Verisign Reports 10% Year-Over-Year Revenue Growth in 2010
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Release time：2011-01-28
Browse：3150
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VeriSign, the trusted provider of Internet infrastructure services for the networked world,reported financial results for the fourth quarter of 2010 and year ended December 31, 2010.
Fourth Quarter GAAP Financial Results
VeriSign, Inc. and subsidiaries ("Verisign") reported revenue of $179 million for the fourth quarter of 2010, up 4% from the prior quarter and up 13% from the same quarter in 2009. Verisign reported net loss attributable to Verisign stockholders of $(41) million and net loss per share attributable to Verisign stockholders of $(0.23) on a diluted basis for the fourth quarter of 2010, reflecting a $109 million payment of contingent interest to holders of the 3.25% Junior Subordinated Convertible Debentures due 2037 ("Convertible Debentures") in connection with a special dividend in December. This compared to net income attributable to Verisign stockholders of $92 million and earnings per share attributable to Verisign stockholders of $0.48 on a diluted basis in the same quarter in 2009. The operating margin was 37.7% for the fourth quarter of 2010 compared to 29.9% for the same quarter in 2009.
Because the company has not fully completed the tax provision calculation process, tax provisions for both the fourth quarter and full year 2010 are still preliminary and therefore GAAP net income/loss and GAAP earnings/loss per share for these periods are also preliminary. Final tax provisions, GAAP net income/loss, and GAAP earnings/loss per share will be updated in the Annual Report on Form 10-K for the year ended December 31, 2010 to be filed with the SEC and may differ materially from the amounts reported above.
Fourth Quarter Non-GAAP Financial Results
Verisign reported net income attributable to Verisign stockholders of $54 million and earnings per share attributable to Verisign stockholders of $0.31 on a diluted basis for the fourth quarter of 2010, compared to net income attributable to Verisign stockholders of $33 million and earnings per share attributable to Verisign stockholders of $0.17 on a diluted basis in the same quarter in 2009. The operating margin was 44.3% for the fourth quarter of 2010 compared to 35.4% for the same quarter in 2009. A table reconciling the GAAP to the non-GAAP results (which excludes items described below) is appended to this release.
"We are pleased with our performance this quarter, capping a strong year of execution in which the business continued to benefit from favorable Internet trends," said Mark McLaughlin, president and chief executive officer of Verisign. "In 2011, we will continue to provide exceptional service to our customers and help them grow by providing services that address the reliability and availability demands of increased Internet usage and cloud computing."
2010 GAAP Financial Results
For the year ended December 31, 2010, Verisign reported revenue of $681 million, up 10% from $616 million in 2009. Verisign reported net income attributable to Verisign stockholders of $831 million and earnings per share attributable to Verisign stockholders of $4.64 on a diluted basis, reflecting a net gain of $726 million, net of tax of $254 million, on the sale of the Authentication Services business. This compared to net income attributable to Verisign stockholders of $246 million and earnings per share attributable to Verisign stockholders of $1.28 on a diluted basis in 2009. The operating margin for 2010 was 34.1% compared to 26.0% in 2009.
2010 Non-GAAP Financial Results
Verisign reported net income attributable to Verisign stockholders of $185 million and earnings per share attributable to Verisign stockholders of $1.03 on a diluted basis, compared to net income attributable to Verisign stockholders of $124 million and earnings per share attributable to Verisign stockholders of $0.64 on a diluted basis in 2009. The operating margin for 2010 was 41.8% compared to 33.3% in 2009. A table reconciling the GAAP to the non-GAAP results (which excludes items described below) is appended to this release.
"Our key long-term financial priorities have been growth and increased operating leverage, and we made substantial progress on both in 2010 due to our continued strategic focus, execution and operating discipline," said Brian Robins, chief financial officer of Verisign.Source from Domain News
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