Earnings look pretty good to me and all on Pervasive Software:
Pervasive Software Reports Results for Its First Quarter of Fiscal Year 2010
posted: ONE MINUTE AGOPervasive Software® Inc. (NASDAQ:PVSW), a global value leader in embeddable data management and data integration software and in enabling next generation analytics, today announced financial results for the first quarter ending September 30, 2009.
For the first quarter ended September 30, 2009:
Revenue was $12.2 million, an increase of 3% compared to $11.9 million for the first quarter of last fiscal year.
Net income was $1.3 million, or $0.07 diluted earnings per share, compared to net income of $1.3 million, or $0.07 diluted earnings per share, for the first quarter of last fiscal year.
On a non-GAAP basis, as described below, Pervasive realized net income of $1.6 million, or $0.08 diluted earnings per share, compared to net income of $1.8 million, or $0.09 diluted earnings per share, in the first 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 $1.2 million in the first quarter of fiscal 2010, ending the quarter with approximately $40.4 million in cash and marketable securities. As previously announced, Pervasive invested approximately $2.6 million in cash in the September quarter to acquire assets of Greenville, South Carolina-based ChanneLinx, Inc., a privately held business-to-business Web-based data interchange technology company. In addition, Pervasive acquired approximately 258,000 shares of Pervasive common stock on the open market at a total cost of approximately $1.3 million, or approximately $5.08 weighted average price per share, during the quarter ended September 30, 2009. The Company has $7.6 million authorized repurchase funds remaining under its $10.0 million stock repurchase program announced in March 2009. 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 September 30, 2009 totaled approximately 17.9 million.
"It’s a privilege to lead a team with such an enviable track record of execution and profitability,” said John Farr, president and CEO of Pervasive Software. “Our two flagship offerings, the embedded Pervasive PSQL™ database and our data integration line, continue to deliver market-leading value for partners and customers. In addition, the company closed one relatively large transaction with a database customer representing approximately $2.4 million in revenue during the September quarter. Pervasive’s tenacious focus on profitability allows us to fund acquisitions such as the ChanneLinx transaction and exciting innovation in our flagship products, in our Innovation Labs initiatives, and in new technologies including Pervasive DataRush™ and Pervasive DataSolutions™.”
As previously stated in guidance provided on October 1, 2009, Pervasive expects revenue for the second fiscal quarter ending December 31, 2009 to be in the range of $11.0 million to $12.0 million and GAAP-basis diluted earnings per share of $0.04 to $0.07, compared to $11.2 million revenue and $0.06 diluted earnings per share for the December quarter of the previous fiscal year.
GAAP-basis profitability is expected to include amortization of purchased intangibles and stock-based compensation expense representing approximately $0.6 million, pre-tax, in the second quarter of fiscal year 2010. The company expects non-GAAP adjustments to result in non-GAAP diluted and fully taxed earnings per share of approximately $0.05 to $0.08 in the December quarter, compared to $0.07 non-GAAP diluted and fully taxed earnings per share for the December quarter of the previous fiscal year.