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Astea Reports First Quarter 2013 Results

Stocks in this article: ATEA

HORSHAM, Pa., May 10, 2013 /PRNewswire/ -- Astea International Inc. (NASDAQ: ATEA), a global provider of service lifecycle management and mobility solutions, today announced financial results for the first quarter ended March 31, 2013.

For the quarter ended March 31, 2013, Astea reported revenues of $4.7 million compared to revenues of $6.5 million for the same period in 2012.  Net loss for the first quarter was $1.1 million or ($0.31) per share, compared to a net loss of $0.7 million or ($0.20) per share for the same period in 2012. Software license revenues were $0.5 million compared to $0.2 million for the same period in 2012. Service and maintenance revenues were $4.2 million when compared to revenues of $6.3 million for the same period in 2012. 

"There continues to be strong interest for our service management solution suite, with mobility being a major component in every opportunity. The extended sales cycles, that are inherent in enterprise opportunities, resulted in disappointing license sales during the first quarter. We successfully signed a number of subscription-based license deals during this quarter. However, due to the pertinent revenue recognition rules we were not able to recognize any revenue on these deals. This had a negative impact on our reported results, even though we added new customers with new users. We do expect an increase in license revenues in the second quarter given the current state of active opportunities," stated Zack Bergreen, CEO of Astea International. "We are extremely pleased to see the healthy adoption rate of our cloud offerings, with the number of users increasing by 587% compared to last quarter. Monthly contracted recurring revenue increased 245% from last quarter.  Last year at this time, we did not have any cloud subscribers.   Even with the significant interest in on our cloud solution, our on-premise pipeline opportunities remain strong. We continue to see significant demand for both our cloud and on-premise solutions with companies of all sizes."

Mr. Bergreen further stated, "During the first quarter, we issued a significant announcement regarding our partnership with Capgemini, and we are seeing a significant uptick in sales activity as a result of this partnership. We also successfully achieved the Microsoft Gold Independent Software Vendor (ISV) Competency, which confirms that we have demonstrated superior levels of successful implementations, capabilities and certifications.  Microsoft Gold ISV Partners are required to meet rigorous requirements for certification and expertise.  I am very proud of our team for achieving this prestigious certification."

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