Verity increases Q3 profit on revenue up 11%

Verity Inc, a Sunnyvale, California-based provider of information search and knowledge management (KM) software, has reported third-quarter net income of $3.7m, up from net income of $2.3m, on revenue up 11% at $27.8m. For the nine-month period to February 28, it reported net income of $7.4m, compared with a net loss of $2m, on revenue of $72.7m, up from $67.7m in the year-ago period.

The third quarter marked a number of important milestone events for Verity, said Gary Sbona, Verity’s executive chairman. In December we completed the acquisition of certain assets of the Inktomi enterprise search business. The integration was well-planned and executed smoothly throughout the quarter. In January, Steven Springsteel joined Verity as our new senior vice president of finance and administration and chief financial officer. Then, on March 6, we announced the appointment of Anthony Bettencourt to president and chief executive officer.

Looking forward, Verity predicted revenue for the fourth quarter will be in the $29m to $31m range, with GAAP earnings per share of between $0.11 to $0.13 per share.

Source: Computerwire

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