Verity announces fourth-quarter results

Enterprise software provider Verity has reported a year-on-year fourth-quarter revenue increase of 31% with its financial results...

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.

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