Estimated Revenues In Line with Prior Company Guidance
Sunnyvale, Calif. - 2001-06-07 - Verity, Inc. (NASDAQ: VRTY), a leading provider of infrastructure software powering enterprise and e-commerce portals as well as e-business applications, today announced it expects to report record revenues for its fiscal fourth quarter, which ended May 31, 2001. The Company anticipates reporting revenues of approximately $41 million for the quarter, an increase of approximately 35 percent over the same period last year. This is consistent with revenue projections provided by the Company on March 14, 2001. Revenues for the fiscal year ending May 31, 2001 are expected to show growth of about 51 percent over the prior year.
"To be able to report that Verity's expected fourth-quarter revenues will be consistent with guidance provided during our last quarterly earnings briefing is very satisfying," said Gary J. Sbona, Verity's chairman and chief executive officer. "Normally we would not pre-announce preliminary results that are consistent with our guidance, but current marketplace conditions plus disappointing performances of several companies in our sector prompted us to take this action."
These results are preliminary, subject to the Company closing its books and the Company's management and independent auditors completing their customary year-end review. Verity plans to announce actual results June 20, 2001.
This press release contains forward-looking statements relating to the Company's estimated results for its fourth quarter and fiscal year. The estimated results are subject to change based upon adjustments, if any, of reserves, revenues and expense levels and other provisions in connection with the preparation of the Company's final financial statements for the fiscal year ended May 31, 2001. 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.
About Verity
Headquartered in Sunnyvale, California, Verity is a leading provider of business portal infrastructure software. Verity software gives businesses a multitude of ways to improve access to vital information and perform a range of e-business operations, while enhancing the end-user experience. Verity-powered business portals, which include corporate portals used for sharing information within an enterprise; e-commerce portals for online selling; and market exchange portals for B2B activities, all provide personalized information to employees, partners, customers and suppliers. In addition, most leading software vendors, as part of their e-business applications, utilize Verity technology.
Verity products are used by 80 percent of the Fortune 50 and by more than 1,000 corporations in various markets. Clients include Adobe Systems, American Greetings, AT&T, CDNOW, Chapters, Cisco, CNET, Compaq, Dow Jones, Edgar Online, Ernst & Young, Fairmarket, Financial Times, Globe and Mail, Home Depot, Lotus, NewsEdge Corporation, SAP, Siemens, Snap.com, Sybase, Time New Media and Timex.
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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