TJ- Loss of .07.
SUNNYVALE, Calif.--(BUSINESS WIRE)--March 19, 1997--Verity, Inc.
(Nasdaq: VRTY), a leading provider of search and retrieval
applications for the enterprise and Internet, today announced its
operating results for its third fiscal quarter ended on February 28,
1997, which results are consistent with the preliminary results for
the period, as announced on March 5, 1997.
Revenues for the third fiscal quarter ended February 28, 1997
were $11.1 million, representing a 39% increase over revenues of $8.0
million for the same period last year, and a 4% decrease compared to
$11.6 million in revenues for the previous quarter. Software product
revenues, which represented 82% of total revenues for the third
quarter, were $9.2 million, a 43% increase over the $6.4 million for
the same period last year and a 6% decrease from the $9.7 million for
the previous quarter. Sales of products to one customer accounted
for approximately 14% of revenues for the third quarter.
The net loss for the third fiscal quarter ended February 28, 1997
was $10.8 million, or $1.00 per share, compared with net income of
$112,000, or $0.01 per share, for the same quarter of last year, and
net income of $222,000, or $0.02 per share, for the previous quarter.
As previously announced, the Company wrote-off expenses in the third
fiscal quarter ended February 28, 1997 related to the Cognisoft
merger in the amount of $10.0 million, or $0.93 per share.
Therefore, the net loss excluding the Cognisoft write-off is
$800,000, or $0.07 per share.
For the nine months ended February 28, 1997, total revenues were
$31.5 million, representing a 52% increase over the total nine-month
revenues of $20.7 million in the prior fiscal year. For the nine
months ended February 28, 1997, the net loss (prior to the
Cognisoft-related write- off) is $1.9 million, or $0.17 per share,
compared with a nine-month net loss of $1.3 million, or $0.18 per
share, in the prior fiscal year.
During its third quarter, Verity added several new customers in
the Tools product category, including Lava Systems, 3Soft, Nortel and
Meta Group. In the Applications product category, Verity added over
50 new customers, including CNET, Citicorp, Lehman Brothers, New |
