Selectica (NASDAQ: SLTC), a leading provider of contract lifecycle management and sales configuration solutions, today announced financial results for its first quarter ending June 30, 2010. Highlights in Q1 FY 2011:
Generated positive cashflow, ending the quarter with $17.2 million in cash, cash equivalents, and short term securities
Reduced operating expenses for the third consecutive quarter
Announced Selectica Contract Kiosk, a new employee self-service contract portal built on EMC Documentum xCP
Signed a new license transaction with a strategic channel partner
“I am pleased with many facets of our performance this quarter, including our ability to add marquee customers and continue to execute on our product vision with innovative new solutions,” said Jason Stern, President and Chief Operating Officer of Selectica. “With the caliber of the people we’ve been able to add to the team and our continued ability to make our customers successful, I am optimistic in Selectica’s ability to execute to its plan.” Revenue for the first quarter of fiscal 2011 was $3.7 million, compared to $3.8 million for the fourth quarter of fiscal 2010, and $3.2 million for the first quarter of fiscal 2010. New license revenue for the quarter was $836,000, up slightly from last quarter from $827,000, and up 93% from first quarter of fiscal 2010. Revenue split was 31% license and subscription revenue, 42% maintenance and support revenue, and 27% professional services and other revenue. By product, 64% or $2.3 million was related to contract lifecycle management software, and 36% or $1.4 million was related to sales configuration software. Cash, cash equivalents, and short-term investments were $17.2 million on June 30, 2010. Selectica generated net cash of $71,000 in the quarter. Net loss for the first quarter of fiscal 2011 was $447,000, or $(0.16) per share, compared to a profit of $205,000, or $0.07 per share, in the fourth quarter of fiscal 2010 and a net loss of $3.0 million, or $(1.09) per share, in the first quarter of fiscal 2010.