VeriSign tallies US$40.3M net income in Q3

Internet infrastructure vendor VeriSign reported net income of US$40.3 million for the third quarter of 2004, a reversal of the US$31.3 million loss it posted in the same quarter one year earlier.

In an announcement Thursday, the Mountain View, Calif.-based company, which manages the master databases of the .com and .net Internet domains and provides Internet services, said revenue for the third quarter was US$325.3 million. That's up 21.3 percent from the US$268.1 million it booked one year ago.

Earnings for the quarter that ended Sept. 30 were US$0.16 per fully diluted share, compared with a loss of US$0.13 per fully diluted share one year earlier on a generally accepted accounting principles basis.

For the first nine months of 2004, the company had net income of US$71.4 million, compared with a net loss of US$227.6 million for the same period one year earlier. Revenue for the first nine months of 2004 totaled US$810.5 million, up from US$803.2 million for the same period in 2003.

"Continued sequential growth in our core Internet and telecommunications divisions, combined with significant overachievement in our new mobile content business, had a positive impact on our third-quarter performance," VeriSign Chairman and CEO Stratton Sclavos said. "We believe our yearlong focus on growing our intelligent infrastructure services through market share gains, new product introductions and deeper international penetration is delivering results and setting the foundation for continued growth in Q4 and beyond."

The company introduced several new products during the third quarter, including VeriSign Unified Authentication from its VeriSign Security Services business unit; supply chain radio frequency identification pilot projects from its VeriSign Naming and Directory Services business unit; and a new IP Connect family of services aimed at traditional telecommunications carriers, cable operators and next-generation service providers.

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