All: Verity post -0.05/sh as opposed to -0.23/sh (First Call)!!!!!!!
SUNNYVALE, Calif.--(BUSINESS WIRE)--March 17, 1998--Verity, Inc.
(NASDAQ:VRTY), a leading provider of search and retrieval
applications for the enterprise and Internet, today reported operating
results for its third fiscal quarter ended February 28, 1998.
Revenues for the third fiscal quarter ended February 28, 1998
were $11.2 million, representing a 22% increase compared to $9.2
million in revenues for the previous quarter ended November 30, 1997.
Software product revenues, which represented 77% of total revenues for
the third quarter, were $8.7 million, which equates to a 30% increase
from the $6.7 million for the previous fiscal quarter.
Revenues for the third fiscal quarter also represented a 1%
increase from revenues of $11.1 million for the same period last year.
Software product revenues for the third quarter represented a 6%
decrease from the $9.2 million reached for the same period last year.
The net loss for the third fiscal quarter ended February 28, 1998
was $610,000, or $0.05 per share, compared with a net loss of $7.2
million, or $0.64 per share for the previous quarter ended November
30, 1997, and a net loss of $10.8 million, or $1.00 per share, for the
third quarter of last year. In the third quarter of last year, the
Company wrote-off expenses associated with the acquisition of
in-process research and development in the amount of $10.0 million, or
$0.93 per share. Therefore, the net loss excluding the acquisition of
in-process research and development in the third quarter last year was
$800,000, or $0.07 per share.
For the nine months ended February 28, 1998, total revenues were
$25.7 million, representing a 18% decrease from revenues of $31.5
million for the same period last year. For the nine months ended
February 28, 1998, the net loss is $17.5 million, or $1.57 per share,
compared with a loss of $11.9 million, or $1.10 per share, for the
same period last year.
"The steps we have taken over the past six months to refocus
Verity have resulted in continued progress in the areas of revenue
growth and improvements in our bottom line," said Gary J. Sbona,
Verity's President and CEO. "New transactions entered into during the
quarter, with both new and existing customers, included SAP, Glaxo
Wellcome, Nomura Securities International, Netscape Communications,
Law Office Information Systems and Ichat, Inc. While we are pleased
with the significant improvement in Verity's bottom line, as reflected
in this quarter's loss of $0.05 per share, we will continue to focus
our operations and refine our marketing and sales activities." |
