Verity Clarifies Comparison of Reported Earnings to Analyst Estimates
SUNNYVALE, Calif. - 2000-06-22 - Verity, Inc. (Nasdaq: VRTY), a leading provider of enterprise and Internet knowledge retrieval solutions, today issued a clarification regarding how its recently announced earnings compare with analysts estimates. On June 20, 2000, Verity announced record earnings for the fourth quarter of its fiscal year ending May 31, 2000 of $14.2 million, or $0.39 per diluted share. Verity stated that the earnings would have been $11.6 million, or $0.32 per diluted share, without the income tax benefit of $2.6 million as a result of the reversal of its income tax valuation allowance as required by generally accepted accounting principles.
Comments received by Verity from investors and market participants subsequent to the release suggest that there may be some confusion regarding the Company's earnings as reported, and how they compare to consensus analyst estimates for the Company, which had been $0.15 per diluted share for the fourth quarter.
In order to eliminate any possible confusion, the Company clarified that the consensus number is customarily derived from estimates generated on a "fully taxed" basis, without giving effect to certain tax benefits enjoyed by the Company as a result of net operating losses incurred in prior years. Historically, the Company, in accordance with generally accepted accounting principles, has not reported earnings on a fully taxed basis, due to these prior year losses. However, on a fully taxed basis, the Company's earnings for the quarter would have been $0.19 per diluted share (without the benefit of the tax adjustments referred to above), compared to the consensus analyst estimate of $0.15 per diluted share.
Although the Company has not historically reported earnings on a fully taxed basis, it is issuing this clarification in order to avoid any possible confusion.
The Company further explained that in conjunction with the reversal of its income tax valuation allowance in the quarter ending May 31, 2000, it is now positioned to begin reporting earnings on a fully taxed basis, beginning with the first quarter of its fiscal year 2001, which ends August 31, 2000.
About Verity
Verity is a leading provider of knowledge retrieval solutions. Verity's product suite powers corporate portals, e-commerce sites, online publishing and media sites, customer care applications, and products from market-leading OEMs and ISVs. Verity solutions simplify the management and use of information by indexing, classifying, organizing, searching and retrieving data, as well as providing personalized information delivery and hybrid online and CD publishing.
Verity's products are used by more than 1,000 corporations, e-commerce sites, government agencies, online service providers, Internet publishers and software developers worldwide. Verity alliances include Adobe Systems, AT&T, CDNOW, CNET, Cisco, Compaq, Dow Jones, Easy Software, EarthWeb, Ernst & Young, Financial Times, Globe and Mail, IBM, MD Consult, NewsEdge Corporation, Informix, Lotus, NEC, SAP, Siemens, Snap.com, Sybase, Tandem and Time New Media.
This press release contains forward-looking statements regarding the Company's potential future results. Actual results could differ materially as a result of many factors. If Company management is unable to manage effectively the Company's operations, identify opportunities in a timely fashion, and effectively evaluate and manage the Company's business and competitive position, or interest in the Company's products declines due to the introduction of competing products or for other reasons, the Company's results of operations and financial condition will be materially and adversely affected. Other risks relating to the Company are as set forth in the Company's Form 10-K and Form 10-Q's as filed with the Securities and Exchange Commission.
For more information, contact Verity at info@verity.com or at World Wide Web site http://www.verity.com or call 408-541-1500.
Verity and the Verity logo are registered trademarks or trademarks of Verity, Inc.
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