Enterprise software provider Verity has reported a
year-on-year fourth-quarter revenue increase of 31% with its
financial results for the fourth quarter and financial year
which ended on 31 May.
Revenues for the fourth quarter was $38.3m (£21m), an increase of
31% compared with $29.2m reported in the same quarter the previous
year. Verity also noted there was an increase of 25% compared with
the $30.5m reported in the third quarter of 2004.
Verity said revenues for the 2004 financial year were $124.3m,
an increase of 22% compared with $102m for 2003.
"Verity's fourth-quarter results cap a successful year of financial
growth and business expansion," said Garth Wittles, district
manager for Verity.
"Internationally, we have exceeded financial expectations in
this quarter, strengthened the team, and extended our markets and
offerings, both organically and through the strategic acquisitions
of Cardiff and the assets of NativeMinds."
The company reported that operating income in the fourth quarter
was $3.6m or 10% of total revenue compared with operating income of
$5m or 17% of total revenue for the fourth quarter of 2003.
Operating income for 2004 was $17.1m, or 14% of total revenue,
compared with $11.6m or 11% of total revenue for 2003.
Net income in the fourth quarter of 2004 came in at $1.4m
compared with net income of $4.2m for the same quarter of 2003. Net
income for 2004 was $11.6m compared with net income of $11.6m for
2003.
"Given the recent strength of the business, we are focused on
revenue growth in both the quarter and the year, while remaining
committed to ongoing profitability," Wittles says. "Verity is
excited about the building momentum and will invest heavily in the
business for continued growth in 2005."
The company noted its balance sheet included cash and cash
equivalents, short-term investments, and long-term investments
totalling $201.7m.
Written by
Computing SA staff
"The quarter saw a number of new customer wins, including the U.S.
Federal Reserve Board, FedEx (Federal Express Corp.), Qualcomm
(Inc.), and Siemens (AG)," Wittles concludes.
