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Astea Reports Profitable First Quarter 2011 Results
May 12, 2011 (05:05 PM EDT)
49% Increase in Overall Revenues, 130% Increase in Software License Revenues, and 27% Increase in Service and Maintenance Revenues
HORSHAM, Pa., May 12, 2011 /PRNewswire/ -- Astea International Inc. (NASDAQ: ATEA), a global provider of service lifecycle management and mobility solutions, today released financial results for the first quarter of 2011.
For the quarter ended March 31, 2011, Astea reported revenues of $7.0 million which were 49% greater than revenues of $4.7 million for the same period in 2010. Net income available to shareholders for the quarter was $.6 million or $.16 per share, compared to a net loss of $1.2 million or ($.33) per share for the same period in 2010. Software license revenues of $2.3 million were 130% higher than revenues of $1.0 million for the same period in 2010. Service and maintenance revenues of $4.7 million were 27% higher when compared to revenues of $3.7 million for the same period in 2010.
"We are very happy to report a second consecutive profitable quarter, exemplifying our leadership position in the service management software industry. We successfully signed some very significant deals this quarter. Furthermore, we also launched a number of large deployment expansion projects with existing customers. One of our largest project expansions will eventually be deployed to more than 20 countries. These projects will generate a consistent stream of revenue activity for both additional licenses as well as professional services throughout 2011 and 2012. Because of the increasing demand for professional services, we are actively adding additional resources around the world. In addition, we are leveraging our premier system integration partner ecosystem to support these global projects," stated Zack Bergreen, CEO of Astea International.
Bergreen continued, "Our constant innovation and proven experience in service management are a unique combination in the industry that consistently generates positive results for our customers. It has become evident that Astea is one of the few vendors that can offer a full range of software and services across the entire service management lifecycle. For companies in which service is strategic and mission critical, we provide powerful solutions that seamlessly fit within their existing infrastructure. Our software can grow with them as their service operations grow."
FIRST QUARTER HIGHLIGHTS
Astea will host a conference call that will be broadcast live over the Internet on May 13, 2011 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 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.
© 2011 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 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, 2010, as supplemented in the 10-Q for the Quarter ended March 31, 2011 as filed with the Securities and Exchange Commission.
SOURCE Astea International Inc.