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May 12, 2009

VeriSign returns to profit in Q1

Revenue up 8.4% on year-ago quarter

By CBR Staff Writer

Internet infrastructure services provider VeriSign has reported net income of $65m for the first quarter 2009, against a loss of $8.1m in the year-ago quarter, on revenue up 8.4% at $255m.

Operating income more than doubled to $74.7m from $28.5m in the same quarter last year. Diluted EPS was $0.34 compared to a diluted net loss per share of $0.04 in the year-ago quarter. Cash and cash equivalents at the end of the period was $942.4m.

The company said revenue from internet infrastructure and identity services grew 13% to $252m. Naming services showed a 9% increase in active domain names to approximately 92.4 million, while SSL Services showed a 13% increase in installed base at 1.15 million.

Dduring the quarter the company sold its Communication Services Group to Virginia-based data communications company TNS for $230m and European mobile division VeriSign Communications to Sinon Invest Holding.

Brian Robins, acting CFO at VeriSign, said: We are very pleased with the progress that we made in Q1, having delivered top- and bottom-line results that were in line with or exceeded expectations while continuing to execute on our strategy to divest of non-core businesses. Furthermore, our balance sheet remains strong with nearly $950m in cash and cash equivalents, and our deferred revenue for continuing operations grew 3% quarter-over-quarter.

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