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Chief Financial Officer
Pervasive Software Reports Results for Its Fourth Quarter of Fiscal Year 2012
Company Reports 46th Consecutive Profitable Quarter
AUSTIN, Texas July 24, 2012 Pervasive Software® Inc. (NASDAQ: PVSW), a global leader in cloud-based and on-premises data innovation, today announced financial results for the fourth quarter ending June 30, 2012.
For the fourth quarter ended June 30, 2012:
Revenue was $12.8 million, consistent with the companys $12.0 million to $13.0 million expectations communicated on April 24, 2012, and compared to $13.7 million for the fourth quarter of last fiscal year. As a reminder, the company closed a relatively large transaction with a database customer representing approximately $0.9 million in revenue near the end of the June quarter of the previous fiscal year.
Net income was $0.4 million, or $0.03 diluted earnings per share, consistent with expectations in the range of $0.02 to $0.05 communicated on April 24, 2012, and compared to net income of $1.2 million, or $0.07 diluted earnings per share, for the fourth quarter of last fiscal year.
On a non-GAAP basis, as described below, Pervasive realized net income of $1.0 million, or $0.06 diluted earnings per share, consistent with expectations in the range of $0.04 to $0.07 communicated on April 24, 2012, and compared to net income of $1.4 million, or $0.08 diluted earnings per share, in the fourth quarter of last fiscal year. Non-GAAP results exclude amortization of purchased intangibles and stock-based compensation expense, and assume a non-GAAP effective tax rate of 34%.
Pervasive continued to generate positive cash flow from operations with approximately $1.1 million in the fourth quarter, ending the quarter with approximately $42.7 million in cash and marketable securities. Pervasive acquired approximately 25,000 shares of Pervasive common stock on the open market at a total cost of approximately $0.2 million, or approximately $6.24 weighted average price per share, during the quarter ended June 30, 2012. The company has approximately $1.4 million authorized repurchase funds remaining under its $10.0 million stock repurchase program announced in July 2010. Depending on market conditions and other factors, such purchases may be commenced or suspended at any time without prior notice. Issued and outstanding shares of common stock as of June 30, 2012 totaled approximately 16.4 million.
The following information was filed by Pervasive Software Inc (PVSW) on Tuesday, July 24, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.