324
         
Income (loss) from operations  (1,022)  441  (2,009)  946
Interest and other income (expense), net  (16)  52  112  38
Income (loss) before income taxes  (1,038)  493  (1,897)  984
Provision for income taxes  936  189  1,325  282
         
Net income (loss)  $ (1,974)  $ 304  $ (3,222)  $ 702
         
Net income (loss) per share:        
Basic  $ (0.72)  $ 0.10  $ (1.15)  $ 0.23
Diluted  $ (0.72)  $ 0.10  $ (1.15)  $ 0.23
         
Shares used in per share calculation:        
Basic  2,733  2,947  2,812  3,078
Diluted  2,733  2,963  2,812  3,083
         
CONTACT: Versant Contact:
         Jerry Wong
         Chief Financial Officer
         Versant Corporation
         1-800-VERSANT
         650-232-2400

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