i think Verity had a good earnings report.
any short sellers.
wonder what the story with ABTE is.
Verity.
VRTY
9 1/16
+1/4
Tuesday September 15, 4:06 pm Eastern Time
Company Press Release
Verity Announces Another Record Quarter
SUNNYVALE, Calif.--(BUSINESS WIRE)--Sept. 15, 1998--Verity, Inc. (Nasdaq: VRTY - news), a recognized leading provider of knowledge retrieval solutions for the enterprise and Internet, today reported financial results for its first fiscal quarter ended August 31, 1998. Verity's revenues and net income for the quarter were both at record levels for the second consecutive quarter.
Revenues for the first quarter were $13.2 million, representing a 1% increase over the $13.1 million in revenues for the previous quarter ended May 31, 1998. Software product revenues, which represented 75% of total revenues for the first quarter, were $9.9 million, which equates to a 3% decrease from the $10.2 million for the previous fiscal quarter.
Compared to the same period last year, first quarter revenues were up 148% from $5.3 million; software product revenues were up 217% from $3.1 million.
Net income for the first quarter was $1.2 million, or $0.10 per share, compared with net income of $1.0 million, or $0.08 per share for the previous quarter ended May 31, 1998, and compared with a net loss of $9.8 million, or $0.89 per share, for the first quarter of last year.
''The first quarter of fiscal 1999 represents the fourth consecutive quarter of increased revenues and improved financial results at Verity,'' said Gary J. Sbona, President and CEO of Verity. ''I am extremely pleased by the Company's performance during this most recent quarter, as it reflects increases over a very strong fourth quarter of fiscal 1998. This strong first quarter is particularly noteworthy, since the company's first quarter revenues in prior years have usually been somewhat soft, due to the seasonal effects of the summer business cycle for our global corporate customers. I am proud of the continued progress the company has made over the past four quarters and the sustained discipline and focus demonstrated by the Verity team.''
About Verity
Verity is a leading provider of knowledge retrieval solutions for corporate intranets, online publishers, OEMs and independent software vendors. Verity's product suite enables organizations to turn corporate intranets into powerful knowledge bases, making business information accessible and reusable across the enterprise. Verity's leadership has been recognized by numerous organizations, most recently by Delphi Consulting, which gave Verity the Market Recognition Award based on a survey of 600 corporate users.
Verity's comprehensive and integrated product family enables enterprise-wide document indexing, classification, search and retrieval, personalized information dissemination, and hybrid online and CD publishing all from the same underlying Verity collections. Verity's KeyView products enable viewing of source documents stored in more than 200 formats.
Verity's products are used by more than 1,000 corporations, government agencies, on-line service providers, Internet publishers and software developers worldwide. Verity partners include Adobe Systems, AT&T, CNET, Cisco, Compaq, Dow Jones, Ernst & Young, Financial Times, NewsEDGE Corporation, Informix, Lotus, NEC, Netscape Communications, SAP, SCO, Siemens Nixdorf, Sybase, Tandem and Time Warner's Pathfinder.
This press release contains forward-looking statements relating to management's efforts to achieve improved operations and results. If Company management is unable to manage effectively the Company's operations, identify opportunities in a timely fashion, and effectively evaluate and manage the Company's business and competitive position, the Company's results of operations and financial condition will be materially and adversely affected. Other risks relating to the Company are as set forth in the Company's Form 10-K and Form 10-Q's as filed with the Securities and Exchange Commission.
For more information contact Verity at info@verity.com or at the World Wide Web site verity.com or by calling 408-541-1500
Verity and the Verity logo are registered trademarks of Verity, Inc. All other trademarks are the property of their respective owners.
VERITY, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands, except per share data)
Quarter Ended
Aug 31, Aug 31,
1998 1997
-----------------------------------
(unaudited)
Revenues:
Software products $ 9,889 $ 3,116
Service and other 3,331 2,224
---------------- -----------------
Total revenues 13,220 5,340
---------------- -----------------
Costs of revenues:
Software products 437 705
Service and other 1,082 1,685
---------------- -----------------
Total costs of revenues 1,519 2,390
---------------- -----------------
Gross profit 11,701 2,950
---------------- -----------------
Operating expenses:
Research and development 3,275 5,033
Marketing and sales 5,952 5,745
General and administrative 1,381 2,152
---------------- -----------------
Total operating expenses 10,608 12,930
---------------- -----------------
Profit (Loss) from operations 1,093 (9,980)
Other income, net 287 264
---------------- -----------------
Net income (loss) before
provision for income taxes 1,380 (9,716)
Provision for income taxes 150 50
---------------- -----------------
Net income (loss) $ 1,230 $ (9,766)
================ =================
Net income (loss)
per share - basic $ 0.11 $ (0.89)
================ =================
Net income (loss)
per share - diluted $ 0.10 $ (0.89)
================ =================
Number of shares used in per share
calculation - basic 11,627 11,033
================ =================
Number of shares used in per share
calculation - diluted 12,882 11,033
================ =================
VERITY, INC.
CONSOLIDATED BALANCE SHEET
(in thousands)
Aug 31, May 31,
1998 1998
-------------- ---------------
ASSETS
Current Assets:
Cash and cash equivalents $ 5,243 $ 5,505
Short-term investments 18,460 12,433
Trade accounts receivable, less
allowance for doubtful accounts
of $666 and $706 9,090 14,488
Prepaid and other current assets 993 878
-------------- ---------------
Total current assets 33,786 33,304
Property and equipment 6,878 7,567
Long-term investments 5 5
Other assets 497 573
--------------- ---------------
Total assets $ 41,166 $ 41,449
=============== ===============
LIABILITIES
Current Liabilities:
Current portion of long-term
debt and capital lease
obligation 41 149
Accounts payable 3,520 3,749
Accrued compensation 3,072 3,861
Other accrued liabilities 1,831 1,705
Deferred revenue 6,663 7,928
--------------- ---------------
Total current liabilities 15,127 17,392
--------------- ---------------
Long-term debt and capital lease
obligations, net of current
portion 2 2
--------------- ---------------
Total liabilities 15,129 17,394
--------------- ---------------
STOCKHOLDERS' EQUITY
Common stock 12 12
Additional paid-in capital 92,970 92,212
Unrealized gain on investments 1 7
Accumulated deficit (66,946) (68,176)
--------------- ---------------
Total stockholders' equity 26,037 24,055
--------------- ---------------
Total liabilities and
stockholders' equity $ 41,166 $ 41,449
=============== =====
also bought calls in many other stocks.
if this market tanks i will have to start over AGAIN. |
