-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GpRwsec9wZ3hqbiwxYWXGXB6XG/JYubB8GFFyJYUsNCY19D39pLyEDXc7sSq34EX /b9yhkTEUdwZaZwmUky0pg== 0001104659-03-020288.txt : 20030909 0001104659-03-020288.hdr.sgml : 20030909 20030909161729 ACCESSION NUMBER: 0001104659-03-020288 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20030909 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030909 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VERSANT CORP CENTRAL INDEX KEY: 0000865917 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 943079392 STATE OF INCORPORATION: CA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-28540 FILM NUMBER: 03888227 BUSINESS ADDRESS: STREET 1: 6539 DUMBARTON CIRCLE CITY: FREMONT STATE: CA ZIP: 94555 BUSINESS PHONE: 5107891500 MAIL ADDRESS: STREET 1: 6539 DUMBARTON CIRCLE CITY: FREMONT STATE: CA ZIP: 94555 FORMER COMPANY: FORMER CONFORMED NAME: VERSANT OBJECT TECHNOLOGY CORP DATE OF NAME CHANGE: 19960428 8-K 1 a03-3248_18k.htm 8-K

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

FORM 8-K

 

Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934

 

Date of Report (Date of Earliest Event Reported):  September 9, 2003

 

VERSANT CORPORATION

(Exact name of Registrant as Specified in its Charter)

 

California

(State or Other Jurisdiction of Incorporation)

 

 

 

000-28540

 

94-3079392

(Commission File Number)

 

(I.R.S. Employer Identification Number)

 

6539 Dumbarton Circle
Fremont California 94555

(Address of Principal Executive Offices) (Zip Code)

 

(510) 789-1500

(Registrant’s Telephone Number, Including Area Code)

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

 



 

ITEM 7: FINANCIAL STATEMENTS AND EXHIBITS.

 

(c)                                  Exhibits

 

Exhibit 99.01 — Press release issued on September 9, 2003.

 

ITEM 12. RESULTS OF OPERATION AND FINANCIAL CONDITION.

 

On September 9, 2003, Versant Corporation issued a press release regarding its financial results for its third fiscal quarter ended July 31, 2003.  A copy of that press release is attached as Exhibit 99.1 hereto and incorporated into this Form 8-K by reference.  The information provided in this report and in the press release attached as an exhibit hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as may be expressly set forth by specific reference in such a filing.

 

The attached press release is also posted and available for review on the Company’s website at www.Versant.com.

 

Non-GAAP Financial Measures (Regulation G)

 

Versant uses both GAAP and non-GAAP financial measures to report its financial results.  The non-GAAP financial measure of earnings before interest, tax, depreciation and amortization (EBITDA) is included in the attached press release to provide investors an additional tool to evaluate on-going operating results and trends excluding certain items.  Management also believes EBITDA is a strong indicator of cash flow from operations.  EBITDA can be reconciled to Versant's net loss by excluding expense items for interest, tax, depreciation and amortization and interest income.  However, non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. The non-GAAP financial measures used within our press release exclude expenses for; interest, tax, depreciation and amortization.

 

SIGNATURES

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

 

 

 

VERSANT CORPORATION

 

 

 

 

 

 

Date:  September 9, 2003

 

By:  /s/ Lee McGrath

 

 

 

Lee McGrath, Chief Financial Officer

 

2



 

EXHIBIT INDEX

 

Exhibit

 

 

 

 

 

99.01

 

Press release issued on September 9, 2003

 

3


EX-99.01 3 a03-3248_1ex99d01.htm EX-99.01

EXHIBIT 99.01

 

 

 


FOR IMMEDIATE RELEASE

 

Versant Contact:

Lee McGrath

Chief Financial Officer

Versant Corporation

1-800-VERSANT

510-789-1500

lmcgrath@versant.com

 

Versant IR Contact:

Scott Liolios

Liolios Group, Inc.

949-574-3860

scott@liolios.com

 

 

 

Versant Announces Third Quarter 2003 Results

 

Highlights include near break-even EPS and positive EBITDA for the third quarter

 

Fremont, California, September 9, 2003 - - Versant Corporation (NASDAQ: VSNT), today announced its results for the third quarter of 2003.

 

For the third quarter ended July 31, 2003, the Company reported total revenue of $5.4 million. License revenue for the third quarter was $1.9 million, representing 35% of total revenues. Services revenue was $3.5 million for the third quarter. Net loss for the third quarter of 2003 was $153,000, or $0.01 per share.  The company had positive cash flow of $123,000 from operations for the third quarter. The company had positive earnings before interest, tax, depreciation and amortization (EBITDA) for the third quarter.

 

“We are very proud of our Q3 performance. The overall revenues reflected the strength in both license and services,” said Nick Ordon, Versant’s President and CEO.  “Noteworthy customer transactions for this quarter include addition of key new customers including Verisign and E. & J. Gallo Winery. The telecommunications and the technology sectors were the key performers in this quarter. Additionally, we booked our first license revenue from the real-time business.”

 

Comparatively, revenues for Q3 2003 were up 22% over Q3 2002. Operating expense for Q3 2003 decreased from Q3 2002 by $871,000. Net loss per share for Q3 2003 was $0.01 per share compared to a net loss of $0.11 per share for Q3 2002.

 

Key Highlights

 

Ordon also said, “The major achievement for this quarter is the strong revenues that were delivered with the lowest quarterly cost base the company has had in over six years. This resulted in positive cash flow from operations and positive EBITDA for the third quarter.”

 

“The increase in overall customer activity, particularly in the telecommunications sector, was a key strong point for the quarter, with software license orders from Verisign, Verizon, Bell Canada and Nortel,” said Ordon.

 

- more -

 

6539 Dumbarton Circle • Fremont • CA 94555 • USA • Main: (+1) 510 789 1500 • Fax: (+1) 510 789 1515

 



 

Operating Results Outlook

 

The following statements are projections and forward-looking statements that are based on management’s estimates as of September 9, 2003.  These statements are forward-looking and actual results may differ materially due to various significant risks and uncertainties.  Please see “Forward Looking Statements Involve Risks and Uncertainties” below.

 

Ordon said, “The Company currently anticipates that fourth quarter revenue will be in the range of approximately $5.3 to $6.0 million with an estimated EPS in the range of approximately negative $0.03 to positive $0.02 per share. Our focus for the real-time initiative in Q4 is to deliver new customers and new deployments.”

 

About Versant Corporation

 

Versant Corporation (NASDAQ: VSNT) has led the industry in highly scalable, reliable object management and real-time solutions for complex enterprise-level systems since its founding in 1988. The company’s Object Database Management System (ODBMS) serves as the core database for fraud detection, yield management, real-time data collection and analysis, operation support systems (OSS) and other large-scale applications in the telecommunications, financial services, transportation and defense industries.  Versant manages data for mission-critical systems in use by British Airways, US Government, Financial Times, and other leading Global 1000 companies.  Versant has recently broadened its product line to offer real-time solutions for manufacturing, security and logistics. For more information, call 510-789-1500 or visit www.versant.com.

 

Forward Looking Statements Involve Risks and Uncertainties

 

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by those sections. These forward-looking statements include those statements in this press release related to Versant’s anticipated future performance and financial expectations for the fourth quarter of fiscal 2003 (including but not limited to statements regarding anticipated future revenues and per share operating results), future customer deployments, and expectations for the acquisition of additional customers for, and deployments of, our database and real-time solutions.  Actual events or results may differ materially from those discussed in or anticipated by the forward-looking statements as a result of various factors. These factors include, but are not limited to, the uncertainty as to the impact and duration of the current economic slowdown and the associated reduction in corporate IT spending, delays in sales cycles for our products and services, changes in business strategy, uncertainty as to whether the economic environment will improve or worsen, the uncertainty of market demand and future customer adoption of Versant products, changes in operating margins for our products, the uncertainty of demand and the timing of demand for e-business and real-time applications, possible delays in the release of Versant’s new real-time solution offerings and the market acceptance of such offerings, possible delays or failures in establishing strategic OEM and other distribution relationships for our real-time solution offerings, the growth rates of certain market segments, the positioning of the company’s products in those market segments, pricing pressures, the competitive environment in the software industry, and the company’s ability to penetrate markets, the company's ability to successfully manage its costs and operations and maintain its working capital. These and other related risks are described in more detail in the Company’s filings with the Securities and Exchange Commission, including the Company’s most recent Reports on Form 10-K and 10-Q made with the Securities and Exchange Commission. The forward-looking statements included in this press release are made only as of the date of this press release, and the Company has no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.

 

Versant is either a registered trademark or trademark of Versant Corporation in the United States and/or other countries. All other names are a registered trademark or trademark of their respective company in the United States and/or other countries.

 

2



 

Conference Call and Dial-in Information

 

Versant will host a teleconference to discuss Q3 2003 results today after markets close. The details for the earnings call are as follows:

 

Date:

 

September 9, 2003

Time:

 

4:30 PM EDT

Dial-in number:

 

800-473-6123

International:

 

973-582-2706

Internet Simulcast: *

 

www.viavid.net/detailpage.aspx?sid=000016B4

 


*Windows Media Player needed for simulcast. Simulcast is voice only.

 

Dial in to the conference call 5-10 minutes prior to the start time. An operator will request your name and organization and ask you to wait until the call begins.  If you have any difficulty connecting with the call, please contact Liolios Group at (949) 574-3860.

 

A replay of the conference call will be available until 09/16/03.

Replay number: **

 

877-519-4471

Internet Simulcast:

 

same as above

 


** Enter the playback passcode (4133796) to access the replay

 

3



 

VERSANT CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(unaudited)

 

 

 

July 31,
2003

 

*October 31,
2002

 

ASSETS

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

3,226

 

$

4,427

 

Accounts receivable, net of allowance for doubtful accounts of $193 and $687, respectively

 

3,107

 

3,997

 

Inventory

 

 

882

 

Other current assets

 

623

 

464

 

Total current assets

 

6,956

 

9,770

 

 

 

 

 

 

 

Property and equipment, net

 

1,382

 

1,890

 

Other assets

 

34

 

21

 

Intangibles, net of accumulated amortization

 

413

 

 

Goodwill

 

658

 

240

 

 

 

$

9,443

 

$

11,921

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Short term borrowings

 

$

500

 

$

 

Current portion of capital lease obligations

 

 

4

 

Accounts payable

 

788

 

1,292

 

Accrued liabilities

 

1,955

 

3,064

 

Deferred revenue

 

3,040

 

3,054

 

Deferred rent

 

54

 

30

 

Total current liabilities

 

6,337

 

7,444

 

 

 

 

 

 

 

Long-term liabilities:

 

 

 

 

 

Deferred revenue

 

10

 

529

 

Deferred rent

 

330

 

372

 

Total long-term liabilities

 

340

 

901

 

 

 

 

 

 

 

Total liabilities

 

6,677

 

8,345

 

Shareholders’ equity:

 

 

 

 

 

Convertible preferred stock, no par value

 

4,912

 

4,912

 

Common stock, no par value

 

53,493

 

52,790

 

Accumulated deficit

 

(55,907

)

(54,319

)

Accumulated other comprehensive income

 

268

 

193

 

Total shareholders’ equity

 

2,766

 

3,576

 

 

 

$

9,443

 

$

11,921

 

 


* This financial information was derived from our audited financial statements included in our Form 10-K for the period ended October 31, 2002.

 

4



 

VERSANT CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(unaudited)

 

 

 

Three Months Ended
July 31,

 

Nine Months Ended
July 31,

 

 

 

2003

 

2002

 

2003

 

2002

 

REVENUE

 

 

 

 

 

 

 

 

 

License

 

$

1,903

 

$

2,105

 

$

6,237

 

$

8,099

 

Maintenance and technical support

 

1,501

 

1328

 

4,599

 

4,002

 

Professional services and other

 

2,025

 

1016

 

5,466

 

3,153

 

Total revenue

 

5,429

 

4,449

 

16,302

 

15,254

 

 

 

 

 

 

 

 

 

 

 

COST OF REVENUE

 

 

 

 

 

 

 

 

 

License

 

11

 

97

 

625

 

1,452

 

Maintenance and technical support

 

343

 

319

 

1055

 

967

 

Professional services and other

 

1,670

 

919

 

4,576

 

2,910

 

Amortization of purchased intangibles

 

24

 

 

67

 

 

Total cost of revenue

 

2,048

 

1,335

 

6,323

 

5,329

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

3,381

 

3,114

 

9,979

 

9,925

 

 

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

Marketing and sales

 

1,861

 

2,056

 

5,754

 

6,225

 

Research and development

 

971

 

1,490

 

3,380

 

4,551

 

General and administrative

 

691

 

797

 

2,509

 

2,282

 

Amortization of goodwill

 

 

51

 

 

151

 

Total operating expenses

 

3,523

 

4,394

 

11,643

 

13,209

 

 

 

 

 

 

 

 

 

 

 

Loss from operations

 

(142

)

(1,280

)

(1,664

)

(3,284

)

 

 

 

 

 

 

 

 

 

 

Other income (expense), net

 

4

 

(25

)

138

 

358

 

 

 

 

 

 

 

 

 

 

 

Loss before provision for income taxes

 

(138

)

(1,305

)

(1,526

)

(2,926

)

 

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

15

 

18

 

62

 

57

 

 

 

 

 

 

 

 

 

 

 

NET LOSS

 

$

(153

)

$

(1,323

)

$

(1,588

)

$

(2,983

)

 

 

 

 

 

 

 

 

 

 

Basic and diluted net loss per share

 

$

(0.01

)

$

(0.11

)

$

(0.12

)

$

(0.24

)

 

 

 

 

 

 

 

 

 

 

Basic weighted average common shares

 

13,672

 

12,301

 

13,563

 

12,231

 

 

 

 

 

 

 

 

 

 

 

Diluted weighted average common shares

 

13,672

 

12,301

 

13,563

 

12,231

 

 

- end -

 

5


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