Pervasive Software Quarterly Results

Company Reports 37th Consecutive Profitable Quarter, Record Level of Deferred Revenue

Pervasive Software Reports Results for Its Third Quarter of Fiscal Year 2010

Company Reports 37th Consecutive Profitable Quarter, Record Level of Deferred Revenue

AUSTIN, Texas, Apr 20, 2010 (BUSINESS WIRE) -- Pervasive Software(R) Inc. (PVSW) , a global value leader in embeddable data management and data integration software and in enabling next generation analytics, today announced financial results for the third quarter ending March 31, 2010.

For the third quarter ended March 31, 2010:

Revenue was $11.7 million, compared to $13.0 million for the third quarter of last fiscal year. As a reminder, results for the March quarter of the previous fiscal year included one relatively large transaction with a database customer representing approximately $3.0 million in revenue.
Net income was $1.0 million, or $0.06 diluted earnings per share, compared to net income of $1.9 million, or $0.10 diluted earnings per share, for the third quarter of last fiscal year.
On a non-GAAP basis, as described below, Pervasive realized net income of $1.3 million, or $0.07 diluted earnings per share, compared to net income of $2.1 million, or $0.11 diluted earnings per share, in the third quarter of last fiscal year. Non-GAAP results exclude amortization of purchased intangibles and stock-based compensation expense, and assume a non-GAAP effective tax rate of 34%.

Pervasive continued to generate positive cash flow from operations with $2.2 million in the third quarter of fiscal 2010, ending the quarter with approximately $42.4 million in cash and marketable securities. Pervasive acquired approximately 252,000 shares of Pervasive common stock on the open market at a total cost of approximately $1.3 million, or approximately $5.05 weighted average price per share, during the quarter ended March 31, 2010. The Company has more than $5.0 million authorized repurchase funds remaining under its $10.0 million stock repurchase program announced in March 2009. Depending on market conditions and other factors, such purchases may be commenced or suspended at any time without prior notice. Issued and outstanding shares of common stock as of March 31, 2010 totaled approximately 17.6 million.

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