SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
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(Mark One) |
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ý QUARTERLY REPORT PURSUANT TO
SECTION 13 OR 15(d) |
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For the quarterly period ended April 30, 2003 |
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OR |
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o TRANSITION REPORT PURSUANT TO
SECTION 13 OR 15(d) |
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For the transition period from to |
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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 |
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(I.R.S. Employer |
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6539 Dumbarton Circle, Fremont, California 94555 |
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(Address of principal executive offices) (Zip code) |
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(510) 789-1500 |
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(Registrant’s telephone number, including area code): |
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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
Indicate by check mark whether the Registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes o No ý
As of June 4, 2003, there were outstanding 14,899,011 shares of the Registrant’s common stock, no par value.
VERSANT CORPORATION
QUARTERLY REPORT ON FORM 10-Q
For the Period Ended April 30, 2003
Table of Contents
2
VERSANT CORPORATION AND SUBSIDIARIES
(In thousands)
(unaudited)
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April 30, |
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October
31, |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
3,693 |
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$ |
4,427 |
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Accounts receivable, net of allowance for doubtful accounts of $218 and $687, respectively |
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3,318 |
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3,997 |
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Inventory |
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— |
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882 |
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Other current assets |
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531 |
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464 |
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Total current assets |
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7,542 |
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9,770 |
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Property and equipment, net |
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1,538 |
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1,890 |
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Other assets |
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33 |
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21 |
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Intangibles, net of accumulated amortization |
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437 |
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— |
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Goodwill |
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604 |
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240 |
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$ |
10,154 |
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$ |
11,921 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Current liabilities: |
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Short term borrowings |
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$ |
1,000 |
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$ |
— |
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Current portion of capital lease obligations |
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— |
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4 |
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Accounts payable |
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376 |
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1,292 |
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Accrued liabilities |
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2,024 |
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3,064 |
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Deferred revenue |
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3,336 |
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3,054 |
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Deferred rent |
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46 |
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30 |
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Total current liabilities |
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6,782 |
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7,444 |
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Long-term liabilities: |
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Deferred revenue |
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149 |
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529 |
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Deferred rent |
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347 |
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372 |
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Total long-term liabilities |
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496 |
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901 |
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Total liabilities |
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7,278 |
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8,345 |
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Shareholders’ equity: |
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Convertible 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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53,463 |
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52,790 |
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Accumulated deficit |
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(55,754 |
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(54,319 |
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Accumulated other comprehensive income |
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255 |
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193 |
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Total shareholders’ equity |
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2,876 |
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3,576 |
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$ |
10,154 |
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$ |
11,921 |
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See accompanying notes to 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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Six Months Ended |
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2003 |
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2002 |
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2003 |
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2002 |
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REVENUE |
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License |
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$ |
1,662 |
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$ |
2,466 |
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$ |
4,334 |
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$ |
5,994 |
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Maintenance and technical support |
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1,531 |
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1,295 |
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3,098 |
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2,674 |
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Professional services |
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1,831 |
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940 |
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3,441 |
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2,137 |
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Total revenue |
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5,024 |
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4,701 |
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10,873 |
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10,805 |
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COST OF REVENUE |
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License |
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78 |
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614 |
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614 |
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1,355 |
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Maintenance and technical support |
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338 |
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364 |
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668 |
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648 |
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Professional services |
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1,510 |
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997 |
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2,950 |
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1,991 |
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Amortization of purchased intangibles |
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24 |
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— |
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43 |
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— |
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Total cost of revenue |
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1,950 |
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1,975 |
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