Verity reports 30% quarterly revenue increase


Verity reports 30% quarterly revenue increase

Verity, a provider of enterprise software that aims to enable organisations to maximise the return on their intellectual capital investment, has reported record revenues for the first quarter of 2005, which ended 31 August.
Revenue came in at $34.6m (£19m), a year-on-year increase of 30%, compared with $26.6m reported in the first quarter of 2004.

Operating income for the quarter, it noted, was $3.1m or 9% of total revenue, compared to operating income of $1.7m or 7% of total revenue for the first quarter of 2004.

The company reported net income at $2.5m compared with net income of $1.8m.

Non-GAAP operating income, according to the company, was $4.9m or 14% of total revenue, compared with non-GAAP operating income of $2.4m or 9% of total revenue.

It also noted that non-GAAP net income for the first quarter was $3.6m compared with non-GAAP net income of $2.2m.

"Verity's first-quarter results mark a solid start to 2005," says Garth Wittles, district manager for Verity.

"Strong performance across all product lines and geographies, driven by customer demand for our solutions, enabled the company to produce record revenues for a first quarter. Given our broad product portfolio, continued customer traction and talented team, we remain enthusiastic about our growth prospects in the next year."

At the end of the first quarter, Verity said its strong balance sheet included cash and cash equivalents, short-term investments, and long-term investments totalling $204.4m.

It further noted that during the first quarter, it repurchased 572,000 shares of its common stock at an average price of $12.95 per share, for a total investment of $7.4m.

Verity said that during this quarter, it recorded customer sales transactions with a wide range of companies in the consumer products, defense, financial services, government, health care, high-technology, manufacturing, professional services, publishing and media, and telecommunications sectors.

The company also notes that it extended its position in the OEM market for enterprise search, categorisation and recommendation as well as importing, filtering and viewing software technology through new or extended agreements with existing customers.

Written by Computing SA staff

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