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02/14/14 - $3.91
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astea intl inc (ATEA) Details

Astea International Inc. develops, markets, and supports service management software solutions worldwide. The company licenses its solutions to various companies that sell and service equipment, and/or sell and deliver professional services. It offers Astea Alliance suite, a service management software that addresses the service lifecycle, including lead generation, project quotation, service and billing, and asset retirement; and integrates and optimizes critical business processes for campaigns, call center, depot repair, field service, logistics, projects, and sales and order processing applications. The company also provides FieldCentrix Enterprise suite, a service management solution that runs on various mobile devices; and integrates with customer relationship management and ERP applications. The FieldCentrix Enterprise suite’s features comprise a Web-based customer self-service portal, workforce optimization capabilities, and equipment-centric functionality. In addition, it offers ServiceVision, a cloud solution that leverages a multi-tenant architecture, as well as infrastructure tools and services, consulting, implementation, training, and maintenance services. The company’s products are used in information technology, medical devices and diagnostic systems, industrial controls and instrumentation, retail systems, office automation, imaging systems, facilities management, and telecommunications, and other industries with equipment sales and service requirements. Astea International Inc. markets its products through a network of direct and indirect sales and services offices; and through distributors consisting of value-added resellers, system integrators, and sales agents, as well as original equipment manufacturer partners. The company was formerly known as Applied System Technologies, Inc. and changed its name to Astea International Inc. in 1992. Astea International Inc. was founded in 1979 and is headquartered in Horsham, Pennsylvania.

156 Employees
Last Reported Date: 03/31/14
Founded in 1979

astea intl inc (ATEA) Top Compensated Officers

Founder, Chairman of the Board and Chief Exec...
Total Annual Compensation: $367.9K
President, General Counsel, Secretary and Dir...
Total Annual Compensation: $249.1K
Chief Financial Officer, Principal Accounting...
Total Annual Compensation: $249.1K
Compensation as of Fiscal Year 2013.

astea intl inc (ATEA) Key Developments

Astea International Inc. and Silicon Valley Bank Enter Amended and Restated Loan Agreement

On June 13, 2014, Astea International Inc. and certain of the company's subsidiaries (collectively, the borrowers) entered into a loan and security agreement with Silicon Valley Bank (SVB). On December 18, 2014, the borrowers and SVB amended and restated the prior loan agreement to reduce the aggregate borrowing amount and revise certain other terms of the prior loan agreement. The loan agreement established a new revolving credit facility for the Borrowers in the principal amount of up to $2,000,000. Availability under the revolving facility is tied to a borrowing base formula that is based on 80% of the Borrowers' eligible domestic accounts receivable. Advances under the revolving facility may be repaid and reborrowed in accordance with the loan agreement. No advances were made at closing. Pursuant to the Loan Agreement, the Borrowers agreed to pay to SVB the outstanding principal amount of all Advances, the unpaid interest thereon, and all other obligations incurred with respect to the Loan Agreement on December 18, 2016. Interest will accrue on the unpaid principal balance of the Advances at a floating per annum rate equal to the greater of: 2.25% above the prime rate (which may be reduced to 2.00% above the prime rate for every month in which the Borrowers maintain an adjusted quick ratio" of at least 1.50:1, calculated as described below) or 5.25%; provided, that the minimum interest amount due per month shall not be less than $2,000. During an event of default the rate of interest will increase 5% above the otherwise applicable rate, until such event of default is cured or waived. All accrued and unpaid interest is payable monthly on the last calendar day of each month. The Loan Agreement contains covenants prohibiting the Borrowers from, among other things: conveying, selling, leasing, transferring or otherwise disposing of their properties or assets; liquidating or dissolving; engaging in any business other than the business currently engaged in or reasonably related thereto; entering into any merger or consolidation, or acquiring all or substantially all of the capital stock or property of another entity; becoming liable for any indebtedness; allowing any lien or encumbrance on any of their property; and paying any dividends; and making payment on subordinated debt. Further, the Borrowers must maintain a minimum adjusted quick ratio," tested as of the last day of each month, of at least 1.25:1.00. The adjusted quick ratio is the ratio of the Borrowers' consolidated, unrestricted cash plus net booked accounts receivable to the Borrowers' liabilities to SVB plus, without duplication, the aggregate amount of the Borrowers' liabilities that mature within 1 year, minus the current portion of deferred revenue. The Revolving Facility is secured by a first priority perfected security interest in substantially all of the assets of the Borrowers, excluding the intellectual property of the Borrowers. The Loan Agreement contains a negative covenant prohibiting the Borrowers from granting a security interest in their intellectual property to any party.

agta record ag Opens the Doors to Service Transformation by Selecting Astea's Cloud Service Management & Mobile Workforce Platform

Astea International Inc. announced that agta record ag has signed a cloud software-as-a-service (SaaS) contract for the Astea Alliance service management and mobile workforce platform. agta record will initially deploy the solution for 200 users with a plan to eventually empower a total of 800 users, comprising nine countries, with a single, unified service delivery platform. Accelerated revenue growth, proactive insight to customer interactions, improved customer satisfaction and experiences, and reduced service costs, are just a few of the advantages that agta record is aiming to achieve by leveraging this powerful cloud solution. The agta record group is one of the world leaders in automatic door systems. The core product range of agta record includes all types of sliding doors; telescopic, swing or folding as well as revolving doors. Additionally, record offers hygienic and air-tight doors, plus burglar and fire-resistant doors and break-out systems for the use in escape and rescue routes. agta record is also proud of its large service and maintenance net, which keeps doors running smoothly and reliably all over the world.

Astea International Inc. Announces Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Revenue Guidance for the Year End 2015

Astea International Inc. announced earnings results for the third quarter and nine months ended September 30, 2014. For the quarter ended September 30, 2014, Astea revenues were $5.1 million compared to $5.3 million for the quarter ended September 30, 2013. Net loss available to common stockholders for the third quarter of 2014 was $0.9 million, or $0.25 per share. This compares to a net loss of $0.2 million, or $0.04 per share in the third quarter of 2013. Software license revenues increased to $0.9 million compared to $0.8 million for the same period in 2013. Service and maintenance revenues were $4.2 million compared to $4.5 million for same period in 2013. Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) was $272,000 compared to $582,000 a year ago. Adjusted earnings metrics are $162,000 for the quarter ended September 30, 2014 compared to loss of $109,000 for the same quarter last year. Revenues for the nine months ended September 30, 2014 were flat compared to the same period in 2013. Software license revenues increased 13% to $2.5 million compared to $2.2 million for the same period in 2013. Service and maintenance revenues were $12.7 million, a 3% decrease compared to revenues of $13.1 million for the same nine month period in 2013. Operating loss was $2.8 million compared to an operating loss of $2.1 million in the same nine month period last year. Year to date net loss available to stockholders was $3.1 million, or $0.86 per share compared to a net loss available to common stockholders of $2.3 million or $0.63 per share in the same period last year. Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) was $166,000 compared to loss before Interest, Taxes, Depreciation and Amortization (LBITDA) $474,000 a year ago. Adjusted earnings metric is $175,000 compared to a loss of $2,589,000 for the comparable period in 2013. By year-end of 2015, The company anticipates that the level of billing on an annualized basis from cloud subscriptions will be between $8 million and $10 million. Professional services are expected to generate about $10 million in annual services performed, some of which will relate to hosted implementations and will therefore be deferred. Perpetual license sales to existing customers and new customers preferring an on-site solution, will approximate 10% to 15% of total revenue. Annual recurring maintenance revenue should continue to be in excess of $10 million.


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