Versant Announces Fourth Quarter Net Income of $512,000
FREMONT, Calif., Dec. 8 /PRNewswire-FirstCall/ -- Versant Corporation (Nachrichten) , an industry leader in specialized data management, today announced its operating results for the fourth quarter ended October 31, 2005.
Versant reported revenues of $5.1 million and net income of $512,000 for its fourth quarter ended October 31, 2005, compared to revenues of $4.5 million and a net loss of $14.4 million for the third quarter ended July 31, 2005, during which the Company incurred approximately $12.9 million of charges for the impairment of goodwill and intangible assets. The increase in revenues over the third quarter was primarily due to an increase in license and maintenance revenues and was accompanied by a significant reduction in operating expenditures resulting from cost containment efforts due to our recent restructuring. This quarter, ended October 31, 2005, has yielded the highest quarterly net income since Versant's acquisition of Poet Holdings in March 2004.
Versant's cash balance was $4.0 million on October 31, 2005, compared to $3.6 million on July 31, 2005. The Company had positive net operating cash flows of $400,000 for the quarter ended October 31, 2005, and improved its DSO to 45 days for the quarter ended October 31, 2005, compared to 54 days for the previous quarter ended July 31, 2005.
"I am very pleased with our results," said Jochen Witte, CEO of Versant Corporation. "We have surpassed our break-even objective by attaining a net income this quarter exceeding 10% of our revenues."
Operating Results Outlook
The following statements are projections and forward-looking statements that are based on management's estimates as of December 8, 2005 and are subject to risks and uncertainties.
The Company currently targets net income for fiscal 2006 ranging from $1.6 million to $2.0 million.
FREMONT, Calif., Dec. 8 /PRNewswire-FirstCall/ -- Versant Corporation (Nachrichten) , an industry leader in specialized data management, today announced its operating results for the fourth quarter ended October 31, 2005.
Versant reported revenues of $5.1 million and net income of $512,000 for its fourth quarter ended October 31, 2005, compared to revenues of $4.5 million and a net loss of $14.4 million for the third quarter ended July 31, 2005, during which the Company incurred approximately $12.9 million of charges for the impairment of goodwill and intangible assets. The increase in revenues over the third quarter was primarily due to an increase in license and maintenance revenues and was accompanied by a significant reduction in operating expenditures resulting from cost containment efforts due to our recent restructuring. This quarter, ended October 31, 2005, has yielded the highest quarterly net income since Versant's acquisition of Poet Holdings in March 2004.
Versant's cash balance was $4.0 million on October 31, 2005, compared to $3.6 million on July 31, 2005. The Company had positive net operating cash flows of $400,000 for the quarter ended October 31, 2005, and improved its DSO to 45 days for the quarter ended October 31, 2005, compared to 54 days for the previous quarter ended July 31, 2005.
"I am very pleased with our results," said Jochen Witte, CEO of Versant Corporation. "We have surpassed our break-even objective by attaining a net income this quarter exceeding 10% of our revenues."
Operating Results Outlook
The following statements are projections and forward-looking statements that are based on management's estimates as of December 8, 2005 and are subject to risks and uncertainties.
The Company currently targets net income for fiscal 2006 ranging from $1.6 million to $2.0 million.
