HORSHAM, Pa., May 15, 2015 /PRNewswire/ -- Astea International
Inc. (OTCQB: ATEA), a global provider of service management and
mobile workforce solutions, today announced financial results for
the quarter ended March 31, 2015.
For the quarter ended March 31,
2015, Astea reported revenues of $5.9
million compared to revenues of $4.8
million for the same period in 2014. Net loss for the
first quarter was $0.8 million or
($0.26) per share, compared to a net
loss of $1.3 million or ($0.37) per share for the same period in
2014. Software license revenues were $1.1 million, compared to $0.5 million for the same period in 2014.
Subscription revenues were $0.3
million compared to $0.1
million for the same period in 2014. Service and
maintenance revenues were $4.5
million compared to revenues of $4.3
million for the same period in 2014.
Adjusted EBITDA was $0.4 million
for the quarter ended March 31, 2015
compared to ($0.5 million) for the
same period in 2014. This measure eliminates the variation in
operating results that occur from accounting rules related to the
deferral of hosting and implementation fees on hosted customers as
well as the rules related to the capitalization and amortization of
development costs. Deferred revenues related to hosting increased
$534,000 from last quarter. The
details of Adjusted EBITDA are reported in the financial tables
below.
"This quarter we attained an impressive set of new customers,
generated from both our direct and indirect channels. We are very
happy to see the positive impact that our strategic efforts have
delivered to date. Some of our notable new customers include a
leading provider of medical device equipment, in Germany, who will be deploying Astea's
end-to-end solution suite; a premier service provider for power
generation equipment, in North
America, will be leveraging our cloud solution to transform
their service operations; an Australian division of a Fortune 500
imaging and optical manufacturing company selected the Astea
Alliance service management on premise platform; an Austrian
provider of access management solutions will be leveraging Astea's
robust and comprehensive cloud solution suite initially deploying
in one geography with further expansion to many more countries; a
leading IT services company in France selected Astea's service suite to
reduce costs and improve customer satisfaction; and a leading
provider of process control solutions in North America selected Astea to standardize
service and improve productivity," stated Zack Bergreen, CEO of Astea International.
"Additionally, our existing customers continued to significantly
expand their deployments. This speaks volumes in regards to our
unique combination of product, people, and proven ability to help
our customers drive quantifiable results for their service
operations."
"In February, we announced the availability of Astea Alliance
12.0, delivering a significant number of noteworthy innovations
that will help companies accelerate response times, improve overall
customer experience, and gain instant access to actionable
intelligence. We remain relentless in the pursuit of providing
powerful capabilities to the mobile user without adding complexity
to the user experience. This release continued to build upon that
philosophy with optimized user navigation; visualization tools to
easily support self-dispatch; live chat to instantly connect
technicians with experts; centralized parts order status view;
support for Windows Phone; and much more," stated Mr. Bergreen.
"Our ongoing commitment to innovation was also reaffirmed by Astea
successfully achieving the Microsoft Gold Independent Software
Vendor (ISV) Competency for the tenth consecutive year. This
achievement demonstrates our "best-in-class" ability and commitment
to meet our customers' evolving needs in today's dynamic business
environment and distinguishing ourselves within the top 1 percent
of Microsoft's partner ecosystem."
Outlook
Mr. Bergreen concluded, "There has been a
flurry of merger and acquisition activity in our space lately which
has resulted in consolidation of the number of options customers
have available to select a vendor. Astea remains one of the few
independent vendors still standing, with a commitment to an open
architecture and ease of access to all complementary systems. While
these acquired companies are busy focusing on assimilating into
their new organizations, we continue to focus on the next wave of
innovation and how we can deliver compelling capabilities that will
help our customers achieve demonstrable success. Our sales,
marketing, and partner acquisition activity has remained at the
forefront of our focus, in all operating regions, and we expect
this to continue. Additionally, we have had multiple customers
go-live this quarter and as a result, many of those go-lives had
subsequent phases which has also added to our professional services
backlog."
Astea will host a conference call that will be broadcast live
over the Internet on May 15, 2015 at
4:30pm 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/en/About-Us/Investors/page.aspx. 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 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.
© 2015 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.
Use of Non-GAAP Financial Results
In addition to
disclosing financial results calculated in accordance with U.S.
generally accepted accounting principles (GAAP), the Company's
earnings release contains Non-GAAP financial measures. The
Company's management believes the Non-GAAP financial information
provided in this release is useful to investors' understanding and
assessment of the Company's on-going core operations and prospects
for the future. Management also uses both GAAP and Non-GAAP
information in evaluating and operating business internally and as
such deemed it important to provide all this information to
investors. The Non-GAAP financial measures disclosed by the
Company should not be considered in isolation or as a substitute
for, or superior to, financial measures calculated in accordance
with GAAP, and the financial results calculated in accordance with
GAAP and reconciliations to those financial statements should be
carefully evaluated. Reconciliations between GAAP measures
and Non-GAAP measures are provided later in this press release.
Financial Tables Follow
Astea
International Inc.
|
Reconciliation of
Reported Net (Loss) to EBITDA plus Change in Deferred Hosting
Professional Services, Less Capitalized Software Development
Costs
|
($ in
'000's)
|
|
|
|
|
|
|
|
|
Quarter
Ending
|
|
|
|
3/31/2015
(Unaudited)
|
3/31/2014
(Unaudited)
|
Net loss, as
reported
|
(793)
|
(1,261)
|
|
|
|
|
|
Add back:
|
|
|
|
Interest
expense
|
42
|
37
|
|
Income
taxes
|
12
|
7
|
|
Depreciation and
amortization
|
1,066
|
931
|
|
|
|
|
|
|
|
Earnings before
Interest, Taxes, Depreciation and Amortization (EBITDA)
|
327
|
(286)
|
|
|
|
|
|
Increase (decrease)
in deferred hosting
|
349
|
578
|
Increase (decrease)
in deferred professional services - hosting
|
185
|
(63)
|
Capitalized software
development costs
|
(426)
|
(681)
|
|
|
|
|
|
EBITDA plus change in
deferred hosting services less capitalized software development
costs
|
435
|
(452)
|
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SOURCE Astea International Inc.