Versata posts $4.6 M Q4 revenue

By siliconindia   |   Wednesday, 29 January 2003, 08:00 Hrs
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OAKLAND: Versata, Inc. (Nasdaq:VATA) Wednesday posted fourth quarter revenues of $4.6 million, flat from the quarter ended July 31, 2002.

Revenues for the fiscal year ended October 31, 2002 were $20.2 million, as compared to $30.1 million for the 10 month period ended October 31, 2001.

The pro forma net loss, which excludes non-cash stock compensation charges, amortization of intangibles and non-recurring expenses, was $981,000 or $0.14 per share for the quarter ended October 31, 2002, compared to $1.3 million or $0.18 per share for the quarter ended July 31, 2002. Pro forma net loss for the fiscal year ended October 31, 2002 was $6.3 million or $0.89 per share as compared to $33 million or $4.90 per share for the 10 months ended October 31, 2001.

On a GAAP basis, the net loss for the fourth quarter 2002 was $2.3 million or $0.32 per share, compared to $2.4 million or $0.34 per share for the quarter ended July 31, 2002. For the fiscal year 2002, net loss on a GAAP basis was $11.2 million or $1.58 per share, compared to $62.9 million or $9.38 per share for the 10 months ended October 31, 2001.

Fourth quarter software license revenue was $2.5 million, an increase of 17% from $2.2 million in the quarter ended July 31, 2002. As a percent of total revenue, software license revenue increased to 56% in the fourth quarter 2002 from 47% last quarter. Software license revenue for the fiscal year 2002 was $11 million compared to $14 million for the 10-month period ended October 31, 2001.

Versata ended the fourth quarter 2002 with $16.8 million in cash and short-term investments. The reduction in cash and short-term investments of $893,000 for the fourth quarter compares to a reduction in cash and short-term investments of $1.4 million for the quarter ended July 31, 2002, an improvement of 36%.

"We're pleased with our overall results for the fourth quarter and 2002," said Eugene Wong, CEO, Versata. "Nonetheless, we will continue to work with our existing customers to ensure their success while increasing focus on our professional services and developing products that meet the needs of the market."

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