VeriSign Announces Selected Fourth Quarter Financial Results;
Revenue Increases 190% in 1998 Fiscal Year
MOUNTAIN VIEW, Calif., Jan. 19 /PRNewswire/ -- VeriSign, Inc. (Nasdaq:
> VRSN ), the leading provider of Internet-based trust services, today
announced revenue of $13.2 million for the quarter ended December 31,
1998, a 164% increase over revenue of $5.0 million reported in the prior
year period. Fourth quarter revenue increased 26% over the $10.5 million of
revenue reported in the previous quarter ended September 30, 1998. In
addition, deferred revenue, which consists predominantly of unamortized
subscriber fees, increased to $13.1 million as of December 31, 1998, a 147%
increase over the year ago period and a 25% increase from the quarter
ended September 30, 1998. VeriSign reported a net loss for the fourth
quarter of $2.5 million or $0.11 per share compared to a net loss of $5.5
million or $0.72 per share, excluding special charges, in the quarter ended
December 31, 1997* and $4.2 million or $0.18 per share, excluding special
charges, in the quarter ended September 30, 1998*.
For the 1998 fiscal year, VeriSign posted revenue of $38.9 million, a 190%
increase over revenue of $13.4 million for the 1997 fiscal year. Net loss for
the 1998 fiscal year* was $16.2 million or $0.78 per share, excluding special
charges, compared to a net loss of $15.8 million or $2.22 per share,
excluding special charges, in the 1997 fiscal year*.
VeriSign is currently in registration for a follow-on stock offering, as
originally filed with the SEC on January 5, 1999. Detailed financial results
for the fourth quarter and fiscal year will be released after the close of
market on January 25, 1999. |
