Pervasive Software Inc. (PVSW), Monday, updated its earnings and revenue outlook for the second quarter of fiscal 2010. The company also provided guidance for the third quarter of full-year 2010
The company now expects second-quarter GAAP earnings per share in the range of $0.05 - $0.06, compared with its previous forecast of $0.04 - $0.07. For the year-ago second quarter, the company's GAAP earnings were $0.06 per share.
On a non-GAAP basis, the company currently anticipates earnings of $0.06 to $0.07 per share for the quarter, narrower than the previous view of $0.05 - $0.08 per share. The company had reported non-GAAP earnings of $0.07 per share for the prior-year second quarter.
The company noted its non-GAAP results exclude amortization of purchased intangibles and stock-based compensation expense and assume a non-GAAP effective tax rate of 34%.
Further, Pervasive said that it currently expects revenue for the second quarter to be $11.5 million to $11.7 million. On October 20, 2009, the company had projected second-quarter revenue between $11.0 million and $12.0 million. For the second quarter of the previous year, the company recorded revenues of $11.2 million.
Pervasive also expects to report positive cash flow from operations of about $2.3 million in the second quarter, ending the quarter with about $41.7 million in cash and marketable securities. The company said it has about $6.6 million authorized repurchase funds remaining under its $10 million stock repurchase program announced in March 2009. During the quarter, the company repurchased about 204,000 shares of Pervasive common stock on the open market for about $1 million.
Looking forward, Pervasive expects GAAP earnings per share in the range of $0.03 - $0.06 and revenues in the range of $11.0 million - $12.0 million and for the third quarter of fiscal 2010.
Pervasive said that the expected GAAP results for the third quarter of fiscal 2010 include amortization of purchased intangibles and stock-based compensation expense representing about $0.6 million, pre-tax.
The company had recorded earnings per share of $0.10 and revenue of $13.0 million for the third quarter of last year, which included a transaction with a database customer representing about $3.0 million in revenue.
On an adjusted basis, the company's earnings are anticipated to range from $0.04 to $0.07 for the third quarter, compared to non-GAAP earnings per share of $0.11 for the same quarter of the previous year.
PVSW is currently trading at $4.88, up 0.05 or 1.04%, on the Nasdaq.
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