View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
June 24, 1997updated 05 Sep 2016 1:00pm

VERITY REVENUE RISES 39%; ACQUISITIONS WEIGH IT DOWN

By CBR Staff Writer

Text retrieval company Verity Inc reported a fourth-quarter net loss of $6m including $4.9m charges for the acquisitions of FTP Software Inc ‘s Keyview technology and IBM Corp spinout 64k Inc (CI Nos 3,174, 3,170), compared with a profit of $350,000 last time, on revenue up 11% at $11.1m, compared with $10m last time. Excluding the charges, the Sunnyvale, California-based company would have recorded a loss of $1.2m, more than double expectations of analysts surveyed by First Call. The end of year net loss was $17.9m, including $14.9m of acquisition charges, compared with a loss of $313,000 last fiscal, on revenue up 39% at $42.7m from $30.7m last year, in line with its earlier prediction (CI No 3,176). Excluding the charges for its three acquisitions – it also acquired Cognisoft for $10m back in January (CI No 3,077), Verity would lost $3m, and only missed analysts’ expectations by a small margin. Verity says revenue from sales of software in the fourth quarter totaled $8.8m, up 6% on the $8.3m it did in the fourth quarter of its previous fiscal; software revenue for the year increased 43% to $34.9m compared with $24.5m last time. OEM sales accounted for 30% of revenue this year, it expects that figures to decline to around 20% next fiscal. Verity says it’ll ship version 1.0 of the Intelliserv push technology it acquired with Cognisoft this week, with a 2.0 re six months away. The Keyview filtering technology from FTP will be integrated with its Search’97 kernel by year-end. A Personal Search product will be available by year-end.

Content from our partners
Green for go: Transforming trade in the UK
Manufacturers are switching to personalised customer experience amid fierce competition
How many ends in end-to-end service orchestration?

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
THANK YOU