SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended July 31, 2002
OR
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number 000-28540
VERSANT CORPORATION
(Exact name of registrant as specified in its charter)
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California |
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94-3079392 |
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(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
6539 Dumbarton Circle
Fremont, California 94555
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (510) 789-1500
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes ý No o
The number of shares of common stock, no par value, outstanding
as of August 31, 2002: 12,376,315
VERSANT CORPORATION
FORM 10-Q
Quarterly Period Ended July 31, 2002
Table of Contents
2
VERSANT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
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July 31, 2002 |
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October 31, 2001 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
4,148 |
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$ |
4,101 |
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Accounts receivable, net |
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4,327 |
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6,478 |
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Other current assets |
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599 |
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1,256 |
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Total current assets |
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9,074 |
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11,835 |
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Property and equipment, net |
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2,158 |
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3,093 |
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Other assets |
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24 |
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— |
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Goodwill, net |
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291 |
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442 |
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Total assets |
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$ |
11,547 |
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$ |
15,370 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Current liabilities: |
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Current portion of capital lease obligations |
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$ |
5 |
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$ |
57 |
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Short-term debt |
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1,009 |
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550 |
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Accounts payable |
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345 |
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1,239 |
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Accrued liabilities |
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1,778 |
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2,574 |
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Current portion of deferred revenue |
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3,103 |
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3,748 |
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Current portion of deferred rent |
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22 |
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3 |
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Total current liabilities |
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6,262 |
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8,171 |
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Long-term liabilities, net of current portion: |
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Long-term portion of capital lease obligations |
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— |
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3 |
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Long-term portion of deferred revenue |
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739 |
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234 |
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Long-term portion of deferred rent |
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384 |
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397 |
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Total long-term liabilities |
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1,123 |
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634 |
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Total liabilities |
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7,385 |
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8,805 |
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Shareholders equity: |
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Preferred stock, no par value |
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4,912 |
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4,912 |
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Common stock, no par value |
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52,790 |
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52,465 |
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Accumulated deficit |
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(53,912 |
) |
(50,929 |
) |
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Cumulative other comprehensive income |
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372 |
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117 |
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Total shareholders equity |
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4,162 |
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6,565 |
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Total liabilities and shareholders equity |
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$ |
11,547 |
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$ |
15,370 |
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The accompanying notes are an integral part of these condensed consolidated financial statements.
3
VERSANT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
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Three Months Ended |
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Nine Months Ended |
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July 31, 2002 |
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Sept 30, 2001 |
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July 31, 2002 |
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Sept 30, 2001 |
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Revenue: |
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License |
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$ |
2,105 |
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$ |
3,579 |
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$ |
8,099 |
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$ |
7,283 |
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Services |
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2,344 |
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5,303 |
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7,155 |
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15,526 |
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Total revenue |
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4,449 |
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8,882 |
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15,254 |
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22,809 |
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Cost of revenue: |
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License |
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97 |
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190 |
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1,452 |
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867 |
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Services |
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1,238 |
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3,642 |
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3,877 |
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10,794 |
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Total cost of revenue |
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1,335 |
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3,832 |
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5,329 |
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11,661 |
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Gross profit |
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3,114 |
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5,050 |
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