Verity Revenues & Earnings To Be Lower Than Previously Projected
Economic Downturn Expected to Impact Revenues & Earning
SUNNYVALE, CA. - 2001-08-09 - Verity, Inc. (NASDAQ: VRTY), a leading provider of infrastructure software that powers enterprise and e-commerce portals as well as e-business applications, said today it anticipates revenues for its first quarter, which ends August 31, 2001, will be in the range of $20 million to $24 million, compared to the $34 million to $36 million Verity previously projected.
Based on current revenue projections, Verity now anticipates it will incur a loss of up to $0.12 per share in the first quarter, compared to Verity's previously projected earnings of $0.11 to $0.14 per share on a fully taxed, fully diluted basis.
"While Verity's business fundamentals and its long term prospects for growth and profitability continue to be strong, the pressures of a continuing weakened global economy are having an adverse impact on our financial results in the near term and for the fiscal year," said Gary J. Sbona, Verity's chairman and chief executive officer. "Recently, there has been an increasing trend of prospective customers canceling, delaying or down-sizing capital spending related business projects, due to budgetary and other worldwide economic pressures within their businesses. As a result, our pipeline of prospective business has been reduced and has been pushed out further in time. We can't predict when economic conditions will improve and when capital spending will rebound. However, we believe we have the best portal infrastructure products on the market today, and our market leadership is supported by recent industry analyst reports issued by The Delphi Group and Ovum. As we go through the process of re-planning this fiscal year we will continue to manage our expenses with the objectives of returning to profitability by the third quarter of our fiscal year, while preserving the infrastructure we have put in place to enable Verity to achieve its future growth objectives."
Conference call scheduled
Verity will conduct a conference call on Monday, August 13, 2001 at 1:30 PM Pacific Daylight Time (4:30 PM EDT) at which Gary J. Sbona, Chief Executive Officer, and key members of Verity's management team will review this release. If you wish to participate, please dial 1-877-888-3855 (United States and Canada) or 1-416-695-5261 (International) five (5) minutes prior to the scheduled start time and ask for the Verity Conference Call.
Important Caution Concerning Forward-Looking Statements
This press release contains forward-looking statements regarding Verity's business and its projected first quarter revenues, net income and earnings per share. Actual results could differ materially as a result of many factors, including: these projections are based on assumptions Verity believes to be reasonable, but these assumptions may not prove to be accurate; economic conditions have been weak and may deteriorate, which could decrease the demand Verity projects will exist for its products; many of Verity's product orders are large, and a delay in closing a large sale during a financial period could materially reduce Verity's revenues for the period; transactions accounting for a disproportionate percentage of Verity's quarterly revenues are frequently closed in the last few weeks or days of a quarter and, accordingly, even a slight delay in the closing of some of these transactions could materially reduce Verity's revenues for the quarter; Verity incurs expenses based upon anticipated revenues and, consequently, if the revenues are less than anticipated, Verity will have lower gross margins and operating results; if competitors develop new products that compete favorably against Verity's products, sales of Verity's products will be less than projected; a portion of Verity's sales are into the international market, which exposes Verity to currency fluctuation and other risks; if Verity's management is unable to manage effectively Verity's operations, identify opportunities in a timely fashion, and effectively evaluate and manage Verity's business and competitive position, Verity's results of operations and financial condition for the period will be materially and adversely affected. These and other risks relating to Verity and its business and products are as set forth in Verity'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.
Verity products are used by 80 percent of the Fortune 50 and by more than 1,500 corporations in various markets. Customers 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, Sybase, Time New Media and Timex. In 2001, Delphi Group named Verity as the market leader in the portal infrastructure software.
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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