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gnulaw (54.24)

OPS OCCUPY PERVASIVE SOFTWARE - (NASDAQ:PVSW) Q1 Fiscal 2006 v Q1 Fiscal 2012

Recs

2

October 28, 2011 – Comments (20) | RELATED TICKERS: PVSW.DL , CRM , ORCL

#OPS Occupy Pervasive Software 

Non-Insider Shareholder(s) Demand an immediate Management and Board of Directors Shakeup

 

Q1 Fiscal 2006

"...AUSTIN, Texas, Oct. 25 Pervasive Software(R) Inc. , a global value leader in data infrastructure software, today announced financial results for the first fiscal quarter ending September 30, 2005.

Revenue, as reported under generally accepted accounting principles (GAAP), was $11.7 million for the first quarter of fiscal year 2006, compared to $11.8 million for the first quarter of last fiscal year. Net income was $0.3 million, or $0.01 diluted earnings per share, for the first quarter, compared to net income of $0.8 million, or $0.03 diluted earnings per share, for the first quarter of last fiscal year. On a pro forma basis, as described below, Pervasive realized pro forma net income of $1.5 million, or $0.07 diluted earnings per share, in the first quarter of fiscal year 2006, compared to net income of $1.1 million, or $0.05 diluted earnings per share, in the first quarter of last fiscal year..."

Q1 Fiscal 2012

"...AUSTIN, TEXAS – October 25, 2011 – Pervasive Software® Inc. (NASDAQ: PVSW), a global leader in cloud-based and on-premises data innovation, today announced financial results for the first quarter ending September 30, 2011.
 
For the first quarter ended September 30, 2011:
•               Revenue was $11.7 million, compared to $11.0 million for the first quarter of last fiscal year.
•               Net income was $0.2 million, or $0.01 diluted earnings per share, compared to net income of $0.5 million, or $0.03 diluted earnings per share, for the first quarter of last fiscal year..."

 

Reference

(September 02, 2011) (NASDAQ:PVSW) 2011 Sees No Insider Buying But Much Insider Selling, Share Buybacks a Sham?

 

20 Comments – Post Your Own

#1) On October 29, 2011 at 1:01 PM, gnulaw (54.24) wrote:

Q1 Fiscal 2007 (one year later) v Q1 Fiscal 2012 

 

Q1 Fiscal 2007

"...AUSTIN, TEXAS – October 24, 2006 – ...Revenue was $10.0 million for the first quarter of fiscal year 2007, compared to $11.7 million for the first quarter of last fiscal year. On a GAAP-basis, net income was $0.7 million, or $0.03 diluted earnings per share, for the quarter, compared to net income of $0.3 million, or $0.01 diluted earnings per share, for the first quarter of last fiscal year...

...'While first quarter revenues fell short of our initial target, we continue to effectively manage our expenses, which allowed us to deliver our twenty-third consecutive quarter of profitability, grow cash and continue to be active with our stock repurchase program," said John Farr, president and CEO of Pervasive Software. "The integration products group fell just short of revenue expectations for the quarter while the database products group faced more significant challenges, including summer seasonality that particularly affects our extensive international database business and reduced demand associated with the latter half of the version life cycle for P.SQL V9...'

Q1 Fiscal 2012

"We executed well in the September quarter, resulting in our 43rd consecutive quarter of profitability," said John Farr, president and CEO, Pervasive Software. "I'm particularly pleased that our core integration products team and database products team each grew revenue from the September quarter of prior year. Going forward, we remain committed to profitability while also continuing our strategic investments both in our core database and integration product lines as well as in our emerging Cloud and Big Data-focused businesses." 

Accordingly, John Farr nor the entire entrenched Board of Directors have any credibility and allegedly guilty of (including but not limited to) consistent patterns of gross negligence.

Nancy Woodward, Director, Insider Sales, 2004-present. Note: All Sales. [No] open market purchases. This is a pattern with the company's Senior officers and Directors.  See comment #10 here ref/ PVSW SEC FORM DEF 14/A. Pervasive is arguablly and allegedly nothing more than an ATM for insiders where non-insider sources provide the deposits. Shareholder value has never been created nor maximized for non-insider shareholders with this entrenched Management and Board of Directors' [mindset]. This will end now. 

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#2) On October 30, 2011 at 3:04 PM, gnulaw (54.24) wrote:

>>Nancy Woodward, Director, Insider Sales, 2004-present. Note: All Sales. [No] open market purchases.

 

NOTE: On this form near the top --> Sec Filings Insider Trading - Woodward Nancy R --> SELECT ALL DATA (currently defaults to 2 years) --> Go! (This will provide all Insider Sells back to 2003, 2 pages).

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#3) On November 11, 2011 at 2:51 AM, gnulaw (54.24) wrote:

Who is David Bradford?

 

1. (Nov 7 2011) HireVue Welcomes Technology Luminary David Bradford as CEO?    or

2. David Bradford, Director, PVSW since 1995.

3/9/2011 David Bradford, Director  Disposed 10,000 shares @ $5.65 ($56,500).

7/29/2011 David Bradford, Director since 1995, Disposed 10,000 shares @ 7.04 ($70,400) Source.

How has shareholder value been created in the 16 years David Bradford has been a Director? How much has he personally benefitted? Story developing...

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#4) On November 14, 2011 at 8:39 PM, gnulaw (54.24) wrote:

PVSW share volume falling off a cliff. Why?

Q2 2012 Conference Call for period ended Sep 30

John Farr simply lacks CEO fire, passion, vision, fails to establish confidence with his shareholders.

Obvious questions:

1. PSQL Vx ?

2. PSQL v12 ?

And  why has Farr failed to monetize Patent number: 7725875 Automated world wide web navigation and content extract. Listen for yourself.

3. Why so few patents (over a 30 year history) when company boasts of 25% r&d expenditures and PVSW's Innovation Labs?  

With all due respect John Farr, CEO, is too close to the situation to realize he is hobbling PVSW shareholder maximization. There needs to be a very short-term disruption to both PVSW Sr. management and the Board of Directors (.)

It simply wasn't making sense that Management and the BoD of PVSW continue to fail to increase shareholder value including attracting substantive analyst interest given management's consistent attendance at investor and technical conferences.

The October 25th conference call will provide immediate and disturbing evidence. Listen for yourself.

Also, here - Pervasive Software CEO Discusses F1Q2012 Results - Earnings Call Transcript

You will sense a pattern where John Farr makes several disturbing statements, none of which, were EVER said by Steve Jobs, Larry Page, Sergey Brin, Mark Zuckerberg, Evan Williams, Jeff Bezos, Pierre Omidyar, Niklas Zennstrom, Peter Thiel, Blake Ross, Max Levchin, Marc Andreesen...on a shareholders conference call nor simply ever.

 

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#5) On November 18, 2011 at 1:24 PM, gnulaw (54.24) wrote:

>>PVSW filed its DEF 14/A today. VOTE NO for Director Nominees Nancy Woodward and Shelby Carter.  Given a failure to create shareholder value PVSW's shareholder plan for its Board of Directors arguably represents nothing more than a private Director's and insiders ATM without a requirement to deposit funds nor based on performance. Source

PVSW filed SEC Form 8-K November 17th, 2011 pursuant to said DEF 14/A approving said nominations of Nancy Woodward and Shelby Carter.  Non-insider shareholders plan to accordingly vigorously pursue PVSW largest shareholders * to shake-up said entrenched management and Board of Directors. Story developing... 

Note: Consistent exclusive SELL orders by insiders.

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#6) On November 18, 2011 at 9:40 PM, gnulaw (54.24) wrote:

Per the conference call both Randy jonkers and John Farr confirmed 60% of PVSW revenues were derived from their dB products yet there was no mention of the status with the erlease of the next generation of the database products, specifically, PSQL v12 and PSQL Vx.

There was also a decrease of five employees from end of q4. John Farr's explanation effectively was that there are better opportunities in Austin than staying with Pervasive.

Pervasive has significant potential but is a train wreck with John Farr, and the certain incumbent Board and Sr. Mgt, whose mindset is responsible for no insider open-market purchases of PVSW common and consistent selling of stock options granted at 0$ and not based on perfromance while no shareholder value is being created/maximized for non-insider shareholders. The fact there are no open-market purchases further suggests PVSW management and the Board feel the shares are already fully or over-valued. To exacerbate this mindset insiders are selling said free option grants not based on performance, effectively turning PVSW into a non-insider shareholder funded ATM exclusivelyavailable only for insider withdrawls.

 

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#7) On November 19, 2011 at 7:13 AM, gnulaw (54.24) wrote:

First Call Negative Earnings Surprise Q1 ending Sep 30 PVSW -25%

Reporting Period - Q1 2012 Ending Sep 30

Estimate  $.04

Actual      $.03

 

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#8) On December 11, 2011 at 12:32 PM, gnulaw (54.24) wrote:

PVSW Update as of 10 December 2011.

PVSW: Shares Outstanding: 16,104,000
52-WEEK Range: $5.14 - 7.93
Market Cap: $99.11M


ROYCE & ASSOCIATES 1,461,500 9/30/2011 9.08%
DIMENSIONAL FUND 1,403,407 9/30/2011 8.71%
DIALECTIC CAPITAL 1,143,928 9/30/2011 7.10%
ET AL (RENAISSANCE, VANGUARD --> BLACKROCK, MORGAN STANLEY  28.09%  (appx. 27 Funds)
=========
~ 52.98% of class

NOTE: NASDAQ.com is showing 40 Institutional Holders, 8,581,140 shares held (53.29% of class).

Michael E. Hoskins, CTO 1,400,000 shares 8/30/2011 (8.69% of class).
==========
61.98% of class

Float: 11.64M shares

Source: Nasdaq.com finance.yahoo.com

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#9) On December 17, 2011 at 10:31 AM, gnulaw (54.24) wrote:

>>Obvious questions:

>>1. PSQL Vx ?

 

PSQL Vx Server 11 Release Candidate is now available.

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#10) On December 21, 2011 at 7:30 PM, gnulaw (54.24) wrote:

Three substantive emerging facts:

1. (December 2011) Pervasive PSQL Vx Server 11 Release Candidate Now Available.

2. (November 30, 2011)  Top 3 Companies in the Systems Software Industry With the Highest Future Earnings Growth (N, FIRE, PVSW). Source: Financial News Network Online --> fnno.com/story/fast-lane/331-top-3-companies-systems-software-industry-highest-future-earnings-growth-n-fire-pvsw-fast-lane

3. (October 2011) "...The Pervasive DataCloud2 is growing.  In fact the last business quarter marked a milestone in the number of execution requests that were received by our customers in the form of just over 1 million requests! What does this mean? It means that Pervasive customers are adopting the DataCloud2 at a faster rate than ever, especially when more than half of those requests came in September alone.  Over 500,000..."

 

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#11) On December 22, 2011 at 10:06 AM, gnulaw (54.24) wrote:

"...Business Outlook
Pervasive expects revenue for the second fiscal quarter ending December 31, 2011 to be in the range of $11.4 million to $12.4 million and GAAP-basis diluted earnings per share of $0.01 to $0.04, compared to $11.7 million revenue and $0.03 diluted earnings per share for the December quarter of the previous fiscal year..." - Source: Pervasive, October 25, 2011


"We executed well in the September quarter, resulting in our 43rd consecutive quarter of profitability," said John Farr, president and CEO, Pervasive Software. " Source: ibid

Will John Farr miss in the 44th or 45th quarter based on PVSW earnings trend under his [guidance]? 

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#12) On December 25, 2011 at 8:33 AM, gnulaw (54.24) wrote:

Additional updates, historical information.

1. (Nov 8, 2011) The Classic Conference (Corporate Overview) link --> files dot shareholder dot com slash downloads slash PVSW slash 1578950641x0x516991/20b27f54-9f38-48d5-b0b9-2a81857eb8e4 slash PVSW%20TechAmerica%20Classic%2011-8-11 dot pdf

2. (August 25, 2010)  Pervasive DataRush - An Update. link --> jtonedm dot com slash 2010 slash 08 slash 25 slash pervasive-datarush-an-update/

3. (June 4, 2009) First Look - Pervasive DataRush. link --> tonedm dot com slash 2009 slash 06 slash 04 slash first-look-pervasive-datarush/

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#13) On December 29, 2011 at 7:51 AM, gnulaw (54.24) wrote:

Something strange... (NASDAQ:PVSW) s most recent 10-Q (Q1 ending Sep 30, 2011)  within Item 2 


ITEM 2.     MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

John Farr is selling PVSW as if this were an S-1 Registration to go public or something with even less regulations governing its contents e.g.

"...Pervasive also continues to see consolidation in markets where its data management and data integration offerings compete. In the database arena, Oracle acquired the open source Sun MySQL database while SAP acquired Sybase. For ISVs who want to avoid vendor lock-in with monolithic industry giants, Pervasive PSQL remains an attractive alternative. In the data integration market, IBM acquired CastIron Systems and Dell acquired Boomi, resulting in Pervasive being one of an increasingly small number of independent data integration providers. With a stable operating history, consistent profitability, a commitment to channel and the ability to provide a best-of-breed alternative to large technology stacks, we believe Pervasive holds a unique position as a stable yet innovative go-to partner for both channel and enterprise customers...

We believe these trends will favor Pervasive. We believe the market for data infrastructure software, in particular, is experiencing significant market disruption due to the high cost of many competing, more labor-intensive solutions. We further believe well-established technology leaders who develop deep relationships with channel partners and customers tend to prevail in cost-sensitive markets, and Pervasive, with its strengths in scalable data management, data integration, and scalable cloud delivery, is well-positioned to benefit from the trends in these markets. The current release of Pervasive PSQL database enables applications that embed the database to deliver significant performance improvements on dual-core, 4-core and 8-core servers. In addition, Pervasive DataCloud provides an elastic platform-as-a-service that both Pervasive and partners can leverage to deliver SaaS integrations. The economic environment remains uncertain, but Pervasive’s financial stability, strong value proposition for customers and partners, and diverse vertical and geographic markets have enabled the company to sustain profitability even in the face of economic headwinds. We believe that if an economic recovery accelerates and strengthens, our reputation as an established vendor with highly reliable offerings positions Pervasive to prosper even further.


Pervasive has a strong portfolio that consists both of established products with strong channels and recurring revenue and of innovative, cutting-edge technology that leverages potential market disruptors such as multicore hardware, cloud-based delivery models and the avalanche of big data. With a 10-year history of profitability, Pervasive remains committed to investing in technology innovation to deliver offerings that differentiate us from competitors, stay current with market trends, and deliver compelling customer value, today and in the future..."

However,  in the


ITEM 1A.     RISK FACTORS

section Farr and the Board state: 

"...We Have Anti-Takeover Provisions


Our Restated Certificate of Incorporation and Amended and Restated Bylaws contain certain provisions that may have the effect of discouraging, delaying or preventing a change in control or unsolicited acquisition proposals that a stockholder might consider favorable. These provisions include provisions to authorize the issuance of “blank check” preferred stock, establish advance notice requirements for stockholder nominations for elections to the Board of Directors or for proposing matters that can be acted upon at stockholders’ meetings; eliminate the ability of stockholders to act by written consent; require super-majority voting to approve certain amendments to the Restated Certificate of Incorporation; limit the persons who may call special meetings of stockholders; and provide for a Board of Directors with staggered, three-year terms. In addition, certain provisions of Delaware law and our 1997 Stock Incentive Plan and our 2006 Equity Incentive Plan may also have the effect of discouraging, delaying or preventing a change in control or unsolicited acquisition proposals..."

so, what are they really saying? 

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#14) On December 30, 2011 at 9:20 PM, gnulaw (54.24) wrote:

Mike Olson, CEO, Cloudera  (strategic alliance partner with Pervasive), interviewed by Bloomberg.com (Mar 25, 2011) Cloudera's Olson Says Data Will 'Transform' Industry. [This] is the type of CEO PVSW needs (.) They both are rooted in the database industry but one makes excuses why employees are leaving [1.] while Olson is attracting the best talent from Google, Facebook, and Yahoo.

[1.] >>The October 25th conference call will provide immediate and disturbing evidence. Listen for yourself.

UPDATE: Pervasive appears to have pulled this conference call from the link they provided where it would be archived [ "...the Webcast will be archived on Pervasive's Web site at http://investor.pervasive.com/events.cfm..."]. qed?

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#15) On January 01, 2012 at 9:05 AM, gnulaw (54.24) wrote:

According to LinkedIn, Bill Humphrey, Pervasive's Senior Director, International Sales and Global Client Sevices (through Dec 2011), has joined Tableau Software ( @tableau) as Director Professional Services. Is the exodus continuing per John Farr's Q1 FY 2012 Conference Call (covered here during the Q and A session of the Earnings Call Transcript).

Note: Per the above comment #14,the Q1 FY2012 Conference Call is no longer available, but Seeking Alpha's Transcript is. Also noteworthy, The Horn Group released this press release * regarding their association with Pervasive in February 2011, less than a year ago. Neither Erin Zehr nor Linda Clarke are currently associated with Horn Group. Erin is now with Dell and Linda is on sabbatical.

* Horn Group, Inc. today announced that Pervasive Software [NASDAQ:PVSW] selected the company as its public relations firm in the U.S. Horn Group will help direct Pervasive Software’s innovation and expanded value-based messaging, while providing full public relations, social media and interactive design services in 2011. The Pervasive Software account is being led by Horn Group vice president Erin Zehr in San Francisco...Pervasive Software is a consistently growing and profitable company looking to shake things up within their industry,” said Linda Clarke, managing director at Horn Group. “We couldn’t resist the opportunity to take the company’s success further and leverage our rich enterprise background to broaden their audience and influence.” 

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#16) On January 05, 2012 at 12:56 AM, gnulaw (54.24) wrote:

Share buybacks:In Perspective

PVSW Board turns on insider ATM again... issued 280,000 shares at $.01 cost to insiders between Dec 1 and Dec 30 at a valuation of $1,646,000 based on transaction date closing price (Dec 1 and Dec 30). 

 

 

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#17) On January 19, 2012 at 6:45 PM, gnulaw (54.24) wrote:

Pervasive's revenue distribution is appx. 60% PSQL 35% Data Integration * and 5% spread across Business Xchange *, Data Solutions, and Big Data.

 Two questions:

If Big Money says Big Data is a Paradigm Buster


1. Why is PVSW generating negligible revenues / acquisition interest? and 

2. Why is PVSWs Big Data dedicated website so astonishingly sad and underwhelming and with a logo of a poorly drawn animal vs. say a tachyon? 

Pervasive, Mr. Farr, Mr. Hoskins, Mr. Falgout, Board of Directors,

WHAT ARE YOU THINKING?!

 

* Very tight and exciting websites. Big Data site is a tragedy. 

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#18) On January 19, 2012 at 6:57 PM, gnulaw (54.24) wrote:

[CORRECTION]

>>1. Why is PVSWs Big Data (Datarush) generating negligible revenues / acquisition interest? 

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#19) On January 22, 2012 at 9:33 AM, gnulaw (54.24) wrote:

>>2. Why is PVSWs Big Data dedicated website so astonishingly >>sad and underwhelming and with a logo of a poorly drawn animal >>vs. say a tachyon?

Pervasive Big Data is sporting a new logo, at least, as a Bronze Sponsor of  Predictive Analytics World (March 4-10). Very nice. Hopefully replacing its current logo. It's a lot about superior perceived value, brand equity, and at a more fundamental level, company mindset. Do they even get it..see the Big Picture? Unfortunately, this new logo link takes one back to the past...

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#20) On February 23, 2012 at 5:23 PM, gnulaw (54.24) wrote:

>>2. Why is PVSWs Big Data dedicated website so astonishingly >>sad and underwhelming and with a logo of a poorly drawn animal >>vs. say a tachyon?

Pervasive has a new Big Data website! Excellent...and dropped the DataRush cheetah logo. Superior move.  One of the last issues would be why no Big Data revenues / contract announcements? Concern is Pervasive sales team is too weak at a point in history when PVSW should be attracting top talent in the world especially given their multi-year jump in this space and their Datarush patent-pending technology??? Something doesn't make sense here folks.

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