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, 2003
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 |
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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 August 29, 2003 there were outstanding 14,908,511 shares of the Registrant’s common stock, no par value.
VERSANT CORPORATION
QUARTERLY REPORT ON FORM 10-Q
For the Period Ended July 31, 2003
Table of Contents
2
VERSANT
CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(unaudited)
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July 31, |
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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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$ |
3,226 |
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$ |
4,427 |
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Accounts receivable, net of allowance for doubtful accounts of $193 and $687, respectively |
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3,107 |
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3,997 |
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Inventory |
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— |
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882 |
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Other current assets |
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623 |
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464 |
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Total current assets |
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6,956 |
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9,770 |
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Property and equipment, net |
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1,382 |
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1,890 |
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Other assets |
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34 |
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21 |
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Intangibles, net of accumulated amortization |
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413 |
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— |
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Goodwill |
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658 |
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240 |
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$ |
9,443 |
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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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$ |
500 |
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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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788 |
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1,292 |
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Accrued liabilities |
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1,955 |
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3,064 |
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Deferred revenue |
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3,040 |
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3,054 |
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Deferred rent |
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54 |
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30 |
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Total current liabilities |
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6,337 |
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7,444 |
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Long-term liabilities: |
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Deferred revenue |
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10 |
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529 |
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Deferred rent |
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330 |
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372 |
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Total long-term liabilities |
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340 |
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901 |
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Total liabilities |
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6,677 |
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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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53,493 |
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52,790 |
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Accumulated deficit |
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(55,907 |
) |
(54,319 |
) |
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Accumulated other comprehensive income |
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268 |
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193 |
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Total shareholders’ equity |
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2,766 |
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3,576 |
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$ |
9,443 |
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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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Nine 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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$ |
1,903 |
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$ |
2,105 |
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$ |
6,237 |
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$ |
8,099 |
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Maintenance and technical support |
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1,501 |
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1328 |
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4,599 |
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4,002 |
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Professional services and other |
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2,025 |
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1016 |
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5,466 |
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3,153 |
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Total revenue |
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5,429 |
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4,449 |
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16,302 |
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15,254 |
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COST OF REVENUE |
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License |
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11 |
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97 |
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625 |
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1,452 |
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Maintenance and technical support |
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343 |
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319 |
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1055 |
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967 |
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Professional services and other |
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1,670 |
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919 |
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4,576 |
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2,910 |
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Amortization of purchased intangibles |
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24 |
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— |
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67 |
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— |
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Total cost of revenue |
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2,048 |
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1,335 |
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6,323 |
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5,329 |
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Gross profit |
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3,381 |
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3,114 |
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9,979 |
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9,925 |
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OPERATING EXPENSES |
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Marketing and sales |
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1,861 |
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2,056 |
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