Leading enterprise software provider Verity has reported a year-on-year fourth-quarter revenue increase of 31% with its financial results for the fourth quarter and fiscal year ended 31 May.
Revenues for Q4 2004 were $38.3 million, an increase of 31% compared to $29.2 million reported in Q4 2003. It was also an increase of 25% compared to $30.5 million reported in the third quarter of 2004.
Revenues for fiscal 2004 were $124.3 million, an increase of 22% compared to $102 million for 2003.
"Verity`s impressive fourth-quarter results cap a successful year of financial growth and business expansion," says Garth Wittles, district manager for Verity in SA. "Internationally, we have exceeded financial expectations in this quarter; strengthened the team; and extended our markets and offerings, both organically and through the strategic acquisitions of Cardiff and the assets of NativeMinds."
Operating income in Q4 2004 was $3.6 million or 10% of total revenue compared to operating income of $5 million or 17% of total revenue for Q4 2003. For fiscal 2004, operating income was $17.1 million, or 14% of total revenue compared to $11.6 million or 11% of total revenue for fiscal 2003.
Net income in Q4 2004 was $1.4 million, or $0.04 per fully diluted share compared to net income of $4.2 million, or $0.11 per fully diluted share for Q4 2003. For fiscal 2004, net income was $11.6 million, or $0.29 per fully diluted share compared to net income of $11.6 million, or $0.31 per fully diluted share for fiscal year 2003.
"Given the recent strength of the business, we are focused on revenue growth in both the quarter and the year, while remaining committed to ongoing profitability," Wittles says. "Verity is excited about the building momentum and will invest heavily in the business for continued growth in 2005."
On 31 May, Verity`s balance sheet included cash and cash equivalents, short-term investments, and long-term investments totalling $201.7 million.
"The quarter saw a number of new customer wins, including the US Federal Reserve Board, FedEx, Qualcomm, and Siemens," Wittles reports. "The company also extended its position in the OEM (original equipment manufacturer) market for enterprise search, categorisation and recommendation; as well as importing, filtering and viewing software technology through new or extended agreements with existing customers."
Strategic highlights during the quarter include:
- The launch of Verity K2 Enterprise version 5.5;
- The integration of Verity Response with Verity K2 Enterprise and Ultraseek; - Gartner positioning Verity as a "leader" in the "2004 Enterprise Search Magic Quadrant";
- Named to "Silicon Valley 150" for third consecutive year; and
- Selected as one of KMWorld`s "100 Companies that Matter" for the fourth time.
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