Versant (VSNT) Lowers Guidance

April 20, 2009 8:40 AM EDT

Versant Corporation (Nasdaq: VSNT) said for fiscal year 2009 it expects revenues of between $17 million and $19 million, versus previous guidance of between $22 million to $24 million. The company sees diluted earnings per share of between $1.00 and $1.30, versus previous fiscal 2009 guidance of diluted earnings per share of between $2.00 and $2.40.

The Company currently expects revenues of between $3.5 million and $3.7 million with modest net income for its second fiscal quarter ending April 30, 2009.

CEO Jochen Witte said, "Given the uncertain economic environment, we are taking steps to reduce our operating expenses by approximately 10% compared to the prior fiscal year through reductions in discretionary spending, by not refilling certain vacant job positions that are not considered mission critical to the Company, and other measures. We do not anticipate personnel lay-offs at this time, therefore maintaining our core team, and we expect to continue to maintain overall profitable and cash positive operations in our 2009 fiscal year."

The Company plans to continue its stock repurchase program under which it is authorized to repurchase up to $5.0 million worth of its outstanding common shares from time to time on the open market, in block trades or otherwise.

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