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Astea Reports First Quarter 2010 Results
May 12, 2010 (05:05 PM EDT)
For the first quarter ended March 31, 2010, Astea reported revenues of $4.7 million compared to revenues of $4.8 million for the same period in 2009. Net loss for the first quarter was $1.1 million or ($.33) per share, compared to a net loss of $728,000 or ($.23) per share for the same period in 2009. License revenues were $974,000 compared to $510,000 in 2009. Total service and maintenance revenues were $3.7 million compared to $4.3 million in 2009.
"We are very pleased that we successfully signed three new enterprise deals this quarter. However, the revenue from the largest deal could not be recognized due to complex software revenue recognition rules. We expect to recognize that revenue later this year," stated Zack Bergreen, CEO of Astea International. "We expect recent sales activity to drive sequential revenue growth as these new customers have very aggressive plans for expanding the solution globally in a short period of time. While we remain cautious from a near-term perspective, our longer term optimism continues to grow. We will continue to execute against our sales and marketing investment strategy to position Astea for market share gains as the economic environment continues to improve."
FIRST QUARTER HIGHLIGHTS
Astea will host a conference call that will be broadcast live over the Internet on May 13, 2010 at 11:00 AM ET to discuss the Company's first quarter financial results. Investors can access the call from the Company's Web site at http://www.astea.com/about_investors.asp. 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. 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 400 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.
© 2010 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.
This press release contains forward-looking statements and expectations of future results that are made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties that could materially affect future results. Among these risk factors are possibilities that the companies mentioned in this press release may not purchase licenses for Astea Alliance, the continuing acceptance of Astea's products, general competitive pressures in the marketplace, and continued overall growth in the customer relationship management solutions industry. Further information regarding these as well as other key risk factors and meaningful cautionary statements that could affect the Company's financial results are included at length in the Company's Form 10-K for the fiscal year ended December 31, 2009, as supplemented in the 10-Q for the Quarter ended March 31, 2010 as filed with the Securities and Exchange Commission.
SOURCE Astea International Inc.