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VeriSign posts fall in revenue for 2003

Internet and network services supplier VeriSign ended the fourth quarter of 2003 and the full year with revenue and losses down from the same period a year earlier.

The company said it had earned revenue of $251.6m (£138m) for the fourth quarter ending 31 December, and $1.05bn (£577m) for the full year of 2003.

A year earlier, VeriSign posted revenue of $275m for the fourth quarter of 2002, and revenue of $1.22bn for the full year.

The company posted a net loss of $22.2m in the fourth quarter of 2003 and a $249.8m net loss for the year.

The revenue results for the fourth quarter and the year are down from the same periods a year earlier because of the November sale of its Network Solutions business.

The loss for the fourth quarter was primarily because of a restructuring charge of $43m taken after the Network Solutions sale to cover employee severance, facilities abandonment, contract terminations and other expenses.

The company reported net income of $44.2m for the fourth quarter. For the full year, pro forma net income was $1.81bn.

"Our continued focus on becoming the critical infrastructure provider for the internet and telecommunications networks produced a solid finish to 2003," said Stratton Sclavos, chairman and chief executive officer of VeriSign.

"We are pleased that we were able to meet our operating and financial goals for the fourth quarter as we further solidified our position as a leader in managed security, directory and communication services."

Todd R Weiss writes for Computerworld


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