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Astea Reports Third Quarter 2012 Results

HORSHAM, Pa., Nov. 14, 2012 /PRNewswire/ -- Astea International Inc. (NASDAQ:ATEA), a global provider of service lifecycle management and mobility solutions, today announced financial results for the three and nine months ended September 30, 2012.

For the quarter ended September 30, 2012, Astea revenues decreased by 20% to $5.3 million compared to $6.6 million for the quarter ended September 30, 2011 and decreased by 35% sequentially compared to second quarter revenues of $8.1 million. Net loss available to common stockholders for the third quarter of 2012 was $1.2 million, or ($0.36) per basic and diluted share. This compares to net income of $249,000, or $0.05 per basic and $0.04 per diluted share in the third quarter of 2011 and compares sequentially to income of $960,000 or $0.25 per basic share and $0.22 per diluted share for the second quarter of 2012. Software license revenues decreased 77% to $395,000 compared to $1.7 million for the same period in 2011 and decreased 83% from $2.4 million in the second quarter of 2012.  Service and maintenance revenues were $4.9 million, unchanged from the same period in 2011 but were down 14% from $5.7 million in the second quarter of 2012. 

Revenues for the nine months ended September 30, 2012 increased 1.0% to $19.8 million compared to $19.6 million in the same nine-month period in 2011. Software license revenues decreased 40% to $3.0 million compared to $5.0 million for the same period in 2011. Service and maintenance revenues were $16.9 million, a 16% increase compared to revenues of $14.6 million for the same nine-month period in 2011. Operating loss was $853,000 compared to operating income of $127,000 in the same nine-month period last year. Year-to-date net loss available to stockholders is ($1.1 million), or ($0.31) per basic and diluted share compared to a net loss available to common stockholders of ($107,000) or ($0.03) loss per basic and diluted share in the same period last year.

"Overall revenues increased compared to the same nine month period last year, including a solid increase in service and maintenance revenues. We continue to focus on execution with sales activity remaining strong, but the extended sales cycles resulted in disappointing licensing sales during the third quarter. During the third quarter, we were very excited to announce our new cloud offering, ServiceVision™, which was extremely well received by the market. We immediately experienced a very strong interest for this new offering, and are already actively engaged in many new sales opportunities. We are confident that this new offering will be a strong contributor to our future success. We remain diligent in our efforts to expand our partner ecosystem and we have already entered into new agreements with very large systems integrators to broaden our footprint. We feel we can dramatically increase our capability to both sell and deliver enterprise field service solutions through the right strategic relationships."

Mr. Bergreen further stated, "During the third quarter we had several customers who went live with major deployments around the world, which continues to demonstrate the global nature of our solution suite and our geographic diversity. Additionally, we are very proud that, for the fourth year in a row, we were again recognized as a Visionary in Gartner's 2012 Field Service Management Magic Quadrant which demonstrates our experience and commitment to meeting the dynamic needs of service organizations around the world. We continue to be the only leading vendor that can offer the most complete and robust service management solution with unmatched functionality."

Outlook

Mr. Bergreen concluded, "We remain steadfast in our sales execution, while continuing to offer solutions that provide compelling value propositions to keep attracting new customers around the world. Today's competitive environment puts greater pressure on our customers to increase their service revenues while maintaining customer satisfaction. Our solution is the underlying tool that is enabling them to achieve best-in-class service and we look forward to helping them continue their ongoing success."

Astea will host a conference call that will be broadcast live over the Internet on November 14, 2012 at 5:00pm ET to discuss the Company's third quarter financial results. Investors can access the call from the Company's Web site at  http://www.astea.com/about_investors.asp. To listen to the live call via the telephone, please call 1-800-862-9098.  For calls from outside North America, please dial 1-785-424-1051.  For those who cannot listen to the live broadcast, a replay will be available shortly after the call.

About Astea International  
Astea International (NASDAQ: ATEA) is a global provider of software solutions that offer all the cornerstones of service lifecycle management, including customer management, service management, asset management, forward and reverse logistics management and mobile workforce management and optimization. Astea's solutions link processes, people, parts, and data to empower companies and provide the agility they need to achieve sustainable value in less time, and successfully compete in a global economy. Since 1979, Astea has been helping more than 600 companies drive even higher levels of customer satisfaction with faster response times and proactive communication, creating a seamless, consistent and highly personalized experience at every customer relationship touch point.

www.astea.com.   Service Smart.  Enterprise Proven.

© 2012 ASTEA INTERNATIONAL INC. ASTEA AND ASTEA ALLIANCE ARE TRADEMARKS OF ASTEA INTERNATIONAL INC.  ALL OTHER COMPANY AND PRODUCT NAMES CONTAINED HEREIN ARE TRADEMARKS OF THE RESPECTIVE HOLDERS.

Forward-looking Statements   
Statements in this press release, other than statements of historical information, are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks which may cause the Company's actual results in future periods to differ materially from expected results. Those risks include, among others, risks associated with increased competition, customer decisions, the successful completion of continuing development of new products, the successful negotiations, execution and implementation of anticipated new software contracts, the successful addition of personnel in technical areas, our ability to complete development and sell and license our products at prices which result in sufficient revenues to realize profits and other business factors beyond the Company's control. These and other risks are described in the Company's filings with the Securities and Exchange Commission (SEC), including but not limited to the Company's Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q.

Financial Tables Follow

 

















ASTEA INTERNATIONAL INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

($ in thousands)





(Unaudited)





Three Months Ended September 30,

Nine months Ended September 30,





2012

2011

2012

2011

REVENUES







Software license fees

$

395

1,707

2,972

5,030


Services and maintenance

4,883

4,887

16,871

14,619











Total Revenues


5,278

6,594

19,843

19,649









COSTS OF REVENUES







Cost of software license fees

382

396

1,151

1,371


Cost of services and maintenance

3,388

3,252

10,913

9,773











Total Costs of Revenues

3,770

3,648

12,064

11,144









GROSS PROFIT


1,508

2,946

7,779

8,505









OPERATING EXPENSES






Product development


466

850

1,724

2,419


Sales and marketing


1,199

1,093

3,726

3,371


General and administrative

1,049

754

3,182

2,588











Total Operating Costs

2,714

2,697

8,632

8,378









(Loss) income from  operations 

(1,206)

249

(853)

127










Interest income


2

10

11

21









(Loss) income before income taxes

(1,204)

259

(842)

148

Income tax expense


18

10

54

30









Net (loss) income


$               (1,222)

$                    249

$                  (896)

$                    118










Preferred dividend


75

75

225

225











Net (loss) income available to common stockholders

(1,297)

174

(1,121)

(107)









Basic (loss) earnings per share:






Net (loss) income per share

$                 (0.36)

$                   0.05

$                 (0.31)

$                 (0.03)









Shares used in computing basic (loss)earnings per share:

3,575

3,567

3,570

3,561










Diluted (loss) income per share

$                 (0.36)

$                   0.04

$                 (0.31)

$                 (0.03)









Shares used in computing diluted (loss) earnings per share:

3,575

4,402

3,570

3,651









 

ASTEA INTERNATIONAL INC.

CONSOLIDATED BALANCE SHEETS

($ in thousands)




September 30, 2012

December 31,
2011

ASSETS


(Unaudited)

(Audited)

Current Assets:




Cash and cash equivalents

$                          1,073

$           2,146


Investments available for sale

159

626


Receivables, net of reserves

5,851

7,592


Prepaid expenses and other

623

503







Total current assets

7,706

10,867







Property and equipment, net

539

507


Intangibles, net

402

504


Capitalized software, net

3,946

3,064


Goodwill 

1,538

1,538


Other long term restricted cash

131

109


Other assets

126

139







Total assets

$                        14,388

$         16,728






LIABILITIES AND STOCKHOLDERS' EQUITY



Current Liabilities:




Accounts payable and accrued expenses

$                          3,531

$           4,423


Deferred revenues

6,070

6,601







Total current liabilities

9,601

11,024






Long Term Liabilities:




Deferred tax liabilities

275

244






Stockholders' Equity:




Convertible preferred stock

8

8


Common stock

36

36


Additional paid-in-capital

31,047

31,048


Accumulated deficit

(26,371)

(25,424)


Treasury stock

(208)

(208)







Total stockholders' equity

4,512

5,460







Total liabilities and stockholders' equity

$                        14,388

$         16,728










ASTEA INTERNATIONAL INC.

STATEMENTS OF CASH FLOWS

For the Nine Months Ended September 30 , 

($ in thousands)




(Unaudited)




2012

2011

Cash flows from operating activities:




Net (loss) income

$                  (896)

$                    118


Adj to reconcile net (loss) income




    to cash provided by operating activities:




Depreciation and amortization

1,304

1,467


Decrease (increase) in allowance for doubtful accounts

54

(16)


Stock Based Compensation 

173

169


Changes in operating assets and liabilities:




Deferred income tax

31

30


Receivables

1,685

66


Prepaid expenses and other

(90)

(207)


Accounts payable and accrued expenses

(1,013)

502


Deferred revenues

(524)

(1,148)


Other assets

13

(18)







    Net cash provided by operating activities

737

963






Cash flows from investing activities:




Capitalized software development costs

(1,886)

(1,510)


Purchases of property and equipment

(229)

(197)


Sale  of short term investments

475

675


Purchase of short term investments

-

(920)


Change in restricted cash

(23)

(30)







   Net cash used in investing activities

(1,663)

(1,982)






Cash flows from financing activities:




Proceeds from exercise of stock options

51

41


Dividends paid on preferred stock

(225)

(225)







Net cash used in financing activities

(174)

(184)






Effect of exchange rate changes on cash and cash equivalents

27

(112)






Net decrease in cash and cash equivalents

(1,073)

(1,315)

Cash, beginning of period

2,146

2,404






Cash, end of period

$                1,073

$                1,089






 

SOURCE Astea International Inc.

About PR Newswire
Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

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